Alexlalax1:
Their official mantra "some people are not happy about this news" what is there to be happy for? For Christ sake, baba go slow left dollar at the rate of #700. They should bring it down to that price first before they can start reducing it. Then, "some people will be happy about this news "

m.umu talk.

You are happy or you are not happy? 😂

Almunjid:

In your initial comment, you attributed the dollar’s decline to the deployment of 1 billion dollars from our foreign exchange reserves. However, your subsequent statement suggests that the dollar’s fall was due to channeling funds generated from inflation. These conflicting statements highlight a "discrepancy" in your explanations.

Obviously this is were demand and supply plays effect. The cbn let the market forces to determine the strength of the naira which brought about inflation. This helped the cbn to generate some cash through ways and means.

The emergency lovers of Nigeria will be pained

You live in Nigeria, earn Naira and have no international business but your roadside economist Aja Kalu is telling you to keep your dollars close. Just make sure you keep your body towels closer because even your handkerchief won’t be enough for your tears

Useless saboteurs

NaijaCowFarm:
Sincerely, I hope the CBN can push $ to N500 before June 2024. I have need to buy $10K

being sarcastic could not even masked your Pain ... you people are so use to bad news and criticism

Realist777:

It is very obvious that you don't understand economy.
If it goes up you complain, if it goes down you find a way to still make no sense out of the effort they put in.
Are you ever grateful at all?

but was this same Tinubu and APC grateful when the price of dollar was N200 under Jonathan?

yoruboid:
The emergency lovers of Nigeria will be pained

You live in Nigeria, earn Naira and have no international business but your roadside economist Aja Kalu is telling you to keep your dollars close. Just make sure you keep your body towels closer because even your handkerchief won’t be enough for your tears

Useless saboteurs

who are the saboteurs?

are you not aware that tinubu through the same is defending the naira against the dollar and regulating the price of the dollar in the forex market but openly claim that they are floating the dollar and that market forces are responsible for determining the price?

DMerciful:
Emefiele's policy of defending the naira!
Only thing is that the naira is foolishly being defended at a higher price that does not favour the govt nor the citizens.

How can the illegitimate president damage his presidency by himself?!

You will wail till 2031

DMerciful:
Emefiele's policy of defending the naira!
Only thing is that the naira is foolishly being defended at a higher price that does not favour the govt nor the citizens.

How can the illegitimate president damage his presidency by himself?!

There is nothing wrong with defending the naira in order to solve the problem of sabotage. Emefiele's problem was defending the naira at CBN only, while allowing the black market to run riot. This then created a market for arbitrage, further deepening the gap between the CBN and parrellel markets.

Under this approach the parrallel market rate trended upwards with an increasing gap from the CBN rate. Under the new approach the gap has been nearly eliminated, with the both rates trended down, where they need to be.

When the rates reach the optimal level, with Nigeria's trade surplus increasing, there will be less need for a defence, as long as the CBN through the EFCC maintains control of the parrallel market.

Sorry, but things are on a firm trajectory to get much better.

jkpbestseries:
funny People. Let it come down to 200 naira

Don't mind them they pushed it to where it is ,they should pushed it back,they are not doing anything spectacular, you damaged something and you are repairing it,so we should clap for you , if it had been an improvement on what they met on ground, then they would have deserved accolade, if they are able to take it to 200 as you suggested we eill give them kudos

Blaze14k:


Obviously this is were demand and supply plays effect. The cbn let the market forces to determine the strength of the naira which brought about inflation. This helped the cbn to generate some cash through ways and means.

Had I not challenged your initial assertion that the dollar’s decline was due to the use of 1 billion dollars from our foreign exchange reserves, you might still be promoting that erroneous view. Nonetheless, your latter explanation appears more reasonable, which I won’t contest. It’s crucial to maintain consistency and coherence in our statements. This is important because those who read your first comment and miss both "my rebuttal" and "your revised opinion" might accept it as an absolute truth, potentially leading to the spread of misinformation among the youths.


Peace!

socialmediaman:
USD/Naira was N490 = $1 when Tinubu became president less than one year ago.

We need to get there first, then celebrate any value gain from that point

Exactly,

Blaze14k:


Bros you are the one to answer that question. I already gave you the answer to your question. So go ahead and prove me wrong with a substantial evidence

The turnover for March was $5.54 billion, while reserves depreciated by $1.28BN. A good number of people perhaps rationally believe that the CBN used the reserves to defend the naira, but this is wrong because reserves are not static. They are used to meet obligations or receive alike. It's important to state that it was during the same month that CBN completed clearing verified + airline backlogs in excess of $2B.

To be fair to you and most people who think there is some form of defense of the naira, it's not completely untrue, but there is also exaggerated reportage on this issue by many news outlets who seem to care more about the clicks than disseminating the truth. The concerns often stem from either dollars to BDC or FX reserves as addressed above or government borrowings.

As for the sales of dollars to BDC, if anyone thinks it's a naira-defense mechanism, let the numbers do the talking. Again, FX turnover was 5BN in March; if we assume a weekly sale of $10,000 to 1500 BDC, that amounts to $60M. Can you rationally say $60m will move a needle in a market of over $5BN?

On the matter of MPR rate increment which has led to increased borrowing rates for the government, it's almost a universal practice. We have seen several countries do the same including the developed ones to tame inflation. I think it's important to note that the plethora of CBN circulars has brought about significant reforms to our FX market; visibility has significantly improved, which is the primary driver of the increase in lending by foreigners, which has increased FX turnover.

The reforms have seen banks significantly offload their net-open positions while currently searching for investors to meet the new capitalization requirements. In my view, the CBN team has done a yeoman's job in turning around the flight that was about to crash, but now we need to land and park the plane. We need to find the real price of Naira and keep it stable as possible for as long as possible.

Will you keep quite. Is that how the met it.

Realist777:

It is very obvious that you don't understand economy.
If it goes up you complain, if it goes down you find a way to still make no sense out of the effort they put in.
Are you ever grateful at all?

SmartyPants:


There is nothing wrong with defending the naira in order to solve the problem of sabotage. Emefiele's problem was defending the naira at CBN only, while allowing the black market to run riot. This then created a market for arbitrage, further deepening the gap between the CBN and parrellel markets.

Under this approach the parrallel market rate trended upwards with an increasing gap from the CBN rate. Under the new approach the gap has been nearly eliminated, with the both rates trended down, where they need to be.

When the rates reach the optimal level, with Nigeria's trade surplus increasing, there will be less need for a defence, as long as the CBN through the EFCC maintains control of the parrallel market.

Sorry, but things are on a firm trajectory to get much better.

Your conclusion is interestingly worded. Do you think it’s sustainable long term for the BDC rate to be lower than the official rate?

Almunjid:

Had I not challenged your initial assertion that the dollar’s decline was due to the use of 1 billion dollars from our foreign exchange reserves, you might still be promoting that erroneous view. Nonetheless, your latter explanation appears more reasonable, which I won’t contest. It’s crucial to maintain consistency and coherence in our statements. This is important because those who read your first comment and miss both "my rebuttal" and "your revised opinion" might accept it as an absolute truth, potentially leading to the spread of misinformation among the youths.


Peace!

I think we should be discussing the future! Like what do you think fx rate will be on 29/05/2024? I suspect whatever rate it is there’ll be strong political backing to keep stable for a while—what do you think?

lionshare:


It’s only a matter of time prices will drop eventually but it won’t while the rate is not yet stable.

I hope so and I am looking forward to when the floatation of the naira will end.

I'm ashamed of the leaders... I want to ask, #1142/$ Is where they met our naira

Which kind useless hype is this

lionshare:


The turnover for March was $5.54 billion, while reserves depreciated by $1.28BN. A good number of people perhaps rationally believe that the CBN used the reserves to defend the naira, but this is wrong because reserves are not static. They are used to meet obligations or receive alike. It's important to state that it was during the same month that CBN completed clearing verified + airline backlogs in excess of $2B.

To be fair to you and most people who think there is some form of defense of the naira, it's not completely untrue, but there is also exaggerated reportage on this issue by many news outlets who seem to care more about the clicks than disseminating the truth. The concerns often stem from either dollars to BDC or FX reserves as addressed above or government borrowings.

As for the sales of dollars to BDC, if anyone thinks it's a naira-defense mechanism, let the numbers do the talking. Again, FX turnover was 5BN in March; if we assume a weekly sale of $10,000 to 1500 BDC, that amounts to $60M. Can you rationally say $60m will move a needle in a market of over $5BN?

On the matter of MPR rate increment which has led to increased borrowing rates for the government, it's almost a universal practice. We have seen several countries do the same including the developed ones to tame inflation. I think it's important to note that the plethora of CBN circulars has brought about significant reforms to our FX market; visibility has significantly improved, which is the primary driver of the increase in lending by foreigners, which has increased FX turnover.

The reforms have seen banks significantly offload their net-open positions while currently searching for investors to meet the new capitalization requirements. In my view, the CBN team has done a yeoman's job in turning around the flight that was about to crash, but now we need to land and park the plane. We need to find the real price of Naira and keep it stable as possible for as long as possible.

Your economic analysis are way way above the understanding of those you are educating.

But thanks nevertheless for making the prognosis of the current Naira exchange value explicit for us. Please keep it up.

lionshare:



Your conclusion is interestingly worded. Do you think it’s sustainable long term for the BDC rate to be lower than the official rate?

Well as long as subsidizing the naira remains a budgetary priority. But i also think it won't be necessary soon.

Who are the people shouting ebin pawa?

Paraman:
You will wail till 2031

Sannisege:
Rufai Oseni and his Igbo blodas will not like this news. Enemies of the state.

Your grand father's who were bloody opposition since independence are the real enemy of Nigeria...yeye OPC man..how far with Oduduwa or Arewa bruhaha.

We can only rejoice when it's 165 Jonathan left it.

ngwaIgbo223:


Your grand father's who were bloody opposition since independence are the real enemy of Nigeria...yeye OPC man..how far with Oduduwa or Arewa bruhaha.

We can only rejoice when it's 165 Jonathan left it.

Peter PETHIEF OBI will die struggling to be president of the country his people called ZOO 😆


KNOW THIS AND KNOW PEACE

NaijaCowFarm:
Sincerely, I hope the CBN can push $ to N500 before June 2024. I have need to buy $10K

In order to crash and sell at higher price?

socialmediaman:
USD/Naira was N490 = $1 when Tinubu became president less than one year ago.

We need to get there first, then celebrate any value gain from that point

Where did you buy yours for that amount?

Basic123:

Peter PETHIEF OBI will die struggling to be president of the country his people called ZOO 😆


KNOW THIS AND KNOW PEACE

Just like your current failure struggling since abiola till now he put on Pampers before they made him figure head.

By the way what happened to Oudua Nation..yeye people.

IP0B cannibals are so wicked and full of hate. They rejoice anytime the Naira is sinking and become angry anytime the Naira is appreciating.

I will forever campaign against any IIGB0 that contest in the national elections. If Obi decides to contest, I will spend my own personal money to ensure he is not elected

It's ironic how some Nigerians were calling for 2000 naira per dollar, yet the opposite happened. Similarly, it's only a matter of time before the naira depreciates. If the appreciation of the naira doesn't impact the prices of goods, then I'm sorry to say, the dollar is not Nigeria's problem. The government is merely chasing shadows.

Basic123:

Peter PETHIEF OBI will die struggling to be president of the country his people called ZOO 😆


KNOW THIS AND KNOW PEACE

I endorse this message

pretydiva:
I can only take you people seriously when it comes down to #200, or how he met it

The thing dey pain you say Nigeria don dey improve.

IP0B cannibals everywhere

Alexlalax1:
Their official mantra "some people are not happy about this news" what is there to be happy for? For Christ sake, baba go slow left dollar at the rate of #700. They should bring it down to that price first before they can start reducing it. Then, "some people will be happy about this news "

IP0B cannibals be crying upandan just because Naira is appreciating

Godjone:
This una propaganda is not adding up again at all ooo. Every day naira rise but the rate against dollar is still a thousand plus. These people thinks everyone is stupid or what

Belle dey turn you because Naira dey appreciate

As E dey pain you, E dey sweet us
As E dey sweet us, E dey pain you

Sannisege:
Rufai Oseni and his Igbo blodas will not like this news. Enemies of the state.

Yea because they hate propaganda........lies and deceit

Is it too hard to hate all these things

And with such they are making the Government to work and be effective....