iamtoofan:




Some of you are just blindly ignorant as fvck, What is foreign reserve ? what is the essence of foreign reserve ?

What is the essence of foreign reserve if it does not defend the local currency,

A rising foreign reserve where Naira is losing value freely ... is synoymous to walking dead
At the rate naira was falling nig. economic was heading for a major crisis never seen before, GOvt/CBN intervention is crucial to mitigate the worse, in every country Govt intervention are lifeline options .. nothing wrong in it

Foreign reserve and local currency are our national team, one plays a role of defender and the later plays the role of striking

As much as Savings is good for our reserve, a valueless Naira renders it counterproductive

BabbanBura:


Isn't this the status quo they met? At even better rates and costs? Why then make things worst and difficult and then revert to status quo?

On using proceeds of crude oil sales to bounce back, you don't really know what's going on, Nigeria isn't selling for cash but swabs for loan repayments and for refined products. We don't have much fx coming in from production but mainly from more loans, that is why people like us that are well informed are worried about Nigeria's economy.

LAXconfidential:
So basically, it's not your intention but you're doing it anyway. Then why float the naira? Why put us through all this suffering only to go back and be doing the same thing after things have become worst?

Is it that these guys don't think before making decisions? They removed subsidy and floated naira at the same time. Dollars shot upwards immediately and by the time they realised they had made a mistake and decided to go back to paying subsidy and supporting the Naira just as Buhari was doing, the dollar equivalent of the 400Billion Buhari was paying for fuel subsidy monthly has become over 900 Billion.

Now they're paying 600 Billion as subsidy. To get us back to the 200/lt we were paying before, they will have to pay the full 900 Billion plus. So tell me, why didn't these guys just continue with Buhari's style? They wanted to be different. Now see where it has landed us? Unprecedented suffering while subsidy is STILL being paid. Why then did we suffer? Why then did we have to go through all this hardship?

What's worse is that most Nigerians don't know the all what I've just said because the APC are masters of propaganda. They know that our achilles heel, our weakness, is tribalism. So they make you more worried about Peter Obi being a pretender, or Bobrisky going to jail for 6 months, and other frivolities, just to distract Nigerians from what is most important. Most people don't even know that they're SUFFERING FOR NOTHING! SUFFERING FOR ONE MANS FOOLISHNESS!!

Bola Tinubu, the least you can do is atleast own up to your mistakes and apologise to Nigerians. You owe us that much. A LOT of people have lost their jobs, companies have folded, people have committed suicide, marriages have ended, futures have been derailed and dreams shattered, all because you made a life altering decision out of the sheer euphoria of being sworn in as commander in chief. Baba, do the honourable thing and apologise to Nigerians. At least we can start the healing process from there.

iichidodo:
I don't see the need of a hullabaloo on the size of our foreign reserve, especially if it's used in something as crucial as improving the intrinsic value of the currency used and transacted by millions of Nigerians. If 2Billion$ helps to push naira from 1900 to 1100, then say another 4Billion$ can help us get to at least 200 naira. Now if 1$ equals to 200# in 2024, you wouldn't fail to realize that cash and savings of millions Nigerians just got far more valuable . What's the need of a foreign reserve, if it cannot help to execute crucial macroeconomic function we just highlighted before....And las las, we have crude oil sales to replenish the reserve...

NothingDoMe:
The problem is that they should not have stopped defending the naira in the first place by claiming it was better to float it. This has caused untold hardship.

The day crude oil, on which we all depend, runs out, there will be a crisis in this country.

Snowx:


Even apology is not enough..he should proceed it with reversing fuel to its original price.
Is only the tribal bigots will see your opinion as been biased

AqualinaXYZ:
Cadoso abi wetin them dey call you





Your tactics isn’t different from that of a JSS 3 student





Robbing Peter to pay Paul




You and your Oga no get sense normally na una Agbado miscreants dey hype una before we know sa una no get sense



Una be Mumu

iamtoofan:




Some of you are just blindly ignorant as fvck, What is foreign reserve ? what is the essence of foreign reserve ?

What is the essence of foreign reserve if it does not defend the local currency,

A rising foreign reserve where Naira is losing value freely ... is synoymous to walking dead
At the rate naira was falling nig. economic was heading for a major crisis never seen before, GOvt/CBN intervention is crucial to mitigate the worse, in every country Govt intervention are lifeline options .. nothing wrong in it

Foreign reserve and local currency are our national team, one plays a role of defender and the later plays the role of striking

As much as Savings is good for our reserve, a valueless Naira renders it counterproductive

favor914:
The irony is that crude oil will not run out in your life time, and mind you, you are yapping nonsense.

Everlastingson:



Stop lying. You can't deceive us. In all, you're still putting the cart before the horse. You left the real issues to address as a govt and are beating about the bush. You'll soon look for another diabolical lie to tell. Defending the Naira is now good but you're hounding Emefiele for doing same.

iamtoofan:



I can't make sense of anything you say, why not point out the lies

You want us to have an untouched foreign reserve even if naira fall to 5000k

Emiefele defend naira by printing more local currency & borrowing ..
Emiefele never cared about clearing backslog and rebuilding investors confidence
Emiefele did not regulate or monitor BDC operators
Emiefele never achieved a parrellel market lower than official rate

Those saying Cardoso is back to statuo quo needs there head examined

iamtoofan:



Your worries are valid but these is quite different from any status quo you/we know

At no time in Nigeria as local currency make a rebound at such rate, pace, and time
At no time in Nigeria do we have parallel market selling below Cbn official rate
At no time in Nigeria do we have a regulated and monitored BDC operators

All these development were not seen under Emiefele neither did he make it a priority to clear backlogs as much as we have seen cardoso done.
If Foreign reserve is low and revenue is low then how is FG able to share bigger allocations to states, don"t tell me its loan
I agree junk of nigeria crude as being swap in advance but currently crude is selling high above benchmark

My major worries is the captivity of market forces in Nig, until we have a true market where forces of demand & supply fully operate we might keep going forth and back

iamtoofan:



I can't make sense of anything you say, why not point out the lies

You want us to have an untouched foreign reserve even if naira fall to 5000k

Emiefele defend naira by printing more local currency & borrowing ..
Emiefele never cared about clearing backslog and rebuilding investors confidence
Emiefele did not regulate or monitor BDC operators
Emiefele never achieved a parrellel market lower than official rate

Those saying Cardoso is back to statuo quo needs there head examined

nlfpmod:

https://www.youtube.com/watch?v=LUF3Ule4j04?si=VfgDlxZPXcc2y3tI



Imran Muhammad

iichidodo:
I don't see the need of a hullabaloo on the size of our foreign reserve, especially if it's used in something as crucial as improving the intrinsic value of the currency used and transacted by millions of Nigerians. If 2Billion$ helps to push naira from 1900 to 1100, then say another 4Billion$ can help us get to at least 200 naira. Now if 1$ equals to 200# in 2024, you wouldn't fail to realize that cash and savings of millions Nigerians just got far more valuable . What's the need of a foreign reserve, if it cannot help to execute crucial macroeconomic function we just highlighted before....And las las, we have crude oil sales to replenish the reserve...

BabbanBura:


Again, excellent exposition within the bounds of the information available to you. Do not put your mind on crude revenues to turn things around in this country because of the 40% government owned crude what comes to the purse is nothing to write home about.

All this magic you see the CBN doing is from depletion of the reserves and borrowing with some infact of panic sales from lily livered criminals who stocked the fx to preserve the value of their wealth. Another thing helping the rebound, credit to CBN, is righting up the nose on leakages from CBN through the banks, the BDCs and the thieving politicians. All these are not a permanent solution but temporary one. The permanent solutions is aiding productions / manufacturing (to earn fx and reduce fx spend) and reducing or eliminate imports - tell me what the current government is doing on this permanent longtwrm solutions?

Once we deplete the reserves fully and take all the available loans and spend them on fx rate stabilisation, with no one to loan us more money, then the naira will return to its free fall and nothing can hold it back.

What will give me comfort is to see this government declaring a state of emergency (action not the formality) on production and manufacturing starting with the biggest commodities that consume our fx or that dab yield us alot of fx. Things like feeding ourselves and exporting excess, curbing crude oil bunkering, arresting illegal mining and enforcing a value creation framework, arresting brain drain by creating enabling ground for talents to develop and be a solution to our domestic issues, enforce rule of law to drive accountable and transparency etc - is there any indication of these currently by this government? Does their body language tilt towards this at all?

I am worried my brother, I am concerned about my naija, my country!

iichidodo:
I don't see the need of a hullabaloo on the size of our foreign reserve, especially if it's used in something as crucial as improving the intrinsic value of the currency used and transacted by millions of Nigerians. If 2Billion$ helps to push naira from 1900 to 1100, then say another 4Billion$ can help us get to at least 200 naira. Now if 1$ equals to 200# in 2024, you wouldn't fail to realize that cash and savings of millions Nigerians just got far more valuable . What's the need of a foreign reserve, if it cannot help to execute crucial macroeconomic function we just highlighted before....And las las, we have crude oil sales to replenish the reserve...

AqualinaXYZ:
Cadoso abi wetin them dey call you





Your tactics isn’t different from that of a JSS 3 student Has your generation including you and your forefathers had ever reach the milestone of Cardoso and BAT?





Robbing Peter to pay Paul




You and your Oga no get sense normally na una Agbado miscreants dey hype una before we know sa una no get sense



Una be Mumu