Richtaiwo:
Obviously, it is gradually inching towards the official rate. Isn't it high time CBN reduced it to, let's say, N900/$ or 1k/$. And same thing be repeated when it starts converging again. With more effort, we might see the rate getting as low as 200/$ before the end of the year.

After smoking weed dis one would begin to type nonsense

lexy2014:


you have not answered my questions.

1. how is Emefiele defending the naira different from what the government is doing right now?

2. are you aware the even China defends its currency against the dollar?

Do you know how much dollars that gets into China daily via export?

ivolt:

That is not how it works.
When the dollar was floated, it fell freely too fast due to the believe
of many that a floated Naira will keep falling. Hence they bet against it.
The CBN made a U-turn and fixed it. Along with crackdown on outside bank trades,
it regained some value.
Now nobody knows the "real" rate. Not the CBN and not the traders.
If the traders sense that a CBN fixed rate is too low, they will start massive buying again
and it will start rising again.

That is why the fiscal side intervention is just a short term measure and cannot actually help in improving the FX rate.

The dollar will still rise ,because many industries are closing businesses now . This will in turn increase importations of goods .
What can solve this problem is to increase local production of goods ,increase local consumption and patronage of locally made goods , improve and invest truthfully and solidly in agriculture in order to increase food production and lastly reduce corruption drastically

Deepthoughts:
...any economist explain how the naira is so low against western currencies but strong against SE Asian currencies of countries that are far more develop than Nigeria e g Japan china, south Korea etc?

We hardly demand the currencies of the SE Asian countries. A large number of Nigerians demand the Dollar, the Pound and the Euro for importation and payment for services such as education and health.

Newswriter:
who said God is not wonderful.
Hope it crashes further than experts predicted

Amen bro, amen.

helinues:
FG mean business this time.

Binance that came to manipulate the rate have been sent out of Nigeria

Isn't it funny that Binance stated that 25million dollars was traded from Nigeria via Binance. But FG alleged that 26billion USD was funneled out of Nigeria via Binance.
When this govt stops lies and propaganda we will take them seriously.

Richtaiwo:
Obviously, it is gradually inching towards the official rate. Isn't it high time CBN reduced it to, let's say, N900/$ or 1k/$. And same thing be repeated when it starts converging again. With more effort, we might see the rate getting as low as 200/$ before the end of the year.

Amen sir!

Believeintruth:


Isn't it funny that Binance stated that 25million dollars was traded from Nigeria via Binance. But FG alleged that 26billion USD was funneled out of Nigeria via Binance.
When this govt stops lies and propaganda we will take them seriously.

You don't have the details about what transpired. Stop guessing

JASONjnr:
Tinubu met dollar at N700 to a single dollar and right before his eyes, it went up to N1,900. But we're praising his incompetence for subsidizing it to fall to N1,400.


Buhari met dollar at N200 and he left it at N700.

APC is all about noise and lies.

We have no option than to be hopeful, let's pray it comes down back to 200.

Putindbutt:

While Emefiele used billions of dollars to defend the naira and pegged it. The value of naira in the past was fake value.

He managed the situation because he knew there was excess naira which was putting pressure against the dollar. When he came up with the Naira redesign to mop up the excess Naira and ease the pressure, the same APC politicians caused Nigerians to go all out against the policy. Ironically last December there was shortage of Naira but APC guys kept it on hush tones.

Let it go back down to 500 without producing anything and being highly dependent on importation..

Putindbutt:

This one is high on mkpurummiri.

You are the one who is rather high on dried cow dung.

ivolt:

That is not how it works.
When the dollar was floated, it fell freely too fast due to the believe
of many that a floated Naira will keep falling. Hence they bet against it.
The CBN made a U-turn and fixed it. Along with crackdown on outside bank trades,
it regained some value.
Now nobody knows the "real" rate. Not the CBN and not the traders.
If the traders sense that a CBN fixed rate is too low, they will start massive buying again
and it will start rising again.

You said it all.

helinues:


You don't have the details about what transpired. Stop guessing

There is no guess bro Binance stated the obvious unless it is a smoke screen to target those doing terrorism financing via Binance, but alleging that 26 billion was traded via Binance is a big lie.
Any wise person will see that NSA is after terrorist financiers by asking for the list of Nigerians on Binance.

Newswriter:
who said God is not wonderful.
Hope it crashes further than experts predicted

Una no dey shame..
From 500 to 1300 and you are attributing GOD to Tinubu's failure.

Stop playing

JASONjnr:
Tinubu met dollar at N700 to a single dollar and right before his eyes, it went up to N1,900. But we're praising his incompetence for subsidizing it to fall to N1,400.


Buhari met dollar at N200 and he left it at N700.

APC is all about noise and lies.

It's your and people.like u that were sabotaging the efforts of rhe govt. Everyone is talking Dollar Dollar including beggars on the street

Islie:
• Sell forex in your possession as an act of patriotism, Oluwo charges Nigerians



https://thenationonlineng.net/dollar-crash-pressure-mounts-on-fx-hoarders-to-sell-off/

Nigerians are so naive.......the only people that made money in the massive depreciation of the naira are those who had excess dolkars.......who owns and controls the largest amount of dollars.......no be tinubu and his agbado controlled APC government!!!

The amount of money Tinubu has made in the last 9 months is in billions of dollars......no wonder Obi don nearly turn Islamic mallam! It is going to take a seismic shift in political alliances to get him out of CBN vaults!!!

Haaland21:


Agreed. You are the one making noise here.
You are aware that the former leader backed by Emefiele was padding the exchange rate from our external reserve, he equally printed not less than 30 trillion naira.
No more padding. Dollar value now a function of demand and supply.

Shut up my friend. This government is already padding the exchange rate all this fiscal intervention is all short term measure.

Putindbutt:

Does China have blackmarket?

Are you for real? You don't need to have a black market for country regulators to defend their currency.

JuanDeDios:

I'm beginning to think this lexy account is a misprogrammed bot. The speed with which it replies and the consistency with which it doesn't process what you wrote but just repeats its previous question are things only a bot can manage.

But answer his questions naaaaa.

Coolestguy2023:


Been an uneducated illiterate is affecting people like you.

What the guys said about APC isn't it not true?

Jayhome24:
No need to sell them keep hoarding the dollars and be thinking you are hurting Tinubu una eyes go clear soon.

Pls hoard it more and forget anything that has begining must have end, make una no worry una head go bracket soon.

This is not a sensible comment

Newswriter:
who said God is not arwonderful.
Hope it crashes further than experts predicted

Idiot.. God is the one crashing Dollar??

Richtaiwo:
Obviously, it is gradually inching towards the official rate. Isn't it high time CBN reduced it to, let's say, N900/$ or 1k/$. And same thing be repeated when it starts converging again. With more effort, we might see the rate getting as low as 200/$ before the end of the year.

Amen

ivolt:

That is not how it works.
When the dollar was floated, it fell freely too fast due to the believe
of many that a floated Naira will keep falling. Hence they bet against it.
The CBN made a U-turn and fixed it. Along with crackdown on outside bank trades,
it regained some value.
Now nobody knows the "real" rate. Not the CBN and not the traders.
If the traders sense that a CBN fixed rate is too low, they will start massive buying again
and it will start rising again.

Is there anything like a real rate? The major determinant of this things are speculations. It’s not that there is a standard mathematical model somewhere that fixes the rate

Krankhead:
It's your and people.like u that were sabotaging the efforts of rhe govt. Everyone is talking Dollar Dollar including beggars on the street

Typical of an Agbado urchin, instead of trying to fix issues you keep blaming people. Since time immemorial have they not been trading dollars in the street.

Abufo:




Nigerians are so naive.......the only people that made money in the massive depreciation of the naira are those who had excess dolkars.......who owns and controls the largest amount of dollars.......no be tinubu and his agbado controlled APC government!!!

The amount of money Tinubu has made in the last 9 months is in billions of dollars......no wonder Obi don nearly turn Islamic mallam! It is going to take a seismic shift in political alliances to get him out of CBN vaults!!!

You understand the game walahi.

Believeintruth:


He managed the situation because he knew there was excess naira which was putting pressure against the dollar. When he came up with the Naira redesign to mop up the excess Naira and ease the pressure, the same APC politicians caused Nigerians to go all out against the policy. Ironically last December there was shortage of Naira but APC guys kept it on hush tones.

Who printed the excess naira?, a policy whereby we used 3k to collect 5k, is that a policy?. You must be high on mkpurummiri.

Richtaiwo:
Obviously, it is gradually inching towards the official rate. Isn't it high time CBN reduced it to, let's say, N900/$ or 1k/$. And same thing be repeated when it starts converging again. With more effort, we might see the rate getting as low as 200/$ before the end of the year.

Really??

What a dream!!!


If it happened as u said, quote me to deactivate my nairaland account

onatisi:
The dollar will still rise ,because many industries are closing businesses now . This will in turn increase importations of goods .
What can solve this problem is to increase local production of goods ,increase local consumption and patronage of locally made goods , improve and invest truthfully and solidly in agriculture in order to increase food production and lastly reduce corruption drastically

What are you or people around you doing or have done to pick-up the slack on replacing the supply caused by the foreign companies exiting the market? What local production are Nigerians gonna take-up because if more importation is the plan, then the problem cannot be resolved.

Putindbutt:

Who printed the excess naira?, a policy whereby we used 3k to collect 5k, is that a policy?. You must be high on mkpurummiri.

Oga once again you are high on dried cow dung. He saw the issue of printing excess naira and he decided to remedy it, which agbado urchins like you alleged it was against Tinubu, only for Cardi B to implement the same policy of restricting cash around December last year.