₦airaland Forum

Moneyyman:
Now, sit down and think of this:

1. Tinubu met the Dollar at N750.

2. He announced the immediate "removal" of subsidy payments (even when Buhari's PIB established the removal).

3. Buhari sought an $800m loan to "cushion" the effect of subsidy removal and stagger it for months.

4. Tinubu's announcement sent shockwaves into the markets. Petrol price jumped to N710 per liter and the cost of goods and transportation nearly, 150%.

5. The inflation worsened the already bad situation caused by insecurity (increase in prices of food and meat from the north), and resulted in food inflation.

6. The government started paying subsidy. THEY RESUMED SUBSIDY PAYMENTS, paying up to $1 trillion monthly (based on the new exchange rates between October 2023 to February 2024.

7. The government now dips into the external reserves to "settle" FX backlogs. However, airlines are complaining that they weren't really "settled" but forced to sell at a fixed price.

Yet, an equivalent dollar amount was taken. For context, let's explain:

I owe you $1000, which I take from the external reserves, but I then force you to collect the $1000 at a rate of say N900/$, when the rate is around N1400/$.

Ask yourself, who goes home with the extra N500?

8. Every country defends their currencies, but not at the expense of external reserves. Your external reserves are called RESERVES for a reason!

8. The best action is to "attack" the Dollar. Cutdown the costs of exports and remove security challenges that's increasing the cost of food from the north. Invest in dry season farming around the country to boost food production (dey season farming rates decreased in the last few years).

9. We're glad the dollar is "going down" against the naira, but it is not a viable strategy and can't last long. Once the reserves are depleted, demand will increase beyond supply and we're back on for explosive rates.

It happened under Emeifiele and will repeat itself if care isn't taken.

10. Elections are over. Whoever you supported or whatever side you were on, it's time to demand for data-driven governance and accountability from your leaders.

It is not hidden that governors we're busy converting their security votes into USD and sling at the black market to make heavy funds from the arbitrage. A public figure confirmed this recently on Twitter.

Yet the government went after BDCs and Binance only, leaving the major beneficiaries of the whole saga.

Demand good governance or we risk a failed nation.

BscHolder:
Me I no dey live fake life like Mariangeles that has been fond of lifting pics from the internet to oppress low lives on this section.
Neither am I Cococandy that boasts of millions net worth, lift pictures from the internet as well but during giveaway she'll go mute.
Na fake asses full this thread.
Seun, plenty children don run down this your forum.
My breakfast this morning

Katcall:
, raumde.uter, kilishihu.nter, bluefil.m, , ibim.e, popizia.no, Chelsea fans and andrewbaba4.4 come around.
Between Yamine Jamal and Cole palmer, who is better

Ellexy:
Example APC said 216 naira to 1 dollar is not good enough under Jonathan but they want you to praise Tinubu for 1000 naira to 1 dollar.

andrewbaba44:
Lmao

Make I Dey shine my eyes as my team lost nah

No go find food chop .

Ibime:
I actually see sense in User09 arguments. The truth is somewhere in-between his argument and LordAdams

The volume of dollars that would be needed to increase Naira value by 40% is way more than $2 bln

I have seen CBN spend ten billion in short time frame just for Naira to stand still.

Without full disclosure of CBN accounts, I believe the Binance move as well as the NAFEM move took out some speculative noise and allowed Cardi to move the market with much less dollars than was needed before. Cardi really studied the situation and his prescription hit the mark. I also cannot discount State Governors profit taking which might be a phenomenon outside of the ambit of CBNs powers. Governors had been converting their allocations to dollars and would now be converting it back, giving them more Naira to prosecute their budgets.

Still, there is no loss for those holding dollars. Never in the history of niggadom has Naira appreciated over a reasonable timeframe and it will still meet that N2k within a medium term timeframe.

All said, much kudos to Cardi B.

larride:
The cooking go touch ham anyday he comes back.

larride:
Him go come out back soon. No worry.

udatso:
A Pig like you doesn't get to see my tears. It's a football match, we win some, we lose some. Now go back to the stinky hole you crawled out from

udatso:
Will you shut up. Can't you see Cancelo got the ball and it wasn't even checked in VAR.

udatso:
This officiating is terrible. No VAR check

Unlimited22:
Dembele scores.

IngeniousLeez:
Dey play.
That movie no fit hit 1bn. The best if can do is $850-900mn.

Jodera:
You robbed arsenal in 2nd dry?

Those two are starters. The moment one of them didn't start we moved from first to second.

Yeah, you robbed us dry

forgiveness:
We must buy a striker next season. Failure to do dat means Chelsea can't compete.

hensben:
Madu and Jackson Dey craze, their goal mean nothing to them and the team yet they want to take it ahead of a player chasing golden boot.

swiz123:
He's a disgrace.

Ibime:
Bloody immigrant, stop calling that fake Swiz here who was clowning Palmer when we signed him while visionaries like me backed the signing

Ibime:
Gordon is first team for me on left wing as he is a perfect balance for Kane as Kane needs runners in behind. Palmer doesn't even make my Euros squad.