Codeye:

Please read the nonsense you wrote again, this time slowly. If you still don't understand ask your neighbor or friend to explain it to you. Peace

real senseless comment

zionstaar75:
pdp did the same thing for 16 years and they were not wrong but now that apc is doing it u now realize it's wrong. U are irredeemable from your stupor. U are just confused that Tinubu is not failing like you anticipated

Wrong?? When did I say anyone is doing anything wrong?? Please dey read without assuming it must be about politics or supporting party please.....some of us don't have political affiliations....

I am an advocate for subsidy on the exchange rate because I feel we are not ready for removing it yet...right from the start i said this inflation disaster will happen if total subsidy is removed on the exchange rate

REALretep:
Another policy reversal...trial and error government

says a guy with saw dust brain

DMerciful:
Emefiele vindicated!

How

socialmediaman:
A wise man once said:

"You knew what was at stake, you said you could do it, and even went further to steal the mandate. So get the damn job done".

If Naira crashes to N490 = $1 where Tinubu met it, then crashes further from there, I'll commend the Tinubu government.

Anything more is Sycophancy

And when it crashes to that level, you'll crash yourself in annoyance.

Olodo

advanceDNA:


Do we have other imports ??
Is fuel the only index affecting our exchange rate..??

I said major. We do import many other things.

advanceDNA:


Demand for naira is what will boot naira in a floating currency system....

...hope u understand that Dangote is not exporting crude oil products to other nations in naira...he's being paid in dollars for his exports ....

His business operation will not significantly boost naira as Reno claimed without the government heavily paying subsidy on the exchange rate as they are doing now......

Thats why they are saying Reno is a paid propaganda spreader.....

You got it wrong. Nigeria spends $10b importing fuel every year in addition to trillions she pays on subsidiaries. This will now stop so more of our foreign reserve will be preserved. This is the import of Reno's submission.

While I like the fact that the Naira is appreciating, but it seems to be artificial, and it seems our FX reserves are being used to defend it.
This is not sustainable, unless the CBN has some unknown plans to solve this.

Osanoghodua1:
FG should massively import foodstuffs to crash the market.

lol

ryloy:


Olodo, Naira was being defended at that rate close to $20 billion yearly
So you want the trend to continue?

Some of you kids on this platform have zero idea what made up that $20 billion. You just come online to make noise.

While the CBN was defending the currency with Pegged Exchange Rates, the actual problem was the high level of corruption within the system, so yes without corruption, the parallel market exchange rate could've still been within the vicinity of $500.

The problem being that government officials and bank executives were hoarding the currencies and allocating billions of dollars to themselves to sell to the parallel market thereby creating artificial scarcity.

Kill corruption and the nonsense stops.

Richtaiwo:
Reno has advised hoarders of dollars to sell them out before Dangote refinery products hit the market, but ipob miscreants said Tinubu paid Reno Omokiri to help spread propaganda. This is because any good news about Nigeria always give them diarrhoea, and therefore prefer it isn't true. Let's see how it goes.

No sane human-being will find any reason to be happy until the dollar rate gets down to where APC met it in 2015 as well as general cost of living

Remember we've not forgotten Tinubu's statement on dollar rates as he was campaigning for APC in 2015.

advanceDNA:


Demand for naira is what will boot naira in a floating currency system....

...hope u understand that Dangote is not exporting crude oil products to other nations in naira...he's being paid in dollars for his exports ....

His business operation will not significantly boost naira as Reno claimed without the
government heavily paying subsidy on the exchange rate as they are doing now......

Thats why they are saying Reno is a paid propaganda spreader.....

But we will not be using dollars to buy again from abroad.

Balistic4:
while I am extremely happy about this news, sadly it is not a real growth and hence, not sustainable. That been said, naija business people are really heartless. Tinubu started this inflation and greedy business men and women will help him finish it, at the detriment of Nigerians at large.

cause dollar is dropping and price of things are going higher in the market. No explanation why, they had the reason that it was caused by dollar rise, now the reason is gone.

After this shabby dollar support, the next wave of inflation will be catastrophic.



You are the real enemy of progress with little logic in your head. This is not a real progress, it is just a makeover. Have we started exporting anything? Dollar reserve is fast depleting and CBN is not playing by the book. You are the one that is the real enemy of Nigeria, but let us safely blame your outburst on ignorance .

This is much like how it was being done under Obj, Yaradua, Jonathan and Buhari and inflation was still managed better with exception of Buhari who banned foods import. Nigerians don't mind this approach so far it is working like it worked for the past administrations. No nation, no government in the world leaves her currency at the mercy of speculators! Floating my ass

wasco70:

But we will not be using dollars to buy again from abroad.

Of course.....u are right


.but we still have other imports driving out exchange rate

Winning123:


You got it wrong. Nigeria spends $10b importing fuel every year in addition to trillions she pays on subsidiaries. This will now stop so more of our foreign reserve will be preserved. This is the import of Reno's submission.

Reno greatly exaggerated..that's my point..

.because fuel is not our only import... We are a nation heavily dependent on imports for everything...which drives out exchange rate.
Shebi we dey this country together.....we will see how far the exchange rate will drop with Dangote in full swing....

advanceDNA:


Yes it will....
Read my text I said it won't be greatly significant...and my reason is we are heavily dependent on other imports...if crude oil products was our only imports then Dangotes fuel hitting the market will gigantically improve help

Are you aware Dangote refinery is enough to cater for nigerians daily demands, meaning lil or no need for importation of refined crude that takes 60% of our FX.
If Nigeria saving 60% of FX normally expended is not greatly significant then 40% must be bigger than it sounds

True, we are import dependant, but if you study the attachment myndd dropped you will realize the other imported products (Net worth) aint weighty enough to keep balance of trade down .. didnt you see petroleum import cost
gigantic improvement is one comic illusion, not in economist

Why is the cost of living is still high?

So why are food prices and other amenities are still costly and difficult to buy,coke now sell for 350 400 on the streets and stores,pure water price refuses to come down... To be honest,I still feel all these moves are stunt from the govt and they are majorly punishing those BDC cus dollar rates doesn't have anything to do with our local made stuffs, by the time they are done dealing with whomever they want to deal with .. the dollar will still rise up because i wonder why we still have different exchanges rates in one country

karkinase:
#1000 is the last support .. @ this point CBN and speculators will have a huge battle for price next direction.. anyone who wins we will follow

Obviously, you are a forex trader, the support will be tested. However, the support is not strong enough because it occured only in between october and november...what will determine the direction further is hanging on the economy policy of the government

IMAliyu:
While I like the fact that the Naira is appreciating, it seems to be artificial, and it seems our FX reserves are being used to defend it.
This is not sustainable, unless the CBN has some unknown plans to solve this.

No one is arguing its sustainable, however desperate times require desperate measure,

CBN must do everything possible to sustain the Naira value till Dangote fuel come on board, by then we won't be expending over 60% of our FX earning on importing refined product that is the scope

iamtoofan:



Are you aware Dangote refinery is enough to cater for nigerians daily demands, meaning lil or no need for importation of refined crude that takes 60% of our FX.
If Nigeria saving 60% of FX normally expended is not greatly significant then 40% must be bigger than it sounds

True, we are import dependant, but if you study the attachment myndd dropped you will realize the other imported products (Net worth) aint weighty enough to keep balance of trade down .. didnt you see petroleum import cost
gigantic improvement is one comic illusion, not in economist

I saw what mynd posted.....And I told him our food imports is way higher than that..cos wheat is not our only food imports.....

My point is we need more than stopping fuel imports to greatly improve our exchange rate which is why Reno is being tackled for fallacy and propaganda spreading....
Have u even accounted for heavy corruption
.can u even account for it in the exchange rate

Don't mind the lazy zombie that do not read or understand issues but will be quick to throw the ethnic card that politicians have used for him to sell his senses to the voice of reason
Thanks for enlightening that Mumu if only he can read and accept his inadequacies

advanceDNA:


Demand for naira is what will boot naira in a floating currency system....

...hope u understand that Dangote is not exporting crude oil products to other nations in naira...he's being paid in dollars for his exports ....

His business operation will not significantly boost naira as Reno claimed without the government heavily paying subsidy on the exchange rate as they are doing now......

Thats why they are saying Reno is a paid propaganda spreader.....

ignis:
This is a short term fire brigade solution. Time shall tell.

Hoarder don drop qoute

christejames:
Propaganda doesn't run government 😏

Lol, but "statistics" go run government abi?

wasco70:

But we will not be using dollars to buy again from abroad.

I want to ask. Do you think Dangote will be paid in naira or dollar?

advanceDNA:


Demand for naira is what will boot naira in a floating currency system....

...hope u understand that Dangote is not exporting crude oil products to other nations in naira...he's being paid in dollars for his exports ....

His business operation will not significantly boost naira as Reno claimed without the government heavily paying subsidy on the exchange rate as they are doing now......

Thats why they are saying Reno is a paid propaganda spreader.....

The FG gave up on its drive to gather enough FX for the economy to function properly, hence the shifted focus only on the Naira, whiles trying to kill the demand for FX locally....

As for Dangote, he sells his refined product to other nations and earn FX...this FX,he refused to infused them into the Nigerian economy, ,instead he saves them abroad....with dat it will hv no effcet aside employment boosting effect and increased govt revenue to the Nigerian economy

There is political propaganda then there is Economics based on facts. CBN is manipulating the markets by selling dollars below market price.
One day they will wake up and say it’s no longer sustainable just as they’ve done to subsidy.
Don’t let anyone gaslight you save in Dollars if you can but only do it as a long term goal.

Melagros:
COMRADES and the prices of goods and services remain very high and it will remain so till infinity
For the past two weeks the media had been awashed with this news of naira appreciation, but that did not reduce the price of any commodity in Nigeria. What a shameless and incompetent government?

Ok, the prices of goods and services will remain very high and it will remain so till infinity from when you were born abi?

Ok, dey cry to government say your fellow Nigerians still dey cheat you.

JapaPrince:
There is political propaganda then there is Economics based on facts. CBN is manipulating the markets by selling dollars below market price.
One day they will wake up and say it’s no longer sustainable just as they’ve done to subsidy.
Don’t let anyone gaslight you save in Dollars if you can but only do it as a long term goal.

Hoard your dollars, make we see if you get dollars pass CBN.

Dey go crash the currency, only you go go sell your weak dollars to them.

blacknp:
Hoard your dollars, make we see if you get dollars pass CBN.

Dey go crash the currency, only you go go sell your weak dollars to them.

I don't like being pessimistic ooo ..but Corruption will not allow them get very far in doing good in nigeria..

They already have the value they wanna peg the currency....... Remember the govt already told u that any one expecting anything less than 700naira to a dollar is deceiving themselves

popweezy:
Nigeria would make you go insane...

Dollar's falling but price of goods keeps soaring higher. What could be the problem again

Shows you that the value of the current naira is man made. They are just holding it up there without the proper structure to keep it steady. It can drop anytime and it will even be worse with the wrong move

wasco70:

But we will not be using dollars to buy again from abroad.

Baba..if care is not taken..Dangote can even demand dollars from oil marketers.


because the man can claim he imports crude oil with dollars from outside....