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Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound - Politics (4) - Nairaland

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Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound -Bloomberg / Bloomberg: Nigeria's Dollar Bonds Jump After New President Scraps Fuel Caps / Governor Ayade's Aide Resigns, Says 'his Ideology Does Not Go In Tandem With APC (2) (3) (4)

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Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Honestey: 11:45pm On Apr 16
Biodun556:
What is the reserve doing there?

Let's spend it

If this report is true, where did the CBN sees the 7 billion dollars to use to pay foreign airlines and others when Nigeria foreign reserve was 32 billion dollars



CBN is not just bankers bank but also government bank. If no gherrit forget about rhit

1 Like

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by viodemus: 11:56pm On Apr 16
Tflex01:


Last last, he will rule you and your parents for 8 years.

😂


Once my tribe figure out our leadership issues, the tribalist criminal will be confined to your region.

in 8 years, there might be no Nigeria as we know it. It will become former Nigeria. Is a matter of break in peace or in pieces.

The haters of Nigeria in power, keep towing that path everyday.
Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Raskimonojendor: 12:00am On Apr 17
Na una dey disturb yourself. Same Bloomberg Africa that one of their Nigerian reporters is a big fan of Peter Obi.

4 Likes

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Barzinime(m): 12:00am On Apr 17
If you like hang yourself, Peter Obi wont be president
PointZerom:
wink

You hate to hear the truth but you're the ones crying most for hunger SHOUTING EBIN PAWA Ooo.

El-Rufail has exposed your lies but you keep on calling Igbos enemies of Nigeria.


Between you that voted for Buhari and the Igbos that rejected him twice, who truly is the enemies of Nigeria?


You can't even tell the primary and secondary schools your president attended.....shame on you

3 Likes

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Kobojunkie: 12:04am On Apr 17
Lizzysamuel:
And you call yourself a patriot? My Goodness
What is wrong with spending the reserve to build up infrastructure and maybe industries at this point? The government is already spending it anyways. grin

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Dicoomoba: 12:08am On Apr 17
Penguin2:
Lol!

Tumbum Tumbum government

They removed subsidy and later shamelessly returned it and paying even more.

They floated the Naira and later went back to their vomit by defending the Naira like Emefiele was doing.

I’m sure that’s why they shamefully released Emefiele after they saw themselves doing what they accused Emefiele of.

Tinubu is empty

His gang of criminals are even emptier

Together they form a bunch of empty-headed criminals only interested in snatching power, running away with it and looting.

Sorry, Nigeria!

Don’t open mouth like animal anymore. Tinubu is doing well

2 Likes

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Timmi: 12:19am On Apr 17
Joey4321:



But keep a blind eye to the inflation?

WTF I never saw this coming.. I have to leave this country grin

Please do so quickly and while at it, take all your village people with you. Nigeria doesn’t need weaklings
Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by lapintoz: 12:20am On Apr 17
Gbam!

Correct!


Goodvibes007:
The Nigerian reporter of the article should also explain why there is a convergence between the parallel and official markets.

Ps




It was written by a Nigerian for Bloomberg Africa. There are two of them that usually write for Bloomberg Africa. Anthony Osae and Emele Onu. Onu is a Peter Obi supporter. I can't say for Osae.

2 Likes

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by tctrills: 12:30am On Apr 17
Goodvibes007:
The Nigerian reporter of the article should also explain why there is a convergence between the parallel and official markets.

Ps




It was written by a Nigerian for Bloomberg Africa. There are two of them that usually write for Bloomberg Africa. Anthony Osae and Emele Onu. Onu is a Peter Obi supporter. I can't say for Osae.
This is how to tell an idiot. You can't point out any inaccuracy in the report but as long as it was written by a Nigerian you discredit it.
Hope you have heard of the word editors. These guys play a role before articles are published.

2 Likes

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Goodvibes007: 12:46am On Apr 17
tctrills:

This is how to tell an idiot. You can't point out any inaccuracy in the report but as long as it was written by a Nigerian you discredit it.
Hope you have heard of the word editors. These guys play a role before articles are published.
The inaccuracy is that the report is based on assumption that the naira is being subsidized with USD and not even worth publishing.

You are just pained because I called out the stupid Obidient on the journalism team for Bloomberg Africa. Cry all you want. Not my problem. The truth is bitter.

The mad man should resign and support Peter Obi full time since he can't put his partisan views in check.

5 Likes 1 Share

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by sokera: 12:51am On Apr 17
Peter Obi and his Obi supporters followers are not happy with the good news spreading around Nigeria… if you like do millions of boreholes in every local communities in Nigeria, Jagaban will finish his 8 years and Nigeria shall progress and succeed under Jagaban by the Grace of almighty God. But if you know you want to fail and be unfortunate just say otherwise under my comment

2 Likes

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Padipadi(m): 12:53am On Apr 17
Lizzysamuel:


And you call yourself a patriot?

My Goodness
He's a janjaweêd
Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by rigarmortis: 1:01am On Apr 17
Goodvibes007:
The Nigerian reporter of the article should also explain why there is a convergence between the parallel and official markets.

Ps




It was written by a Nigerian for Bloomberg Africa. There are two of them that usually write for Bloomberg Africa. Anthony Osae and Emele Onu. Onu is a Peter Obi supporter. I can't say for Osae.

But when Bloomberg report Naira as the best performing currency you praised them right?

2 Likes

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by muhammaduyusufu: 1:04am On Apr 17
rigarmortis:


But when Bloomberg report Naira as the best performing currency you praised them right?
That was factual reporting. They had no choice as other media houses were also reporting same.
However this one particular report is not factual. They are trying hard to link the plunge of 1.5billion dollars to defending the naira. But what about the markets converging like he truly pointed out? What about all the debts paid off by the federal government? And like he also rightly pointed out, I am actually surprised that one of their reporter is not even hiding the fact that he is an Obidient.

1 Like

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Yuutt: 1:05am On Apr 17
okay
Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Freedomman1960: 1:14am On Apr 17
Naysayers nothing will please you you supposed ask yourself why don't we have the gap between the exchange rate if you want to bring in Emiefiele to the topic Obidents you are so easy to spot cos you lack some grey matter In your oblangata
quote author=Penguin2 post=129475466]Lol!

Tumbum Tumbum government

They removed subsidy and later shamelessly returned it and paying even more.

They floated the Naira and later went back to their vomit by defending the Naira like Emefiele was doing.

I’m sure that’s why they shamefully released Emefiele after they saw themselves doing what they accused Emefiele of.

Tinubu is empty

His gang of criminals are even emptier

Together they form a bunch of empty-headed criminals only interested in snatching power, running away with it and looting.

Sorry, Nigeria![/quote]

1 Like

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Enugurangers: 1:14am On Apr 17
rigarmortis:


But when Bloomberg report Naira as the best performing currency you praised them right?
Hypocrisy. I remember when BBC reported that Tinubu indeed graduated from CSU. I remember how Obidients tried to cancel the 3 Nigerian journalist that worked on that report. Despite zero proof of them ever supporting BAT, Obidients were tagging BBC and protesting in front of their UK offices for them to sack those 3 young Nigerians.

1 Like

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by KayyDee: 1:23am On Apr 17
Faiththatworks:
Although this news is from Bloomberg, I will thread with caution in believing this report.
Although I don't hide the fact that I'm a Supporter of Asiwaju and Nigeria, I'm also a believer of Facts over emotions.
There's a coordinated attempt to disparage the gains made recently by the Naira,and I believe the narrative is being slanted to meet the desires of very few greedy Nigerians.
First,is the ...

One of our major problems on Nigeria is that we tend to fall deeply in love with the politicians we supported during an election.

We are willing to surrender our better reasoning just to make them look good, even perfect.

I owe no politician love. I love myself so much. And so when I support a politician, it's because I truly genuinely believed that they'll bring the best dividends to me.

If they begin to waver, I immediately start calling them out.

Why? Because it's about me, my family and other innocent citizens of the state or country.

Personally, I'm interested in responsible governance and being open to the people you lead, without propagandas.

Once you've done this as a leader, you'll earn my respect.

The problem is that in Nigeria we desperately want the politicians we support to look perfect.
So no matter what they do, there's always some people singing their praises and defending them blindly.

It almost makes us look like a country of uneducated people.
****

Again, it's clear that the subsidy has gone. But some people don't even want to think about it, let alone believe it.
Because they are so afraid it will make them love their favourite politicians less.

It's easy to know that subsidy is fully back, and more expensive on top.

1) USD price directly affects price of petrol.

If when 1 usd was about #700, BAT removed Petro subsidy, and Petro price came to #650 per litter.


Is it not easy to know that when 1 USD had climbed to #1600 and above, that means that petrol would be around #1100 per litre or more?

But then, somehow petrol was still being sold at #650 till now.

2) Diesel has been totally off subsidy for almost 20 years now.
Normally, diesel is a bit cheaper than petrol at the international oil market.

Now, you'll remember that diesel recently sold for upto #1200/ litre, and at some point even more.

While the petrol which should be slightly more expensive than diesel, still sell for about half the price of diesel at #650/litre.

Is that not a magic ?

So, basically the government was too embarrassed to admit that after suffering the people in the name of subsidy removal, now they are paying even more Petro subsidy because crude prices and USD prices all went up.

So, they keep quiet hoping that even if some opposition people found out and scream, then their willing docile supporters will defend them with their every breadth (after all, they don't really know the truth too)

But TRUTH is one and has no other version.
****

Now, while it's a 'great news' that the USD is falling and Naira is rising.


And I hope it will soon start forcing the prices of commodities, especially food stuff down.


But let me also say that it's clear that someone is using a non sustainable method to defend the naira.
Something eerily similar to what emefiele did, which brought us to this level of trouble in the economy presently.

For instance, the CBN started selling USD to BDCs at between #100 to #150 loss per dollar.

For example, when the USD was trading at official market at 1500, CBN sold USD to BDCs at about #1350.

And they keep selling to them at a massive discount.

And they of course expect the BDCs to sell at just about N10 profit.

So, basically, CBN is doing a kind of price fixing for the USD.

So, what do you think?

That's why we started seeing USD much cheaper at BDCs at that time, and even now.

Something that is impossible anywhere in the world.

Also, when the black market is forced down artificially, then people rush to BDCs, and then the the official market loses some price too.
Brilliant?
It looks that way!

Many people don't ask themselves simple questions.

I mean, I don't exactly blame CBN. They feel stuck, and must do something, otherwise dollars might have been over #2000 now.

But, it's Important to always let the people know the truth. Because they need it.

WHY?
Because what CBN is doing today is almost like postponing judgement day, so that the present government "will look good".

Eventually, the bad effects will start coming, and if people knew the truth, they'll be better prepared .

Let me give you an example:

Did you know that when Bihari and emefiele and Co were messing up our economy, a lot of people cried out.

But they were termed bitter weepers.

Some other Nigerians who know next to nothing about economy, but because they voted and loved the Bihari administration, were massively defending the jesters in government.

Now, almost everyone is unanimous in concluding that Bihari admin was a terrible one economically.

Even some of those who were defending Bihari then, but are now supporting BAT, are the ones using their mouth to confess that the last administration finished Nigeria.


MY POINT:

Opposition is so important.
They are the likeliest to see the bad things/policies that a government is implementing, and have the clear eyes and guts to speak out.

Because, they are not emotionally attached to the particular leaders involved. So tgeier head is clearer.

Remember,
politicians come and go, but the people (including those who are poorer) will be here forever, and suffer any bad consequences even after the administration is long gone.

A wise person listens to the voice of the opposition and sieve out what they are saying right, and work with it.

Peace!

6 Likes 1 Share

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Freedomman1960: 1:27am On Apr 17
unclejb2:
For how long can Tinubu sustain this? Hold your dollar closely. If the government reserve gets depleted, e go red for naira

You go cry laslas

1 Like

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by MichaelSokoto(m): 1:36am On Apr 17
Hey God!

APC wat are u werey ppl doin wit our contiiirrriii?

Yarimo, hell-anus, paramental abi na Parachoko... wat are u werey ppl doin to our contiriiiiiii?

angry
Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by famotolenu: 1:37am On Apr 17
Believe all this people's report at your own risk.

Na so some of them talk sey a Dollar to Naira will be #2,000😁😂

Talking with confidence ooo
Some people buy Dollar keep😀😂😂
Gbese for them now


Now, they are shouting price of things are still high
E go be like film again😁😂
I know this is part of their propaganda
Sheybi their dollar is #900 now
Abi, how much be dollar for your side?

1 Like

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Bubu4Sea: 1:52am On Apr 17
VULCAN:
Major Illiterates here in the persons of urchnns.

They say Bloomberg is an Igbo man.

Lollz.

Let me warn those who have dollars - of course not the Urchnns, they are empty vessels- when Tinubu is exhausted shoring up the Naira- it will collapse to the point of N2,000 to $1 or worse.

There is nothing happening in the Export and Production sector.

Therefore there are NO fundamentals to back up a strong Naira.

The strength of an economy is based on what it sells. Both internally and externally.

Industries are declaring humongous losses and folding up while non-oil exports are down.

Hold your dollars.
You said it all but they can't see it🙄

The Naira go fall like say person push from cliff
Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Harddiskng(m): 2:19am On Apr 17
We would find out that the enemies of Nigeria are just too much.

There are enemies of the State that even call themselves “Nigerians”.

What is the goat that wrote this trying to achieve, is he trying to tell Nigeria that dollar down to 850 and appreciating in worth is not its true value that after our foreign reserves is finished it would fall back to 2,000 undecided

It is good we elected a true democrat in the person of Asiwaju Tinubu as President cuz God knows if i were President i won’t waste time in picking up enemies of Nigeria one by one for proper interrogation angry

When I am done with you, you by yourself would be begging to reveal your sponsor(s) and spend so-so number of jail time in other to wipe away your treason angry

Things like this is what you won’t find an American or British writing and publishing. But just look at the name of the economic saboteur, regretfully he is a Nigerian angry

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Penguin2: 2:20am On Apr 17
Freedomman1960:
Naysayers nothing will please you you supposed ask yourself why don't we have the gap between the exchange rate if you want to bring in Emiefiele to the topic Obidents you are so easy to spot cos you lack some grey matter In your oblangata
!

Ask yourself, why is your foreign reserve depleting?

Tell us.

You that have grey matter in your head. We are waiting.

1 Like

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Geovanni412(m): 2:26am On Apr 17
unclejb2:
For how long can Tinubu sustain this? Hold your dollar closely. If the government reserve gets depleted, e go red for naira

People need to use their common sense!

You save in naira, you lose money due to rising costs of things

You save in dollars, you lose money due to falling exchange rate

Who is winning with this policy?
Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Ofunaofu: 2:30am On Apr 17
FreeStuffsNG:
Hmmm

Most of the funds was used to pay back the billions in forex backlog debts incurred more than 4 years ago.

You can support your national currency in the short run to ensure that others see that you have a skin in the game. That decision of paying back international airlines alone has led to drastic fall in airfares and increased confidence in the naira.

From the chart below, the dates when our reserve fell tally with the period we cleared this massive backlog from early March till when CBN announced it in late March which lagged into April. We are barely in mid April.

May God bless Nigeria for ever! Check my signature for free stuffs!


You don't have to tell barefaced lies, falsehood and propaganda just to make your points known. It's unnecessary.

In September 2023, the then CBN acting governor Mr Folashodun Adebisi Shonubi told Nigerians that the CBN is working to clear $10 billion FX backlog in 2 weeks

So where did you get your "Most of the funds was used to pay back the billions in forex backlog debts incurred more than 4 years ago" from

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Believeintruth: 2:30am On Apr 17
Goodvibes007:
The Nigerian reporter of the article should also explain why there is a convergence between the parallel and official markets.

Ps




It was written by a Nigerian for Bloomberg Africa. There are two of them that usually write for Bloomberg Africa. Anthony Osae and Emele Onu. Onu is a Peter Obi supporter. I can't say for Osae.

Sometimes you need to be sensible and stop using bias to read articles. Ask yourself why is inflation still on the high despite the appreciation of the Naira? It is very clear that the appreciation is artificial and that the CBN is rigging the currency using the FX reserves, the issue here is for how long would this last?

1 Like

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Maski87: 2:33am On Apr 17
What are we doing with external reserve when people are hungry, we can blow the money, it is just sitting in bank
Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Believeintruth: 2:33am On Apr 17
helinues:
How much debt have we serviced?

How much have we borrowed?

Those are the questions that should be directed to the naysayers

Please answer it for us. There is no naysayers here. It is obvious that the government is on a keg of gunpowder. You are rigging the currency and using artificial appreciation of the naira by pumping your foreign reserves and at the sametime you are heavily saddled with debt servicing gulping more than 50% of your revenue and you have refused to diversify away from crude oil, and you thing it will not boomerang soon. Make we dey play.
Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Believeintruth: 2:37am On Apr 17
Faiththatworks:
Although this news is from Bloomberg, I will thread with caution in believing this report.
Although I don't hide the fact that I'm a Supporter of Asiwaju and Nigeria, I'm also a believer of Facts over emotions.
There's a coordinated attempt to disparage the gains made recently by the Naira,and I believe the narrative is being slanted to meet the desires of very few greedy Nigerians.
First,is the recent noise by some people led by Nasiru El-Rufai that Subsidy is back,thereafter the CEO of Rain oil without any scientific data other than correlating the pump price of Diesel with Petrol, trumpeted that Nigeria is paying a Subsidy of 600 billion every month,Habaaaa you wonder the kind of Business man that CEO is.
Next is the deliberate fear being created that CBN governor is defending the Naira by dipping his hands into the Foreign reserve,Habbbba how's selling less than 60 million Dollars enough to dip the Foreign Reserve of Nigeria by over 2 billion Dollars.
I repeat the National Security Adviser should begin to treat these People as Economic Terriorist,all they are doing is speculating and trying to force the value of the Naira down.
Although they believe all Nigerians are lazy but we will counter them with our own figures,last month OPEC told us Nigeria's oil production dropped to around 1.3m barrels per day,since Oil is our biggest earner,the revenue from oil sales dropped drastically and that affected the foreign reserve.
Again I will keep going back to our budget,the total earning without oil Subsidy for 2024 is around 10 trillion naira,if these people claim Subsidy is back in full,then Nigeria is in Big trouble because there wasn't any provisions for Subsidy in the 2024 budget,like the Rainoil CEO used some abracadabra figures to support his figures,any payment of Subsidy will cause inflation to raise to 100% cos we will go back to printing money to run the Economy.
I believe Nigeria is on the right path,all these Economic Terriorist and Bandits are just trying to instill fear in our minds,anybody paying for subsidy should be treated as a criminal and handed over to the EFCC, payment of Subsidy is a fraud Against the people of Nigeria.
I'm sure Nigerians will not bulge to these Economic Terrorist and fear mongers, currency speculators and economic sabos,.
Onward forever is our motto, Asiwaju is taking this country to a better place and it will be right in front of the nay sayers.
God bless Nigeria.

Dude these guys are not saying it deliberately it is with facts and it is a cause for worry. Nigeria is not making any money from crude oil sales partly because of low demand due to increased competition in Africa and also due to debt servicing gulping a large chunk of the paltry revenue you make.
Now you are using what ever is left in your reserve to rig the naira and give the illusion of the naira appreciating. You now ask why inflation has not gone down? This is the reason, we are really sitting on a keg of gun powder and it will boomerang on our faces soon irrespective of political leanings and affiliations.

On the issue of Subsidy and honest right thinking Nigerian that sees the games being played here will see that Subsidy is actually back, if not NNPC will not be creating a price band for petrol sales.

2 Likes

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Believeintruth: 2:40am On Apr 17
Donaldoni:
A piiiigg is behind the stupid report angry

Today there is a convergence between the official rate and parallel market rate.

Speculators have been chased out of the system

Dollar is no more subsidised as the import duty now aligns with the exchange rate

So why are the inflation markers high? See no matter how you rig the currency the real economic indicators will stare you in the face.

1 Like

Re: Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound by Believeintruth: 2:42am On Apr 17
LegendHero:
Bloomberg themselves said this in the report.

So if CBN clear FX backlogs, where do you guys expect them to see the money before? Will it not be from loans and FX reserve?

How does this translates to defending naira? She na all those $10k wey them dey give BDC go amass $2bn in a month?

This is just using a clickbait topic to attract people, reading the content did not show anywhere that the did was because naira was defended except if clearing backlog is now seen as “Naira defense” too.


It is not only FX backlogs they are pumping dollars into the market to create a glut that will force the naira to appreciate, which is actual rigging of the currency. That is why the inflation markers are still high.

1 Like

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