Raskimonojendor:

The report says raising concerns. That's not a statement backed up by facts.

What would you say about the convergence of the black market and official rate?

That's inconsequential until the Naira begins to exchange at N216 to a dollar where the APC met it in 2015

Kukutenla:

Freestuff did not get his maths and his dates correct. The depletion us 5.6%. Freestuffs is claiming $7bn backlog. The dates don't tally as well.

That's what the headline implies when it says it coincides with strengthening of the naira

Lagging effect of clearing up the backlog could also be one of the reason for the appreciation. Like I said earlier. It's too simplistic to conclude like the OP because the foreign reserved was depleted by $1.5B.

We can also see that the parrallel market and the official rate are converging, what's your explanation for that?

Ps: It's pointless going back and forth with people that are already sworn to be anti- Nigerian government, anti-good news, and anti-progress all because their candidate lost the election.

Kukutenla:

They float, you defend, they return to subsidizing you still defend.
What exactly are you defending?

The primary responsibility of every defender in any team is to defend. It doesn't matter what tactics the coach is deploying. The job is to defend. Yo Gerrit?

COMRADES

EmeeNaka:
So Tinubu is back to square one. He is currently paying subsidy on petrol which runs in Trillions. He is once again depleting our foreign reserves just to defend Naira after attempting to float it.

How is he paying subsidy for petrol?
Abi you just wan cap?

michlins:
if that's what it will take to reign in speculators and not allow the economy to go to the dogs, Nigeria will do it double.


If you don't like it, migrate to Mozambique. Waiting for the economy to go to tatters so you will rejoice and mock the country.


Before you mention me, I supported and still supporting Obi but I don't have another country. I will rather have a progressive nation than have my candidate win. Tinubu is the president and I will support him. The destinies of millions depends on the success of his administration

Is Bloomberg supporting Obi now?

Kukutenla:

Is Bloomberg supporting Obi now?

Bias could be feeding into the report as it's not definitive as some posters have already mentioned. It's just the writer making a guess. In addition, the report title itself does not match the thread topic.

It was written for Bloomberg Africa by one Anthony Osae Brown and Emele Onu. That sounds like a Nigerian name to me.

At best, it's an opinion article.

Raskimonojendor:

He is not even up to one year. He is no magician.

He doesn’t know his left from his right , admit it he is incompetent just like buhari

Raskimonojendor:

Lagging effect of clearing up the backlog could also be one of the reason for the appreciation. Like I said earlier. It's too simplistic to conclude like the OP because the foreign reserved was depleted by $1.5B.

We can also see that the parrallel market and the official rate are converging, what's your explanation for that?

Ps: It's pointless going back and forth with people that are already sworn to be anti- Nigerian government, anti-good news, and anti-progress all because their candidate lost the election.

1. Can you explain in cogent terms how clearing backlogs will make naira appreciate?

2. Official and parallel converged because CBN is selling directly to BDCs who make up the bulk of activities in parallel markets with strict instructions not to trade beyond 1.5% of CBN price. In other words, they are not at liberty to sell at their preferred price.

3. What is the relationship between economic discussions and election loss. Is naira value APC or PDP?

Enugurangers:

Bias could be feeding into the report as it's not definitive as some posters have already mentioned. It's just the writer making a guess. In addition, the report title itself does not match the thread topic.

It was written for Bloomberg Africa by one Anthony Osae Brown. That sounds like a Nigerian name to me.

Was the economist supporting tinubu and Buhari and horde of you jiahdist when they call GEJ a Buffon ? And who wrote the article , you guys I despise so much

Forkthiefnubu:

Was the economist supporting tinubu and Buhari and horde of you jiahdist when they call GEJ a Buffon ? And who wrote the article , you guys I despise so much

Did you people not label those BBC guys that confirmed that Tinubu graduated from CSU as working for Tunubu. Some Obidient in the UK even protested in front BBC's office.

This article was written by Osae and Emele Onu for Bloomberg Africa. It's fair to also say they are working for the opposition as well -what is good for the goose is good for the gander, and worst still the report is based on something not definitive. Only to be taken with a pinch of salt.

I'm your mind now, I support Tinubu LMAO. Continue hating and despising, is there any thing else you Obidients are good at aside hating and being angry.

I just did a background check on one of the article writers.

Raskimonojendor:

Even if it turns out to be true since this report is still based on guess work and zero evidence , isn't that what you people want i.e. for naira to return to it's previous rate of exchange? They float you complain, they return to previous government style of subsidizing the dollars, you still complain.

He removed subsidy in an ill mannered way, you defended that. He is back paying subsidy higher than what it use to be, you still defended that.

He incompetently floated the naira, you defended that. He is back again subsidising the naira by depleting the foreign reserve, you still defending him.

He vomits, you defend that. He takes back his vomit, you still defend that! Are you a bot?

For once make use of that nerve cells in your cranium and decipher things for your self. Damn!

Enugurangers:
I just did a background check on one of the article writers.

Share a twitter link or something and I will help amplify it on my first post on the topic..

Raskimonojendor:

Share a twitter link or something and I will help amplify it on my first post on the topic..

One of the article writers for Bloomberg Africa. He is a Peter Obi supporter.

https://twitter.com/Emeleonu/status/1615797060078342149?t=7FeH2uK6vgb_wiwEPnN8oA&s=19

Enugurangers:

One of the article writes. He is a Peter Obi supporter.

https://twitter.com/Emeleonu/status/1615797060078342149?t=7FeH2uK6vgb_wiwEPnN8oA&s=19

Damn!

Cheers

Enugurangers:

Bias could be feeding into the report as it's not definitive as some posters have already mentioned. It's just the writer making a guess. In addition, the report title itself does not match the thread topic.

It was written for Bloomberg Africa by one Anthony Osae Brown and Emele Onu. That sounds like a Nigerian name to me.

At best, it's an opinion article.

Guess? Definitive? The writer made a statistical fact as the fulcrum of his article and you're still casting long doubts.
You need to rethink man

Kukutenla:

Guess? Definitive? The writer made a statistical fact as the fulcrum of his article and you're still casting long doubts.
You need to rethink man

He made an assumption.

Enugurangers:

He made an assumption.

Such as...

Enugurangers:

One of the article writers for Bloomberg Africa. He is a Peter Obi supporter.

https://twitter.com/Emeleonu/status/1615797060078342149?t=7FeH2uK6vgb_wiwEPnN8oA&s=19

Raskimonojendor:

Damn!

Cheers

I'm ashamed at both of you. Your preoccupation is to discredit the article on mundane politics.
If this is how your brains operate I'm afraid you may not be able to think beyond such crude sentiments in life.

There's only one writer credited to the article on bloomberg website. Where did you see Peter whatever?