alimiadedayo1:

God bless people are daft.. People that think they are intelligent are the most stupid human being on earth.. so just because dollar went down 1200 in day by default everything will just go down I don't understand my people again

Which category do you fall? Cos if you think well, you should know prices should come down as well as it inflated when dollar was higher and goods stored were bought cheaper then too

jetwonder:

But Prices of good is still high!
Government should look into this.

That's Nigeria factor.

femisplash:
By a stroke of genius, the President had ordered the CBN be in charge of receipts of oil revenues, a departure from decade-long misappropriation of crude oil sales. It therefore enhances CBN's ability to stabilize the currency. The insinuation that CBN borrows to sell to banks and BDCs should be disregarded.

2. Clearing of $7billion backlog has done the economy so much good. Investors no longer have the fear of their funds being trapped.

3. Oil production is on a steady increase. Although, a component volume of it had been sold in the future, however, the significant increase in production is offsetting the shortfalls. Moreover, oil price is up.

4. The market is gaining back investors' confidence. Following MPC meeting in January, investors reacted positively, total foreign portforlio recorded $2.3billion in febuary, purchases of naira assets stood at $1billion, oversea remitances went up greatly, FG bonds was oversubscribed, all these helped create more liquidity and increases market supply.

As per number 3, are you sure it is not all of our current oil production that has been mortgaged ?

We are obligated to service the loan for the next 5 years with 90,000 barrels of oil per day. That means if that is all we have , then we have to give it up or risk an additional penalty of 2% of the loan.

Remember, Oil remains the source of over 80% of our dollar revenues m.

Bjteensdes24:

Which category do you fall? Cos if you think well, you should know prices should come down as well as it inflated when dollar was higher and goods stored were bought cheaper then too

pls get out of my d.m idiot

Iamthoney:
You are right, prices won’t just go down until they sell off their old commodities and stocks. But then some Nigerians are very wicked and greedy cos if Dollar is being exchanged for N2000-N3000k for example and they got their stocks and goods at a Dollar rate of N1800k they will swiftly jack up their stock and commodity price and claim “You no sabi say Dollar don cost” That’s why some persons expect prices to drop too but then it is still impossible

you are completely right I appreciate that you acknowledge some facts in the context of this situation.. Do you know the propaganda run today that dollar was sold 900 to 1000 in the morning in abuja is fake and has been debunked, you see this government is run by propaganda and they exempt themselves from any blame that is the problem I have with this government..They don't want to take any responsibility for anything

MrProlific95:
Propaganda drove the exchange up, propaganda is been used to bring it down. Cosmetic surgery government

To those who doesn't want the good of Nigeria, they would not prosper bcoz the Bible says those who want the peace of Jerusalem shall prosper.

seunowa:

Clueless idiot, when naira was exchanging for 1850 to a dollar, someone like you was rejoicing and calling the government all manner of unprintable names.
But now that the government set out policies framework are paying off. You are bringing out another negative narratives that naira will collapse in less three months.
If naira doesn't collapse In three month then that doom will fall on your head...
Negativity about our country should be erased. Everyone should support this government to achieve greatness and prosperity. If these are sustained,in no time, fuel prices will go down, so also prices of commodities and food.

Since you were born...

When have you seen price of any item in Nigeria come down after it shot up in price

Be realistic, bro.

alimiadedayo1:

you are completely right I appreciate that you acknowledge some facts in the context of this situation.. Do you know the propaganda run today that dollar was sold 900 to 1000 in the morning in abuja is fake and has been debunked, you see this government is run by propaganda and they exempt themselves from any blame that is the problem I have with this government..They don't want to take any responsibility for anything

Was it by any government official?

It's a social media thing and you can't stop pple from carrying unfounded stories.

I read it too and I made calls and I was told it was fake news. Tinubu is not working with fake news, he's focused, working hard to see what next to do to move Nigeria and Nigerians forward while you're on your pull him down strategy.

femisplash:


3. Oil production is on a steady increase. Although, a component volume of it had been sold in the future, however, the significant increase in production is offsetting the shortfalls. Moreover, oil price is up.

See the way you are contradicting yourself

femisplash:

CBN as at yesterday had also reduced custom duty, so we expect a corresponding reduction in prices of imported goods, unless of course Nigerians do what they do best- which is continued exploitation and greed. Also, all level of government should roll up their sleeves and invest in critical sectors in their respective states.

no one stop you from importing and selling at less price o

Nigerians are indeed gullible and easy to deceive.
The govt is way too smart, let me elaborate this for you:

The govt decided to make more money from exchange rate from 700 to about 1000-1200. So they thought of a best way to achieve this without the people understanding their evil intent.

So they came up with a plan to let it go high from 700-1800 which made the people to start wailing and shouting, then later they brought it down to their initial desired rate of 1000-1200 and then the people started praising and thanking them for such move.

If you can articulate this well you will see the divine wisdom these guys pulled.

Godfullsam:


I was about saying it. Once Nigeria finally overcome this challenges of fuel importation and we begin to export refined fuel instead, dollars worshippers will be in severe pains and the usd will experience it's worst decline in decades.

My guy, even if we don't export, let's just be self sufficient and no more importation.

Do you know that 70% of our foreign earnings goes for fuel importations?

With this, CBN would have enough dollars in its Kitty to boast the Naira and increase our Foreign Reserve.

I know political enemies of Tinubu APC wouldn't like to hear this but they cannot do anything about it.

femisplash:
It is also noteworthy to appreciate CBN's new guildelines, these bold moves have helped sanitize the financial system. CBN henceforth is closely monitoring operations of financial institutions and BDCs. CBN and the security agencies are following every transactions, the eagle eyes are following the money. Hopefully, it gets even better.

PS; foreign reserves has grown to $34billion as at feburary.

Why only OIL?
What of Gold, Iron ore and other precious minerals we have in the country...

Even if we can't successfully mine and process our iron ore, why can't we sell it as raw materials to countries that needs it?

Na one of these things make me believe Niger Delta politicians are all FOOLs...
Cause why r they using only our oil to fix and offset our debts but Gold n other minerals r for few individuals...

Tareq1105:


Was it by any government official?

It's a social media thing and you can't stop pple from carrying unfounded stories.

I read it too and I made calls and I was told it was fake news. Tinubu is not working with fake news, he's focused, working hard to see what next to do to move Nigeria and Nigerians forward while you're on your pull him down strategy.

How is Tinubu focused? Focused on what?

Apart from "emilokan", what olan does he have?

How is Tinubu working hard? Working hard at what?

According to you Tinubu is "working hard to see what next to do".

Meaning that he does not even know what to do. He needs to work hard first before he can see next he needs to do

Wake up from your slumber Mister.
Nobody cleared any $7bn. Firms were asked to exit their position at a certain rate or forget it. Some took it thereby incurring losses. The government rushed to announce they have cleared whatever. How does the news endear foreign investors? What FDI has the country received since then. It's like you belong to the cadre of people who swallows everything from the government source.

femisplash:
By a stroke of genius, the President had ordered the CBN be in charge of receipts of oil revenues, a departure from decade-long misappropriation of crude oil sales. It therefore enhances CBN's ability to stabilize the currency. The insinuation that CBN borrows to sell to banks and BDCs should be disregarded.

2. Clearing of $7billion backlog has done the economy so much good. Investors no longer have the fear of their funds being trapped.

3. Oil production is on a steady increase. Although, a component volume of it had been sold in the future, however, the significant increase in production is offsetting the shortfalls. Moreover, oil price is up.

4. The market is gaining back investors' confidence. Following MPC meeting in January, investors reacted positively, total foreign portforlio recorded $2.3billion in febuary, purchases of naira assets stood at $1billion, oversea remitances went up greatly, FG bonds was oversubscribed, all these helped create more liquidity and increases market supply.

frank2zee:
Nigerians are indeed gullible and easy to deceive.
The govt is way too smart, let me elaborate this for you:

The govt decided to make more money from exchange rate from 700 to about 1200-1300. So they thought of a best way to achieve this without the people understanding their evil intent.

So they came up with a plan to let it go high from 700-1800 which made the people to start wailing and shouting, then later they brought it down to their initial desired rate of 1200-1300 and then the people started praising and thanking them for such move.

If you can articulate this well you will see the divine wisdom these guys pulled.

Hatred is your middle name.

jetwonder:

But Prices of good is still high!
Government should look into this.

so we should understand that it is not everything that is Tinubu and his government... Even we Nigerians no ready to help situation!!!!

Tareq1105:


Was it by any government official?

It's a social media thing and you can't stop pple from carrying unfounded stories.

I read it too and I made calls and I was told it was fake news. Tinubu is not working with fake news, he's focused, working hard to see what next to do to move Nigeria and Nigerians forward while you're on your pull him down
strategy.

those people carrying fake news are his supporters so they are part of the government
how am I pulling him down? I thought you are intelligent I don't know you are half baked intelect personality

tophempire:
Naira is only surviving on borrowed dollar... In 3 month we should be back to 1800+.

Who wan bet


ABEG MAKE MUMU ADULTS NO MENTION ME AGAIN.

they will learn by force

This one na tinubu fan boy...

all we are saying is, returning it to how GEJ left it...

Putindbutt:

You dey fear to enter bank or bdc?, you think say na like before when you dey pack dollar anyhow.

what is wrong with packing dollar
You think he is hard headed like you

femisplash:

CBN as at yesterday had also reduced custom duty, so we expect a corresponding reduction in prices of imported goods, unless of course Nigerians do what they do best- which is continued exploitation and greed. Also, all level of government should roll up their sleeves and invest in critical sectors in their respective states.

What about the economics of it? You do know prices never deflates in a capitalist economy. What you call "exploitation and greed" is just the law of capitalism lol

And why capitalism is brutal is that it lies to us that the forces of demand and supply will determine market prices but the manufacturers and wholesalers convene behind our backs to set their own unaffordable prices. After all, the point of capitalism is to make as much profit regardless of what you do.

The only way to battle inflation is to apply price control or increase minimum wage.

Sometimes, I'm convinced Nigerians don't understand Economics at all.

femisplash:

Are you serious?, naira is going to be a superman.

If we sell in naira, naira will appreciate faster, in this case we are being active, rather than being passive. When naira appreciate the value of our loan servicing payments will not be as high as it is now, we can pay up faster. It's all about demand and supply, it applies in all cases. If Nigeria sells it's oil in naira, nations will buy naira from us to buy the oil, the demand for naira will push up its value. It's all about demand and supply...this is why when the market is flooded with dollars the price crashes, and when unpatriotic Nigerians hoard it, there is scarcity and the price goes up.

This dollar appreciation is a big problem to Nigeria, if we can combat this, then we will achieve prosperity faster.

Buy Nigeria goods and patronize Nigerian services, government should continue to use monetary and fiscal policy measures to protect the naira, like flooding the forex market and regulating tightly. Regulating is important that is why we have CBN etc.

99thEnemy:

lets say you bought Garri at 500 naira per mudu last week to sell at 550 naira per mudu to make a fixed profit of 50 naira per mudu.

You still have the stock of Garri you bought last week and the price this week goes down to 400 naira per mudu where you buy to resell.

Will you start selling the garri you have in stock for 450 naira per mudu?

Yes.

Because you can still make 50 naira after restocking at 400. Except you are a thief and want to make 150.

It's simple na.

So Una don’t want to add the work of Abido Shaker😄😄

I had a dream
Dollar fell to 500 per 1$

Good,naira is gaining strength pls when will it start to reflect on our economy (price of goods & services that had increased already

alcuin:


Yes.

Because you can still make 50 naira after restocking at 400. Except you are a thief and want to make 150.

It's simple na.

we are talking of the old stock bought at 500

seunowa:

Clueless idiot, when naira was exchanging for 1850 to a dollar, someone like you was rejoicing and calling the government all manner of unprintable names.
But now that the government set out policies framework are paying off. You are bringing out another negative narratives that naira will collapse in less three months.
If naira doesn't collapse In three month then that doom will fall on your head...
Negativity about our country should be erased. Everyone should support this government to achieve greatness and prosperity. If these are sustained,in no time, fuel prices will go down, so also prices of commodities and food.

^^^


If policy will work, it will work. This name calling and cursing reveals a lack of confidence.

If you know the right policy choices have been made by the administration, then you should be more than willing to take him up on his bet. This was a golden opportunity for you.

Economics doesn't run on 'negativity' or 'positivity' in isolation. There are solid, real world drivers behind these terms. Why doesn't anyone use emotional language like 'negativity' or 'positivity' (to the exclusion of all else) when talking about Singapore, Norway or Taiwan?

LifeofDream:

But when naira deprecate, they quickly increase the price of their product..

I swear. Within hours. And those stocks were not bought when dollar was high. They just lying

tophempire:
Naira is only surviving on borrowed dollar... In 3 month we should be back to 1800+.

Who wan bet


ABEG MAKE MUMU ADULTS NO MENTION ME AGAIN.

very intelligent comment.

SoNature:
I watched the press conference, but Yemi Cardoso didn't mention where he got the $7 billion to pay off the outstanding obligations. If we had this money readily available, why were they owing those organisations?

Earlier in the year, news broke that the NNPC would help the FG (CBN) borrow $3.3bn from Afrexim Bank. If that money is what they are using to clear the outstanding fees, it's understandable. However, they should have clearcut repayment plans.

Before you quote me to start your name-calling, make sure you have answers to my question. By the way, I like that Yemi Cardoso had to engage Deloitte to vet the companies that were asking for settlements. It shows he's taking his job seriously.

stopping of subsidies at all level have saved us from wastage and excess looting.
That's a lot of funds going out untraced