They are back to Emefelie's system. They thought they were better. Funny set of people.

Tighten the loopholes! Nigeria's FX market is poorly regulated. Make concrete efforts to move away from the dollar.

Is this your best response? Defend the notion that subsidy is gone and look stupid

PressMyButton:

Spoken truly ignorantly.

MyMouth:
So CBN should have sat down and let the naira fall to 2000 so u can make money ko?? God catch you!

if it will help the naira they should please continue defending it.

PressMyButton:
$1b in 18days does not indicate everything was expended in the forex market. CBN has other sectors of concern. CBN sold $50,000 each to 1400 BDCs in a week and that's not even close to a billion dollars. If CBN does that twice in a month, still doesn't come close to 1billion dollars. The fact that reverses dipped from $34b to $33b must not generate unnessary assumption how the 1billion dollars was used. It could as well have been used in some other sector of the economy.

Mention those other sectors of the economy

Obaofpigs:
They said

They have not ruled NIGERIA. That Obasanjo was not their Choice

Now their choice is in POWER and the ECONOMY is in taters!!

History can NEVER be erased, as it has exposed the Noisemakers that claim to be progressives as the most useless and foolish gathering of failures and criminals in POWER.

Just imagine a MINISTER, Saying that people should PUT OFF their refrigerators , because of light consumption.

Such a disgraceful region, that breeds failures and celebrates them as HEROs

Where the FVVVVVVCK is the Noble Fraud called : Woke Soyinka?

Shameless people...

They are very shameless and the annoying thing is that they are proud of their shamelessness. Just imagine their tribal brother who is said to be educated using his Amala and ewedu mouth to lampoon Nigerians for leaving their freezers on. No matter how bad buhari's regime was, none of his ministers from other tribes were coming on the media to make disgraceful Statements apart from Adeshina and Lai Mohammed, who both come from this shameless region. Elrufai stated it clearly that the problem of Nigeria is from a specific region, and events happening continue to affirm what he stated. It's quite unfortunate

ambale:


What's that not the whole essence of the floating?

Since we can't increase our exports for now, we gats no choice or else the dollar go reach 3k before the end of this year

Ozommadu:


Why not? After defending buhari's cluelessness for 8 wasted years...who is Tinupoo that you can not defend.


Is this how you plan to live your life

Commot for road make I talk to better people
Dollar bandit like you

dahmie2013:
They are back to Emefelie's system. They thought they were better. Funny set of people.

You are just an illiterate

The Naira is not fixed but still in free float

Ofunaofu:

Mention those other sectors of the economy

Did you go to school at all?

People don't pay attention to know the source of the news, as long it is bad news about Nigeria,is a welcome idea,I don't why people have so much hatred for their beloved country

PressMyButton:

Did you go to school at all?

PressMyButton:
The fact that reverses dipped from $34b to $33b must not generate unnessary assumption how the 1billion dollars was used. It could as well have been used in some other sector of the economy.

Sorry if you didn't understand my question.

I now know that you were just making a wild and unsubstantiated claim

Donaldoni:


Some pained speculators are behind this fake news.

Trust CBN to debunk the rubbish first thing tomorrow.

Good morning

It's almost noon and CBN is yet to debunk

Kukutenla:

Good morning

It's almost noon and CBN is yet to debunk

Misterone:
People just talking trash on this thread with words like defending the naira, subsidising the naira etc.
One of the statutory duties of the CBN is to provide FX for those that need it. That is not defending the naira. Defending the naira means picking a particular values for the naira and sticking to that value. Currently, the dollar is bought by the CBN on a willing buyer willing seller protocol. The seller/buyer fixes the price and the CBN sells to others based on that. When there's a shortfall, the CBN support it.
The word floating the naira doesn't mean the CBN will no longer sell dollars. It means no fixed price and no subsidy. It means sell as you buy

I swear idiots on this platform are too much.....their understanding of economics is so poor.....even with your explanation I doubt they will understand

RealTrump:


You don't understand what your re saying. Floating means allowing market forces to determine price, it doesn't mean CBN will sell or not sell dollars as U claim.

What the report means is that CBN has now reverted back to Emefiele n FIXED the price. The true value of the currency is not being represented as they now spend our foreign dollar reserve to pay the difference.

The foreign reserve is around $33B which means at this rate, we will have no foreign reserve in like 18months n by then, d currency will float itself cos the market ALWAYS wins.


You should get some education. If they will hire zombies, they shd at least hire sound ones.

Update: Some education for the zombies

@PressMyButton

The value of a currency is determined by demand n supply.

But this is just a simplistic way of saying it as things like inflation, interest rate against d USD, how attractive Ur country is to investors n what U import vs. what you export all affect the currency value. I could go deep into how these factors made our currency useless but APC needs to hire me to conduct a seminar for their e-warriors

In a fixed regime like what Naija has reverted to, d value of naira to the dollar is controlled. The value is not necessary fixed to a particular amount, but it is controlled.

Remember, that the value of a currency is high when the demand for that currency is high. But, in order to artificially increase the value of their currency, central banks often play one trick.

As d naira falls, d central bank will deep their hands into our foreign reserve. They take our dollar reserve to buy more naira. Once d market sees that "ahhh, people are buying plenty naira o," it means d demand for naira is high, hence d value of the naira will rise. High demand= high value.

Saudi Arabia also defends their currency, but unlike Nigeria which has a paltry $34'ish Billion in reserve, we can boldly say that at $1.5T, Saudi has an endless reserve of dollars n can do whatever d hell they like.

Going by Nairametrics, this is how we have now burned through $1B in 18 days.

oga you are a full idiot....if we are back to the old ways then it means the dollar will be pegged to a certain amount and not be on a gradually fall.....please can you tell me what the current peg is ?

PressMyButton:

Naira was floated, the gap between between the official and parralel rate is almost unified.

parallel market is currently even cheaper than the official market....

Ofunaofu:


Mention those other sectors of the economy

you've forgotten CBN still sells to banks for PTA, SCHOOL FEES, MEDICAL AND CO. there's still the Import export window, there are also other government agencies that will need cash to handle one or two things like the Hajj commission.....just dey your room and continue to believe life start and stop were your sense ends......👍🏾

PressMyButton:

Did you go to school at all?

he didn't he was promised a 2x2 shop in his teens and never bothered with the rest of life afterwards

RealTrump:


You don't understand what your re saying. Floating means allowing market forces to determine price, it doesn't mean CBN will sell or not sell dollars as U claim.

What the report means is that CBN has now reverted back to Emefiele n FIXED the price. The true value of the currency is not being represented as they now spend our foreign dollar reserve to pay the difference.

The foreign reserve is around $33B which means at this rate, we will have no foreign reserve in like 18months n by then, d currency will float itself cos the market ALWAYS wins.


You should get some education. If they will hire zombies, they shd at least hire sound ones.

Update: Some education for the zombies

@PressMyButton

The value of a currency is determined by demand n supply.

But this is just a simplistic way of saying it as things like inflation, interest rate against d USD, how attractive Ur country is to investors n what U import vs. what you export all affect the currency value. I could go deep into how these factors made our currency useless but APC needs to hire me to conduct a seminar for their e-warriors

In a fixed regime like what Naija has reverted to, d value of naira to the dollar is controlled. The value is not necessary fixed to a particular amount, but it is controlled.

Remember, that the value of a currency is high when the demand for that currency is high. But, in order to artificially increase the value of their currency, central banks often play one trick.

As d naira falls, d central bank will deep their hands into our foreign reserve. They take our dollar reserve to buy more naira. Once d market sees that "ahhh, people are buying plenty naira o," it means d demand for naira is high, hence d value of the naira will rise. High demand= high value.

Saudi Arabia also defends their currency, but unlike Nigeria which has a paltry $34'ish Billion in reserve, we can boldly say that at $1.5T, Saudi has an endless reserve of dollars n can do whatever d hell they like.

Going by Nairametrics, this is how we have now burned through $1B in 18 days.

Which yeye report! Where are rhe indices from which the report is based! Where were they gotten from! You see, you guys like typing rubbish and expecting others to prove you wrong. That time has gone! Believe whatever you want. The end shall justify the means. CBN has the statutory duty of providing FX for end users, that doesn't mean the are defending the naira.

Whoever is writing this rubbish didn't go to school.CBN can never subsidize bdc with USD1b.YOU SPECULATORS ARE FADING FAST FROM YOUR EVIL TRADE OF ECONOMIC SABOTAGE.