PressMyButton:

Illiterate.

He's NOT an illiterate. You are one of the millions of Nigerians who don't know the meaning of that word.

To set the record straight....

@Socialmediaman The government didn't withdraw money from foreign reserves to clear her backlog of debts. The government borrowed from Afrexim Bank through NNPC swap for crude oil.

However, the government withdrew money from the foreign reserves to clear remittances from Nigerians living outside the country. Those people have been sending a lot of money back home since they noticed that naira was depreciating at the speed of light.

socialmediaman:


Nigeria’s Reserves Depreciates by $595m in One-month as CBN Defends Naira: https://www.thisdaylive.com/index.php/2024/04/10/nigerias-reserves-depreciates-by-595m-in-one-month-as-cbn-defends-naira

ehhh..
This is bad oh

socialmediaman:


If they're defending it just like before with no clear sustainable plan, then be sure that your politicians are buying it up knowing it's just a temporary measure and it will rise again. This is how the rich keep getting richer and the poor keep trusting that the government is working for their good.

You guys are not doing your country any good, demand transparency and better from your government

I understand you but common Nigerians not even only the politicians would be trying hard to buy and keep it for wealth purposes. But believe me, the enormous tasks you have to go through before you could get a high percentage of it like before have made it very difficult to do. However, I still maintain my opinion and I believe the CBN would soon publish their monthly reports because it has become the talk of town.

SoNature:


He's NOT an illiterate. You are one of the millions of Nigerians who don't know the meaning of that word.

To set the record straight....

@Socialmediaman The government didn't withdraw money from foreign reserves to clear her backlog of debts. The government borrowed from Afrexim Bank through NNPC swap for crude oil.

However, the government withdrew money from the foreign reserves to clear remittances from Nigerians living outside the country. Those people have been sending a lot of money back home since they noticed that naira was depreciating at the speed of light.

Thank you for the insight. This is exactly the kind of informed arguments we should be having on this forum

socialmediaman:


So your factual source for the numbers you quoted was “trust me”.

After claiming to know something, you came up empty. You ended up being that keyboard warrior.

https://www.google.com/amp/s/nairametrics.com/2024/04/07/nigerias-fx-reserves-dip-by-1-02-billion-in-18-days-on-cbns-naira-defence/%3famp=1

SoNature:


He's NOT an illiterate. You are one of the millions of Nigerians who don't know the meaning of that word.

To set the record straight....

@Socialmediaman The government didn't withdraw money from foreign reserves to clear her backlog of debts. The government borrowed from Afrexim Bank through NNPC swap for crude oil.

However, the government withdrew money from the foreign reserves to clear remittances from Nigerians living outside the country. Those people have been sending a lot of money back home since they noticed that naira was depreciating at the speed of light.

Slowpoke, don't ever quote me to spew a pile of dogshit on my mentions again. Go and feed the bunch of idiotic illiterates in your group whatever nonsense you pull out of your ass. Can you imagine the loads of bullshit he vomitted above with sheer confidence?. Ignorance is bliss. Bunch of illiterates.

Your obidient Ipob foolishness is legendary

socialmediaman:


So your factual source for the numbers you quoted was “trust me”.

After claiming to know something, you came up empty. You ended up being that keyboard warrior.

socialmediaman:
How much foreign reserves has Nigeria lost trying to defend the naira? How sustainable is this? What is the long term goal? Defend the naira while hoping that the manufacturing and export sector picks up somehow? What’s the plan?

As stakeholders, you’d hope that your government will lay out the plan and let people key in through the private sector, that’s if there’s some real plan in motion

Why has the government stopped publishing the monthly economic report that was published every single month since 2013 for transparency?

As someone who has witnessed a lot of lies and propaganda within the past 9 years, I have to see the evidence to believe whatever this government says

How much has the government sold to the BDC's? About 0.6% of turnover

How can this be defending the naira?

Having said that - all governments defend their currencies - but this is different from past efforts such as dumping money from reserves on the market or restricting imports.

Maybe you should be specific on the actual method they are using to defend it.

Good news for importers. Cardoso is working lol... I pray it keeps decreasing.

Check my signature.

socialmediaman:


We were told that fuel subsidy was gone. What is the result today?

Many people suspect that flaoting the naira failed and the CBN is back to defending the naira. Where is the monthly economic report published by the CBN? The last one was published November last year. Transparency that was established since 2013 by the GEJ government just disappeared.

Where is it? The CBN should publish it and lay this matter to rest. https://www.cbn.gov.ng/documents/monthlyecoreports.asp

oga, no country on earth can allow her currency to float 100% against the US dollar. Dem no born you well to try that. Not even almighty China can try that even with their heavy exports e come be third world import dependent country like Nigeria.


Tinubu made a huge mistake by liberalizing our currency. Speculators ran wild with it and fleecing the economy without putting anything in. Thank God he walked back on the brazen act. Not every politician can do that especially not one that projects himself as an economic juggernaut.


If you know what would have happened to Nigeria if the economy was allowed to go on autopilot like that?


We need dollar at 600-750 for the economy to move. Government should do everything it can to bring it down there. That's the only way we can spur investment and growth. Anything less and importation will take over thereby leading to massive job losses.

Before you quote me, are you a salary earner or you're into industrialization

BreconHills:


How much has the government sold to the BDC's? About 0.6% of turnover

How can this be defending the naira?

Having said that - all governments defend their currencies - but this is different from past efforts such as dumping money from reserves on the market or restricting imports.

Maybe you should be specific on the actual method they are using to defend it.

Even China and Japan 'offend' their currencies to ensure cheap exports as producing countries.

What's the use of foreign reserves sef? Isn't it to influence monetary policies? You use it boost exports or make imports cheap for locals.

The sub-illiterates are just shouting 'defend Naira' every time as if the phrase was a taboo.

michlins:
oga, no country on earth can allow her currency to float 100% against the US dollar. Dem no born you well to try that. Not even almighty China can try that even with their heavy exports e come be third world import dependent country like Nigeria.

Tinubu made a huge mistake by liberalizing our currency. Speculators ran wild with it and fleecing the economy without putting anything in. Thank God he walked back on the brazen act. Not every politician can do that especially not one that projects himself as an economic juggernaut.

If you know what would have happened to Nigeria if the economy was allowed to go on autopilot like that?

We need dollar at 600-750 for the economy to move. Government should do everything it can to bring it down there. That's the only way we can spur investment and growth. Anything less and importation will take over thereby leading to massive job losses.

Before you quote me, are you a salary earner or you're into industrialization

To respond to your question, I'm a Nigerian. You see, my problem with the government is transparency. I know what happens behind the curtains.

I know what happened with the previous government and foreign exchange.

I know why the official exchange and parallel exchange have very wide gaps.

The corruption in the system is what is responsible for the problem, not the unstable policy changes.

Fight the corruption and all these go away, but we both know they're not ready, they don't have what it takes to fight it. They're just going to pretend to be working

Well. Even if you're pretending, show the data so people don't invest their money based on the hype and lose money suddenly in a few months all over again like they did when the policy changed overnight.

Just publish the damn monthly economic report so we can see the workings by ourselves

socialmediaman:


To respond to your question, I'm a Nigerian. You see, my problem with the government is transparency. I know what happens behind the curtains.

I know what happened with the previous government and foreign exchange.

I know why the official exchange and parallel exchange have very wide gaps.

The corruption in the system is what is responsible for the problem, not the unstable policy changes.

Fight the corruption and all these go away, but we both know they're not ready, they don't have what it takes to fight it. They're just going to pretend to be working

Well. Even if you're pretending, show the data so people don't invest their money based on the hype and lose money suddenly in a few months all over again like they did when the policy changed overnight.

Just publish the damn monthly economic report so we can see the workings by ourselves

I thought we're talking about the economy not politics.


Where in this world is corruption non-existent. Corruption may be bad but incompetence is actually worse. What destroyed the economy under the former administration is not corruption but incompetence.

If Tinubu should employ the right brains, they will handle the economy and corruption will still not be able to stop it.

Let's get back to the discussion, what will you have the government do? Let the IMF dictate the way to run our economy and allow things go like wild West in the name of liberalization?

PressMyButton:

Updates- foreign reserves have risen to $37billion. While I am not particularly sure about the information of the OP, it is really ridiculous of you and your ilks to keep making spurious narratives of defending the naira with the reserves. Meanwhile, you guys are the most ignorant of basic economic policies.

Don't mind them, they will never mention that CBN settled backlogs of investors funds. The honest truth is that if you gain from naira devaluation, you will definitely use the funds to buy expensive things. At the end it's still a loss loss. Let's all stay positive and build a better country

socialmediaman:


Where is the monthly economic report that substantiates this claim you just put up here?

We will all see it in the monthly economic report that should be published by the CBN monthly for transparency, this is not some hidden access only information

You too should advocate for transparency because absence of it creates suspicion, and many of us were right about the previous government

So with all the forex used to settle foreign investors like the airlines and co, you expect the foreign reserve to remain the same, joy is coming, and I pray it will meet us all well, let's all stay positive

Elliotwaveforec:

Even China and Japan 'offend' their currencies to ensure cheap exports as producing countries.

What's the use of foreign reserves sef? Isn't it to influence monetary policies? You use it boost exports or make imports cheap for locals.

The sub-illiterates are just shouting 'defend Naira' every time as if the phrase was a taboo.

Thank you.

socialmediaman:


Where is the monthly economic report that substantiates this claim you just put up here?

We will all see it in the monthly economic report that should be published by the CBN monthly for transparency, this is not some hidden access only information

You too should advocate for transparency because absence of it creates suspicion, and many of us were right about the previous government

What does it matter? You will still criticize it,call it fake and say it's fabricated.

socialmediaman:


Where is the monthly economic report that substantiates this claim you just put up here?

We will all see it in the monthly economic report that should be published by the CBN monthly for transparency, this is not some hidden access only information

You too should advocate for transparency because absence of it creates suspicion, and many of us were right about the previous government

Did you wait for monthly report before you typed that CBN was deflating the reserve

sarrki:
Michael olayemi cardoso the cbn governor Cardoso may sell his next dollars to the BDC at N800.



Let’s discuss this !!!
Please real time updates till when dollars fall bellow 200 per dollar

Which reserves will you use to achieve this?

PressMyButton:

Updates- foreign reserves have risen to $37billion. While I am not particularly sure about the information of the OP, it is really ridiculous of you and your ilks to keep making spurious narratives of defending the naira with the reserves. Meanwhile, you guys are the most ignorant of basic economic policies.

Wrong

Now 32.61 billion USD down from over 34 billion USD

https://nairametrics.com/2024/04/16/nigerias-fx-reserves-dip-by-nearly-2-billion-in-less-than-one-month-hit-lowest-level-in-over-six-years/