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

it was around 700 plus to $1

dequir:


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.

Thanks for your kind words.

FireUpNow:


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

It won’t end but it’ll be well MANAGED.

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?

No mind those IP0B cannibals..

They are so full of hate. They celebrate anytime the Naira is sinking but get angry anytime the Naira is apreciating.

cc ; jkpbestseries

SmartyPants:


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

Who’s budgeting for the subsidy? I was referring to BDC selling less than market rate with 1.5% margin not being a sustainable model for their business. If we assume CBN sold $60M to BDC last month that’s a maximum profit of $900k divided by 1500 BDC should be 660k naira monthly. I don’t think that can cover for their office expenses alone talk less of profits.

lionshare:


It won’t end but it’ll be well MANAGED.

That would be glorious as people are really going through rough and tough times presently.

lionshare:


Who’s budgeting for the subsidy? I was referring to BDC selling less than market rate with 1.5% margin not being a sustainable model for their business. If we assume CBN sold $60M to BDC last month that’s a maximum profit of $900k divided by 1500 BDC should be 660k naira monthly. I don’t think that can cover for their office expenses alone talk less of profits.

$60m is a mere fraction of the BDC's monthly fx turnover, which runs into the billions. There is no threat to their businesses.

ifytrik:
I pray the Naira continues gaining value o, I want to relocate to ghana but after converting my budget to ghana cedis I discovered I needed to either raise more money or Naira needed more value, can you believe 10 million naira is just a little above 100 thousand ghana cedis? God abeg make dollar come down to 700 naira so that we go fit leave Nigeria once and for all, I just don't want to raise my children in a country were their future is in great danger, never.

And you think Ghana is the better country?

lionshare:


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?

I have a modest grasp of the events of yesterday and today, yet the future remains a mystery to me. I’m not suited for discussions or predictions about the future FX rate; such topics don’t pique my interest. I'd rather defer to the economic experts for forecasts. What I think we hold for the future, after our leaders gave their all in the present, is "unwavering optimism". I trust that all will be well with our nation, its leadership, our currency, and the economy.

In response to your curiosity about the future, particularly the FX rate on 29/05/2024, I must admit that my crystal ball is a bit cloudy on the matter. While I share your suspicion that there might be a concerted effort to maintain stability, especially with political winds at play, I prefer to anchor my hopes not in "predictions", but in "the diligent work" our leaders set forth today. May the collective efforts of our leaders steer us towards a prosperous and stable tomorrow."


Shalom!

stuffs4me:


The thing dey pain you say Nigeria don dey improve.

IP0B cannibals everywhere

Who be this one? Abeg swerve comot here jare

Ipob kor, tripod ni. Mctewww

You know in reality igbo pass una aside stealing political rogues. I can remember you once mentioned you got F9 in English language. Is only people that speak English are made in life to you. Brainwashed slowpoke.

quote author=Sannisege post=129409728]Rufai Oseni and his Igbo blodas will not like this news. Enemies of the state.[/quote]

Almunjid:

I have a modest grasp of the events of yesterday and today, yet the future remains a mystery to me. I’m not suited for discussions or predictions about the future FX rate; such topics don’t pique my interest. I'd rather defer to the economic experts for forecasts. What I think we hold for the future, after our leaders gave their all in the present, is "unwavering optimism". I trust that all will be well with our nation, its leadership, our currency, and the economy.

In response to your curiosity about the future, particularly the FX rate on 29/05/2024, I must admit that my crystal ball is a bit cloudy on the matter. While I share your suspicion that there might be a concerted effort to maintain stability, especially with political winds at play, I prefer to anchor my hopes not in "predictions", but in "the diligent work" our leaders set forth today. May the collective efforts of our leaders steer us towards a prosperous and stable tomorrow."


Shalom!

The future can be predicted based on the diligence or lack thereof in leadership. While economic experts are human and their assumptions are not usually far-fetched, I believe that the 2024 budget benchmarks of N750 by the FG and N800 by NASS will likely be the target range.

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.

Please show me were you got 5.5 billion for march cos this is what I got, $1.5bilion . Secondly the $1.2 billion I showed you is coming from a research analyst Charles aburde. So it's not a propaganda as you portray.

This is the link I saw in regards to fx gains from cbn. https://www.thecable.ng/nigeria-recorded-over-1-5bn-fx-inflow-in-march-says-cbn/amp/

Post the link were you got yours I detest lies

ngwaIgbo223:


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.

😆.....PETHIEF OBI had to steal Anambra to stupor and started erecting substandard borehole just to become that figure head and he will still not become one till he will die his miserable death 😆

Which "enemies of the state" ? Was it not reported few days Abi weeks ago that they're defending the naira? So what's new about the rise? They just ended up adopting emefiele's way; it's expected Ur currency rises if u defend it but the problem only surfaces when u don't how money anymore to defend, so let's just hope they have other tricks up their sleeve to aid this continuous rise if not, we'll all be in trouble worse than we are now

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

Le it return to how they met it before you talk rubbish

stuffs4me:


No mind those IP0B cannibals..

They are so full of hate. They celebrate anytime the Naira is sinking but get angry anytime the Naira is apreciating.

cc ; jkpbestseries

SULBELL:
The Naira is steadily gaining momentum, many was doubtful and believed it was a hoax initially, well they can't be faulted given the precedent of our leaders.
However, with this continuous gains which has been sustained for over 6weeks, the CBN handlers need recommendation. One will now wonder why and how do we got into that deplorable state where the Naira was on a free fall in the first place.

Wicked People were trying to see, if Tinubu-Govt is capable and dynamic enough to alter things in the right direction but as you can see,the Dollar- that was being hoarded by the Politicians,some Govt people - some Executive,the Legislatures, including the MIDAS - Ministries,Depts and Agencies -,etc, are all involved,just to destroyed Nigeria Economy!
•Now,the CBN had to take over the NNPC-Accountability on Money- Currency Received Directly because of Corruption and lack of Trust in these Institutions!
WOW!
• The NNPC and other MDAS - should surrender other FOREX in their Treasury,for us to have sanity!
We are just to Corrupt!
•Binance Management and others- on the Nigerian Streets- must surrender all those money/ FOREX - illegally made in Nigeria- that they were using to fix their Rates above the CBN-just to destroy Nigerian Monetary System.Since they have confess, they must get sense at all cost.
•There is nothing that says Naira can't be between N600--700 to a Dollar .

lionshare:


The future can be predicted based on the diligence or lack thereof in leadership. While economic experts are human and their assumptions are not usually far-fetched, I believe that the 2024 budget benchmarks of N750 by the FG and N800 by NASS will likely be the target range.

Economic experts, despite their humanity and fallibility, often have "insights" that are not entirely out of reach. As for the 2024 budget benchmarks of N750 set by the FG and N800 by NASS seem like plausible targets and your observations are equally "noteworthy". Nonetheless, as I’ve mentioned before, my optimism is anchored not in "speculative predictions", but in "the tangible efforts" our leaders are making. Only time will reveal the outcomes.


Salaam!

lexy2014:


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

Were you told then that the true value of Naira was being buffered?

jkpbestseries:
Le it return to how they met it before you talk rubbish

I know you are full of hatred for Nigeria because Nigerians disgraced the Pandora criminal called Obi in the las elections.

1) Obi will never be president of Nigeria
2) No IIGB0 will ever rule Nigeria
3) Nigeria presidency is not for 3rd class citizens.

Know the above and know peace

pretydiva:

Who be this one? Abeg swerve comot here jare

Ipob kor, tripod ni. Mctewww

I know you are full of hatred for Nigeria because Nigerians disgraced the Pandora criminal called Obi in the las elections.

1) Obi will never be president of Nigeria
2) No IIGB0 will ever rule Nigeria
3) Nigeria presidency is not for 3rd class citizens.

Know the above and know 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

Yes 490 at subsidized rate and now no more subsidy. Think about it

No one asks for dollar to import diesel any more.

That ended two weeks ago.

No one buys aviation fuel with dollar any longer.

Marketers pay in Naira to Dangote Refinery in Lagos, not dollar to some refineries in Netherlands or USA or India.

PMS, kerosene and all other refined products will join in May.

Dangote Refinery is also exporting refined products and he earns dollar and the dollar he earns are kept in the bank, not his house.

So the banks are having enough dollar in their custody for other uses and users.

This is not a matter of 'I don't like Tinubu' or 'I don't like Batists'.

It is a matter of simple economic cogitation.

Naira won't slide downward again.

Rather, it will keep rising against foreign currencies including your abductee, the dollar.

When Tinubu was conceiving the Lekki Free Trade Zone where Dangote Refinery is now built and where a seaport is now built, he knew that the Nigerian economy will be the winner ultimately.

What did your Governor build when he was in office that is of immense benefit to the economy today?

Stop hating.

Put your deflated ego under check and swallow your pride.

Nigeria is moving up and forward.

Don't be left behind.
©️𝖘𝖜𝖆

Blaze14k:


Please show me were you got 5.5 billion for march cos this is what I got, $1.5bilion . Secondly the $1.2 billion I showed you is coming from a research analyst Charles aburde. So it's not a propaganda as you portray.

This is the link I saw in regards to fx gains from cbn. https://www.thecable.ng/nigeria-recorded-over-1-5bn-fx-inflow-in-march-says-cbn/amp/

Post the link were you got yours I detest lies

[url]
https://www.vanguardngr.com/2024/04/forex-turnover-in-official-market-rises-95-to-12-68-bn-in-q124/[/url]

lionshare:

[url]
https://www.vanguardngr.com/2024/04/forex-turnover-in-official-market-rises-95-to-12-68-bn-in-q124/[/url]

Bro that figure you gave is a period of 3 month not just march alone. Within those period the cbn made some expenses as well. I think you go back and read the first paragraph again. Look if the federal is being entirely honest with these figures we use as reference point, they should post it on nbs website so it can easily be accessible. There are so many contradiction in figures from different news outlets and this has been the case over a long period. I have to be honest with you, we are not serious as a nation

Realist777:

Were you told then that the true value of Naira was being buffered?

how is that related to the question I asked and how is it related to it?

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

GemUnique:


And you think Ghana is the better country?

Ghana is better than Nigeria presently

Juliusganduje:
So I should believe anything that is written on a pages of newspaper? I haven't seen any reduction in the price of commodities to show that naira is improving.

Your brothers wey dey import dey cause wahala when naira dey depreciate hiking prices now naira been appreciating they kept on increasing prices,,,e no go better for all of una with old stocks wey the price dey still go ...

Cj4charles:
Oga stop speaking grammar, if bringing it down to 200 will make Nigerians suffer so be it.. under Buhari, suffering was never like this and you are here talking bullsh*t

Na why your generation will continue to lament.....You prefer the government to deceive you with deflation and artificial economy rather than the economy to function freely. A country that produces SHIN SHIN and relies majorly on OIL exportation and heavy consumption through importation wants the Naira to be STRONG.......NO BE JUJU BE THAT?

The real b*llshit is people like you not understanding basic economics......Anyways enjoy your ignorance!

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

Even if it come down to 50 naira you won't be okay with it , you were born with chronic hatred

SunMusk:
If Emefiele defend the naira the way this present cbn is doing, using BDC as a control merchant, naira will not have reach 750 in the black market. But let see how this goes sha. Every currency in the world is defended, even the US DOLLAR IS control by the fed. Pounds, yen and others. Like I used to say naira is in this state bcs of corruption, Argentina devalue to 850 almost same time as Nigeria, the lowest it has gone to is 865 peso. Corruption is what is killing us in Nigeria.

That’s because Argentina did not devalue a second time to meet up with the black market at 1100 (now around 1000). Nigeria moved the official market from 800/900 to 1300 on January 31st 2024 (second devaluation).

abbey621:


Na why your generation will continue to lament.....You prefer the government to deceive you with deflation and artificial economy rather than the economy to function freely. A country that produces SHIN SHIN and relies majorly on OIL exportation and heavy consumption through importation wants the Naira to be STRONG.......NO BE JUJU BE THAT?

The real b*llshit is people like you not understanding basic economics......Anyways enjoy your ignorance!

Economy being stable under Buhari even though the problem started there and other previous government is artificial🤣🤣🤣 oga use your head, nothing you guys will not defend in this Government