CodeTemplar:
follow that n stop arguing prating senselessly

The naira will depreciate in coming month because we dont export anything out

Of course, any surprised about the depreciation?
You shouldn't - Nothing fundamental has changed or been implemented by the CBN, and defending the naira with FX reserves is not sustainable.
We have not started the real work, till then, let us keep fooling ourselves.

For now, buy dollars or save in dollars, a windfall is near!

Nzekweikeaguchi:
The naira will depreciate in coming month because we dont export anything out

One of the things we should be doing well - grow or ramp up export and drive up earning in FX. Anything short, we are playing!

Donaldoni:


The foreign reserve depletion if at all there is any is temporary. There is a convergence between the official and parallel market.

Like I said earlier, local production of petroleum products will definitely free up more dollars for international business use

Naira will continue to appreciate

Cut your losses and sell your dollars now unless you are into international business.

Where is your brain?
The only thing that can instigate fear to sell dollars is massive production plans and increase exportation.
Playing a game of balance and take is only going to hold for a while before it explodes. Dey play o.
The best time to buy and store dollars is NOW.

After a long bullish trend, a retracement is imminent, after which the bullish trend continues. The market finds a spot as support and then fires up again. Just normal market movement.

Breeze don dey blow small small.......did I mention fowl nyash??

Donaldoni:


The foreign reserve depletion if at all there is any is temporary. There is a convergence between the official and parallel market.

Like I said earlier, local production of petroleum products will definitely free up more dollars for international business use

Naira will continue to appreciate

Cut your losses and sell your dollars now unless you are into international business.

Naira is not going to appreciate. Let's not lie to ourselves.

Naira is a chronically weak currency. Even back in 1989, when it was N6 to one dollar, it was very very weak, and useless. Because at the end, the basis of the naira is our oil earnings in dollars, not what manufactured goods we export.

You guys, you should stop rejoicing. The fact is, until we stop using dollars to defend naira, dollars we do not have, we are going to end up losing most of our forex. And by saying that, I am not an unpatriotic NIgerian. I am telling you the truth.

THere is nothing to rejoice about what this government is doing. The thing is, until 80% of our earnings comes from diversifed surces, with manufactruring being the main basis...because with that, we can set our prices, and earn dollars gallore....we are going to have a weak currency for life.

Saudi and UAE that have strong currency...does anyone use their currency as reserve currency? Of course not. Dollarand euro, and yen and yuan are getting stronger because their basis is manufactured goods and services

It is not yet uhuru.

garykoeman:


Official rate is higher than parallel market.

Can u explain how naira is being defended.

That alone should tell u there is a problem.. hw will official rate be higher than black market rate?
Where does that happen ?

SpecialAdviser:
My problem in all these is that the prices of goods are not coming down. Agbadorians will be disturbing us with nye nye nye. yan yan yan

What a BAND F government. Worst in the history of Nigeria. Chai

Na shame go kill you because you think Nigeria won't move forward....

Beautifulday:


Nah Aboki be parallel market. CBN is defending the naira by selling to Aboki and putting a cap on how much they are to sell.

As it is 1100 naira now. If CBN sell to Aboki at 900 naira. Aboki is expected not make any profit above 50 naira.

Aboki price will continue to fall as CBN continue to sell lower to Aboki. That is the agreement with the new approved BDC.

That is the job of the CBN, to regulate the market, it does to the banks too. You can't sit back and watch BDCs make abnormal profits. You sell and put a cap on the profit, that's not defending, it is a protectionist policy.

keymatt:
They claimed naira is appreciating, ok if that is the case why is the price of fuel ⛽ and food 🍲 not reducing This agbadorian regime have serious questions to answer.

Shut up jealousy... everything will be fine and you will be out to everlasting shame including your Obi and obidients witches

favor914:
Na Tinubu make you poor abi?

If you're one 10th rich as I am, then you don do well for life

Policy like the one CBN to taking is not sustainable without increase in crude oil production, as well as agriculture and other solid mineral for exportation. The chicken is coming home to roost after propaganda

SpecialAdviser:
My problem in all these is that the prices of goods are not coming down. Agbadorians will be disturbing us with nye nye nye. yan yan yan

What a BAND F government. Worst in the history of Nigeria. Chai

Agbadorians too disturb walahi.

I expected helinues to come defend this as usual. But he's beginning to fear

garykoeman:


Other world currency are also depreciating against the naira.

Capital inflows and interest rate increases are helping it to retrace steep losses caused by two devaluations.

Better to keep silent than sounding miserably trashy. Your Naira "gain" is cosmetic and will fizzle out soon. Your APC govts's lies doesn't grow the economy. Sincere and prudent economic policies do. You can keep dreaming all your life that Naira will gain against the dollar without improved local production regime and export. No way. What about the mindless looting going on since APC took over? If these factors are not addressed Nigeria is going no where.

This is GTBank this afternoon, buying at 1,400 and not having any for sale.

Which is which abeg?

tollyboy5:

The reason why price of goods are not coming down is because you're buying from bitter Obi sellers.
Buy goods from normal Nigerians, you sef go bodija and buy your bag of rice.

Toddler go take your siesta

tnerro1:


If I was near you , I would have brought you something very cold for this your analysis, you don’t need Chicago certificate to know when the lies are not adding

Hahaha 🤣😂. Thanks

ogododo:


https://dailypost.ng/2024/04/17/naira-records-first-depreciation-against-dollar-in-months-amid-fx-reserves-decline/

There is something FGN is not telling Nigerians..

Why are we this greedy to ourselves.. why?

When Naira Appreciates no positive effects on Purchasing power , instead electric tarrif jacked up 150% high... PMS ₦750/litre..

Okro fruit now ₦500 per portion

One rubber of beans getting close to ₦3,000

What exactly is Bola Ahmed Tinubu , trying to achieve...?

We are too educated as a Nation to be getting this ill treatment as a citizen ooh.

SpecialAdviser:
My problem in all these is that the prices of goods are not coming down. Agbadorians will be disturbing us with nye nye nye. yan yan yan

What a BAND F government. Worst in the history of Nigeria. Chai

Wait till the next one.you will still say it's the worst like ppl have been saying since first Republic

Odumeje don carry him yeye power go London.

Kukutenla:
I believe Cardoso and his team now have the right template to stabilize the naira and close the forex gap.
But our naira ought not to have tumbled this badly if the president had exercised restraint a bit with his knee-jerk eagerness to impressin his first weeks in office.
The challenge now is to bring the naira down without exhausting the reserves

Is it close to election you want him to knee jerk?
That was the only time it Possible so ppl can forget in 4 years

greenermodels:
All these confusion and pains would have been avoided if Tinubu had not prematurely floated the naira without thinking of the consequences, now they're wasting billions of dollars to defend the same naira from falling to its true value. A case of acting before thinking.

Excatly!
The arrogance of thinking/acting as if he knows it all is just nauseating!
It is always better to consult experts who had ''been there done that'' before taking these sensitive decisions!

greenermodels:
All these confusion and pains would have been avoided if Tinubu had not prematurely floated the naira without thinking of the consequences, now they're wasting billions of dollars to defend the same naira from falling to its true value. A case of acting before thinking.

When was the maturetime to float it.you are one of those doing round tripping Abi. No more awoof for you

Donaldoni:
Piiiggs rest!
It will hover around 1,100 for sometime until a new development begins to take full effect - local production of petroleum products.
Then it will appreciate considerably again.

No o
It will not come down o
Oil production earnings cannot balance our demand for foreign products.we will just spend on different imported goods

keymatt:
Tinubu's only ambition is answer the name president. He remains a Mandate Thief.

What Is his ambition supposed to be? To spoon feed you

Who does that?
You removed subsidy on fuel needed by masses and you now begin to subsidize dollar!!!

mobisonkk2:
The emergency lovers of Nigeria will start menstruating on this thread, celebrating how naira is depreciating.

Ignorance

They are more intelligent than you.

If your son isn't doing business and the money in his account keep increasing, won't you question him.

What business has Nigeria done in terms of export to justify such exponential rise in naira?

2. With the rise in Naira, why isn't any significant effect on the price of local commodities?

garykoeman:


Official rate is higher than parallel market.

Can u explain how naira is being defended.

the weekly intervention by the CBN into the market is how you defend it. It was supposed to be a willing buyer and willing seller according to CBN but when the CBN comes in to sell at a lower price, they are overvaluing the currency hence defending it

fitinwell:


There is something FGN is not telling Nigerians..

Why are we this greedy to ourselves.. why?

When Naira Appreciates no positive effects on Purchasing power , instead electric tarrif jacked up 150% high... PMS ₦750/litre..

Okro fruit now ₦500 per portion

One rubber of beans getting close to ₦3,000

What exactly is Bola Ahmed Tinubu , trying to achieve...?

We are too educated as a Nation to be getting this ill treatment as a citizen ooh.

the Naira did not appreciate due to market forces it did because the CBN was overvaluing it

garykoeman:


Official rate is higher than parallel market.

Can u explain how naira is being defended.

Beats the heck outta me too. This whole thing feels like living in a house full of bats. Sometimes, I think that we're better off having chimpanzees running things than these current set of administrators.