/
As at yesterday, the US dollar is at its highest rate against major currencies since November last year while naira is gaining ground. So CBN is truly burning through the reserves to provide liquidity. It will be short-lived.

During Buhari 's era, naira fell from N195 to N465 and it caused an uproar to the point that Ifeanyi Uba volunteered his unsolicited support to contain the tide. Finally, it settled at N350.

Now naira ran down to N1900 and fell back down to N1000. A big relief if I may add. Jerome Powell noted yesterday that there will be no more rate hike in US for this year even though inflation is still way above the targeted 2% going by the CPI report last week. All eyes are on equities to drive flight to US dollars if shockwaves hit the stock market.

Plan: Continue to hold dollar-backed assets. Nigerian voodoo economy is not known to stand the test of time. This is a very long-term outlook not meant for speculators.

/

Joey4321:


Keep searching for Garri investors till your old age.

Ewu gambia

For your info, my palm and cassava plantation with the garri and oil mill factory can feed your entire generation and village for many years to come. It is for a generational blessing and investment. My family born and yet unborn can never be poor unlike you that has nothing positive to contribute to Nigeria except wail and negativity, hence, don’t expect Nigeria to be good to you. Always remember your attitude to things, events and circumstances around you in life determine your altitude - that is how far you can go in life.

garykoeman:


U mean $20k

Do u take me for a broke ass nigga like u.
Do u know who u re talking to.

Hahaha hahaha!

After typing rubbish now you will go and attack lorry carrying foodstuffs and the driver.

Keep deceiving yourself with empty stomach

InvertedHammer:
/
As at yesterday, the US dollar is at its highest rate against major currencies since November last year while naira is gaining ground. So CBN is truly burning through the reserves to provide liquidity. It will be short-lived.

During Buhari 's era, naira fell from N195 to N465 and it caused an uproar to the point that Ifeanyi Uba volunteered his unsolicited support to contain the tide. Finally, it settled at N350.

Now naira ran down to N1900 and fell back down to N1000. A big relief if I may add. Jerome Powell noted yesterday that there will be no more rate hike in US for this year even though inflation is still way above the targeted 2% going by the CPI report last week. All eyes are on equities to drive flight to US dollars if shockwaves hit the stock market.

Plan: Continue to hold dollar-backed assets. Nigerian voodoo economy is not known to stand the test of time. This is a very long-term outlook not meant for speculators.

/

Why don’t we all wait and see. The currency speculators in Nigeria have distorted the market. The demand for dollars for the economy is and will continue to dwindle as a result of the Dangote refinery. The need to be burning dollars to import refined products is no longer necessary coupled with selling crude in dollars to local refinery will curtailed the dollarization of the Nigeria economy. Oil is about 60% of the economy but few people are talking about it nor taking it into consideration but rather everyone has become an arm chair economist.

So, like I said, let’s wait and see about a year from now, what all these postulations will lead the economy into. You can hoard your dollar all you want or convert, at the end of the day and at that time, we shall all count our losses or gains but Nigeria as a country will be in much better economic shape than previously.

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.

Our duty as good citizens is to verify these claims and not all these politics of who wrote and who he supports, if they are right, the govt should re-strategize, if they are wrong the govt should provide us accurate figures to debunk whatever Bloomberg assumed!
This is how we kept on dancing around political and tribal lines till things became so bad in Buhari's era. A "burnt child dreads the fire" except he's crazy!!
We citizens have a very long way to go if we want this country to become better!!!

Timmi:


Why don’t we all wait and see. The currency speculators in Nigeria have distorted the market. The demand for dollars for the economy is and will continue to dwindle as a result of the Dangote refinery. The need to be burning dollars to import refined products is no longer necessary coupled with selling crude in dollars to local refinery will curtailed the dollarization of the Nigeria economy. Oil is about 60% of the economy but few people are talking about it nor taking it into consideration but rather everyone has become an arm chair economist.

So, like I said, let’s wait and see about a year from now, what all these postulations will lead the economy into. You can hoard your dollar all you want or convert, at the end of the day and at that time, we shall all count our losses or gains but Nigeria as a country will be in much better economic shape than previously.

/
For now, naira has 2-3 more weeks lifeline left.

Take it or leave it.

/

unclejb2:
For how long can Tinubu sustain this? Hold your dollar closely. If the government reserve gets depleted, e go red for naira

Let that sun quickly rise, to boost your brain back to proper functioning.

Growing:
Given the challenges besieging Nigeria, I am not sure it is right to say "burning through."
We have problems to solve.

"Burning through" is the right term to describe what is happening. The country did not buy any tangible progress for its people with the almost $2 Billion that has been spent so far. All it has achieved is making the Naira look good, a look that is likely to immediately disappear the moment it takes its hands off manipulating the value of its money if care is not taken.

Only God knows the truth.

If this is a true recovery then the new rate will persist at least until December.

If the CBN is using scarce foreign exchange to defend the naira and hide their incompetence, then let us see HOW LONG we can defend naira with scarce foreign exchange.

In a few months, the truth will be known to everyone.

InvertedHammer:

/
For now, naira has 2-3 more weeks lifeline left.

Take it or leave it.

/

So says InvertedHammer. Let’s wait and see, just remember what you said and what I said in 3-4 weeks time (I gave you extra one week)

Terrible

unclejb2:
For how long can Tinubu sustain this? Hold your dollar closely. If the government reserve gets depleted, e go red for naira

Do you get so much joy in things going upside down for the country ?

victorbass1234:


Do you get so much joy in things going upside down for the country ?

we do not support mediocrity no matter it's form.