₦airaland Forum

Daddy Oponu,

I am glad I have made you do a bit of a research. You have graduated from going online to quote LinkedIn pages of people. Please go further by educating your ilks around you that your government deliberately devalued the currency under the guise of floating, thinking it would attract foreign investors.....it has failed woefully. Like other stupid and thoughtless policies it cane up with, I see this govt clandelistinely reverse this and start backing the naira up with the foreign reserve once the pressure becomes unbearable for them, just like it surreptitiously returned the subsidy.

Now go back and compare what is defined as floating and what your government did....im sure you will look at yourself in the mirror and cringe at your level of buffonery. Pls do further

I need to stop here before I get polluted by the stain and ooze of your semimliteracy.....

DaddyCoool:
I'll end this by recapping what you've already been taught. You go and learn the rest by yourself.
1. No country's currency is fully floated or fixed (see below).
2. Nigeria FLOATED her currency in June 2023, as promised by president Tinubu.
3. The effect of this "hands off" was depreciation of the Naira

Now buzz off and stop wasting your time arguing nonsense!

Lol
Oponu!! Hear yourself .....any later action from government was to prevent further depreciation " but its floated....

A new level of buffoonery. I'm done with you if you can't see you arr dancing in circles.

Go online and type naira devaluation and you will see 1000 more articles from far more credicle sources including IMF Reuters,Bloomberg, World Economic Series The Economist,IMF on why what hapoend is called devaluation and not floating....instead of quoting all the nonsense personal opinions expressed on LinkedIn by your fellow dim-witted olodos

DaddyCoool:
You can insult me all you want as long as you understand that the Nigeria govt FLOATED the Naira, which led to sharp depreciation of the currency. Any later action of the govt was to prevent further depreciation, and does not mean the Naira was not floated

I'm certain some people will believe this mofo

LOL!!! I can't stop laughing. This guy na waste of time abeg. Imagine the level of buffoonery!!!

I thought this idiot had any credible and independent source of his spurious stupidity....seeing the personal views and articles on pages of LinkedIn he attached below just corroborated what I had inkled all along.

This buffoon does not have the capacity of reading and making an objective conclusion from what he has read. He relies on on the thoughts or personal opinions ofnpeople expressed on the LinkedIn pages. Chikena. Case closed. Lobatan!!!

They said it is floated...so it is floated....without understanding first, the true meaning of floating.

Omashey o!! No wonder criminals like akpabio and uxzor kalu are the ones making rules for them and presided by a known drug bag man, when they reason like this.

Guy, rest...stop disgracing yourself and your lineage further online abeg!

DaddyCoool:
Guy what is your problem?? How can it be so hard for you to grasp such simple a concept? I started this by defining for you what is meant by float! That should have been the end of the discussion. Instead you went on writing rampage, writing non siquitor long epistles! I'll let these folks below educate you further

You are a simpleton.
I now know why a corrupt human being with shadowy background and criminal past found his way to becoming the President of you people in that country. I initially wanted to ignore you but remembering that there may be other dim-witted and half educated buffoons who may be reading this and think you are making any reasonable point.

Now listen, there is no thin line between full floating of a currency and regulating it. Its either its fully floated and the Central bank only plays a regulatory role or they still get involved in fixing the rates somehow. You admitted below that you were not referring to a full floating of the naira, so what is it then?? Partial floating?? You started this by saying naira was floated and after giving you the markers of a floated currency, you changed and stated that you were not talking about fully floated currency. So what were you talking about

Your stupid argument is that since the President does not announce a particular rate(as if rates had always been announced by the Presidents previously), then it is floated. Daft!! It akin to those who said since Tinubu announced subsidy was over, so there was no subsidy again. Only simpletons reason like this.

Do you see the Bank of England, Federal Reserve in the US, Bank of Canada or Bank of Australia take some monies from their foreign reserves and sell at a particular rate(to which nobody know how it was determined) to some set of people while others buy at a different rate??

Do you see the Bank of England, Federal Reserve in the US, Bank of Canada or Bank of Australia compel their commercial Banks to deposit their foreign currency with them??

Have you ever been informed by these aforementioned banks that there was an error in the excel sheet they used in calculating the exchange rate as such the rates they were using before was lower and incorrect??

Naira was devalued. Finish!!

IMF/World Bank had called this out clearly in their March 2024 report and stated that the currency was still not floated and government was still subsiding imports. The link below should awaken your dead gray matter, if at all you had any. The fact that CBN does not announce official exchange rate does not make the naira floated. Stop reasoning like a simpleton!!! I cant help you further than this, my brother.

https://www.focus-economics.com/countries/nigeria/news/exchange-rate/central-bank-devalues-naira-again/

DaddyCoool:
This is actually ridiculous. You keep quoting people analyzing the EFFECTS of the floating.
OK, here is a simple question that'll demonstrate to you what a genius you are:
If Tinubu had come out and said the Naira was overvalued and that they would "permanently" peg it at 1.5K to the $, to be reviewed every 3 years. WHAT WOULD YOU CALL THAT??
Now run along and stop disturbing my peace!

What you have typed below shows your ilk....clearly, someone brought up in the gutters.

Simple question you can't answer.....why would Obasanjo be held responsible for wrong decisions by a fake accountant.....?

Anything else you type is foaming in your dirty mouth....

BabaO2:
shut the trap, you are a complete slowpoke, stop arguing ignorantly as a confirmed daft. we are talking of forward sales of Nigeria crude about 20 years ago, only about 200bpd out of 1650bpd is available for nigerian economy, I know you and your parents that cant properly train and educate you because education is expensive and decided left you untrained and unuseful dont understand critical issues like this.
who should be held accountable for action taken 20 -25 years ago that is adversely affecting the present?

LOL
Gosh!!..its obvious you are shallow in reasoning
You still haven't got. Let me type it in caps, maybe it will sink in deeper.

NAIRA WAS DEVALUED DELIBERATELY BY THE NIGERIAN GOVERNMENT TO ATRRACT FOREIGN INVESTORS UNDER THE GUISE OF FLOATING!!

World Bank and IMF called it out in March 2924(that's if you read independent and objective news sources though) that the Niherian government DEVALUED their currency deliberately. All it her nonsense about floating is gibberish.

I'm done with a dumbo like you though. Same set of people never believed the Nigerian government was still paying fuel subsidy, something that was called out by IMF as far back s November 2023....just a few months after ut was claimed " subsidy is gone"

DaddyCoool:
See all this long epistle to camouflage something so obvious. Who is talking about "fully floated"?Simple: what action did the Nigerian government take that drove down the value of the Naira? They substantially stopped defending the Naira. THAT'S IT!! They, to a great extent, let market forces determine the value of the Naira (that's called foating NOT devaluation). And since the Naira was overvalued, it came crashing down!

LOL!!
Very easy to spot those who listen to government nonsense without necessarily doing their research and then coming online to exhibit their lack of congruence

To start with, all academic and contemporary research works have shown that it us suicidal for developing countries or economies to float their currencies, especially, when they are going through economy challenges like high inflation, recession, low productivity, etc. You can read that on your own if you are up to it

Back to your points below. According to CFI and other international literature on foreing exchange policies, a fully floated currency is the one where:

1. There is free entry of currency and free exit if currency with very minimal regulations

2. The Reserve bank( in our case the Central bank) does not participate in the market, it only acts as a regulator .

3. Prices are determined by markets forces only and no restriction on the participants in the market


Going by the above, please see the contradiction in your own government's floating

1. Tell me if there is free entry or exit of curre cy in Nigeria. Attempt to move your money from a domiciliary account in Nigeria and come and hear all the restrictions on the amount, limits of transfer and all the documents you will need to complete before you can move your funds

2. CBN sells to Black market at a particular fixed rate and those are expected to sell at a fixed rate......in a fully floated market(this is the most hilarious....just imagine Federal reserve Bank in the US of Bank of England selling a portion of their foreng reserve a t a fixed rate and come back to explain whither)

3. The CBN banned certain participants(crypto and other electronic participants) but called it floating where all participants can partake

Anyways, the world bank and IMF had called it out as "systemic devaluation" and nothing more than that.
Something should have given you a hint when in January 2024, CBN and the FMDQ came out and said there was a system glitch in the way they were calculating the exchange rate and hence the naira was overvalued in the exchange rates used from June 2023, so it was further devalued then.

Think bro, think deeper...they are using your heads

DaddyCoool:
Since we both lived through it let me define the terms and you tell me which Nigeria did:

DEVALUE: the exchange rate is fixed. Central bank lowers a currency's value, giving it a FIXED value relative to a specific standard, such as a stronger currency (say, US $)

FLOAT: the govt allows a currency's value to fluctuate freely in financial markets based on supply and demand.

Which do you think we did?

Naira was devalued. Not floated. They thought it would return back to 800ish after they gambled. It has never worked. Thats why they are confused onnuts reversal. They are bleeped.

DaddyCoool:
Except Naira floating. They can't reverse that one because no forex to defend Naira!

LOL...
So says the oponu, who thinks Obasanjo, who left a growing and buoyant economy nearly 20 years ago should be the focus of the protest but the corrupt and senile "strategist" who took the worst economic decisions in since 1999, should be spared

Even your family members will know you are a complete buffon if they ever read what you wrote...

...and someone gave birth to you

BabaO2:
You are a daft without direction. shut the trap when discussing true national issues not based on sentiments.

will you shut up?

Obasanjo left government years ago. Focus on the senile vegetable there now!!

BabaO2:
protest against bad government should be targeted at obasanjo, from recent findings, the sales of Nigeria crude in advance was made 20 -25 years ago. This is the nonsense advices iweala and imf used to brainwash obasanjo and his uninformed team

LOL...you must be a comedian in real life....credit alert ?? For a group of people they just called or gathered suddenly.

joseph1832:
Hmm. Another rhetoric.

I would have thought they would have provided concrete proof like screenshot of credit alert received by the members of this so called group, and also, list the names of the members of the group who received the N1500 paltry sum.

All the same, I thought the protest was against economic hardship in the country, why am I reading protest against bad government?

This is more than enough proof to know this protest is being sponsored by people who have hidden agendas.

Your analysis is not different from what a 5 year old w knows on this matter. So what did you waste your time doing...?

Kenochi:
I have taken my time to go through all this back and forth on this issue.The truth is that both sides cannot be absolved of blame
Dangote started by insinuating that NNPC has only 7% out of the 20% earlier agreed,NNPCL through the NMDPRA fired back that the refinery is incomplete and the products are substandard.They also said he wants to run a monopoly
Dangote fired back by saying that his products are standard and the NNPCL can buy him out so that he will not be in the way of being a monopoly
This is a classic game of thrones,who blinks next because I know Dangote is fighting a lot of demons,mafias and principalities holding Nigeria back

Lol! How? 2000 years from now Lagos can never be better than it is.

2aces:
Lagos is still an emerging city, though over populated, but on the right track to excellence.

I hope and pray this protest gains momentum and spreads like wildfire.....those economic decisions were the most stupid since 1960

People jubilating over this news are semi literates that don't know anything.....

Your foreing reserve is actually a measure of how much worth of international trade your country can still sustain till it runs dry. It is never a measure of how healthy or buoyant a currency is.

Its good news for foreign creditors whenever it rises meaning they have more assets or cash to seize in case your country defaults in paying back its loans.

Come to think of it, your currency is depreciating on a daily basis while your foreign reserve is going up....of what benefit?

Dont bother yourself...Cardoso and his principal dont have that much intellectual capacity.

iichidodo:
[color=#1986BC] The last time we where at this level of reserve, the dollar was up at least 1700+. This is where some high-level macroeconomic engineering will have to be done by Cardoso,that is, if he's intellectually savvy and has the tactical nous to pull this off...At 1500+ to the Dollar at this level of reserve liquidity, it's time to buy up more Naira off of the system whilst tightening or raising the interest rate, the target should be to plunge the naira down to 1300+ and still have a relatively higher external reserve than we had earlier this year when the dollar was at 1300. This macroeconomic tactic should allow for more room to still plunge the dollar south towards the 1000 naira benchmark. Hoping that all macroeconomic conditions and variables remain constant.[/color]

Ok. Keep blaming Buhari. Whether he was the one that told him to devalue the currency(something Buhari resisted for years) or take a way the subsidy withiut a concrete plan(something Buhari knew was not realistic)...and deliberately and wisely left it for a so called "Chicago drug cartel strategist and certificate forger" to fall into....by the way, the subsidy is back and bigger but the government is hush about it because they know the have goofed seriously

This protests will go on even with all resistance from whomever, the govt. should pray that it doesn't gain momentum or spread as I stated because if it does, Tinubu is gone. His re election plans will be in tatters. In any case, his administration is doomed, even if he survives till 2027. It will be belaboured with running around to patch up the effect of his foolish economic policies

There will be many more protests in the future against this government whether planned or unplanned, be it organised or private resistance and continously loud criticism. He has frittered away the the little goodwill he has when he came in. This is someone with a heavy moral abyss with his background,past and sources of wealth but decided to add senility and insensitivity to it. He is gone

Goke7:
No, Buhari cannot be kept out, sorry. Elections were ahead but he intentionally allow fuel scarcity to linger to push Nigerians harder and angrier. Politics is the game here and not economics even you yourself knows this. The same Buhari blamed Jonathan so why will Tinubu be different.

Protests wouldn’t fix the economic mess as it’s just a means to score political points. Let’s be real this protest is not about the economy but politics. Jonathan resisted protests, Buhari same thing and you want Tinubu not to resist, naaaa. Let the game continue!

The prayer of this government should be that the protest does not snowball into chaos or riots in the North...it that happens and it spreads like wildfire....Tinubu is a goner.

LOL...I can see blame shifting and deliberate attempt to refocus the discussion to grammar and other nonentities. It's typical of the Tinubu supporters, as I have got accustomed to. When they are confronted with facts and the view that their principal is driving Nigeria towards an unprecedented destruction with his senile and ill thought out economic policies that a common illiterate who is not a known "strategist" but a cattle rearer was able to manage for 8 years without so much disaster, they turn to attack irrelevant issues or pass the bulk. You guys are empty headed like your principal. Buhari left 15 months ago, please, keep him out of this.

Imagine someone blaming the inflationary trend on naira redesign...very laughable. This shows you dont know anything. You should be discussing with the agberos at oshodi or at the newspaper vendor stands near those various crowded bus stops in Lagos

I could also see the body language of the current administration shoving the blame of their irresponsible economic decisions on Buhari, Emefiele and, even previous administrations like Jonathan's....imagine?

When those ones were wise not to turn a country upside down in the quest to claim "brave reformer".

Ironically, the subsidy he removed is back in bounds and his government is even borrowing at terrible terms to sustain it. The forex rate that they said it will return to 700/800 as the true value of the naira(Minister of Finance/CBN Governor) has remained at 1600ish and rising. I'm sure they have realised their stupidity but too later to turn back

Goke7:
Grammar, your darling Buhari cannot be absorbed from all that you have listed by trying to separate monetary policies from economic policies, It's simply delusional and that's why any protest will not make sense. You have even implicated Buhari more who took so long to come out to defend the senseless naira design which was the foundation of the inflationary trend we see today. Lest we forget what we call banditry today that is majorly responsible for today's food crisis took off in the Buhari regime. But politics is what some of you are playing today to separate two individuals who founded the political party in power. Kolewerk bruv.

I understand the game dear as even Tinubu separated himself from Buhari's bad decisions during his campaign, perhaps it's payback time

Lol!! Your sense of delusion and ignorance is not necessary surprising because, funny enough, a lot of Nigerians have chosen to remain tribalistic rather than face the truth. For someone who does not know the difference between monetary and economic policies, your ignorance and conjecture is apparent. CBN is independent and completely responsible for currency policies. For economic policies, The last I remember, Buhari did not manage an economy with the following:

1. unprecedented +40% inflation in prices of staples within 1 year :https://www.cnbcafrica.com/media/6353015453112/how-can-nigeria-beat-rising-food-inflation/

2. Worst and most terrible currency rate devaluation with little economic effect: https://apnews.com/article/nigeria-currency-economy-naira-tinubu-cbn-49f5686d9638e9db2ac42ae3cecd2f24#:~:text=ABUJA%2C%20Nigeria%20%28AP%29%20%E2%80%94%20Nigerians%20are%20facing%20one,has%20provoked%20anger%20and%20protests%20across%20the%20country.

3.Slowing economic growth with projection towards hyper recession https://www.thecable.ng/imf-downgrades-nigerias-economic-growth-forecast-for-2024-to-3-1/

4.Nigeria economy sinking and shrinking due to poor economic decisions in 2023. https://africa.businessinsider.com/local/markets/nigerias-economic-ranking-drops-to-fourth-in-africa/fsn3swv

5. The decisions plunged Nigeria into the [b]worst economic situation in [/b]so many decadeshttps://www.dw.com/en/nigerians-struggle-to-make-ends-meet-amid-economic-crisis/a-69656094

See a bit of what is coming below. By the end of this year, if you guys do not start killing each other for food on the streets, na small e go remain

Keep deluding yourself and continue to compare this fraud to Buhari

https://www.nytimes.com/2024/06/11/world/africa/nigeria-economy-strike.html

Goke7:
You're hilarious which economic stability are you talking about? is it the useless redesign of the naira? does that look like economic stability to you? In Buhari first tenure alone, Nigeria went in and out of recession twice but, you and many other Nigerians usually have a short memory so I can understand where you're coming from. See the problem is not even Tinubu good or bad policies but it's this dumb attitude of Nigerians like you who look away when it's your kind of person who's in power but spreads hatred when you don't have your way and that's why the protests won't have much bite that you guys expect. Nothing go happen, there have been several protests since Tinubu came to power, and almost every week there is one protest or the other or are you not aware? so what will happen now?

Lol...hear him. Mention the foolish economic decisions by Buhari and ai will mention 10 more for Tinubu. I initially thought you had the gray matter for intellectual engagement.

Someone was so wise to manage the economy to stability despite his low level of literacy....while a dumb and supposed "strategist" is managing the economy to hyper inflation and recession...yet you guys are blinded by tribalistic sentiments. I'm from the same region as Tinubu but not all of us are dafts as to ignore his blunders due to ethnic sentiments . His decisions have been terrible. Let the protests get violent as much as it can. His administration is doomed already.

Goke7:
And there was no foolish economic decisions under buhari? Abeg talk another thing

It will not....but Tinubu played into their hands by arrogantly and foolishly making those economic decisions in the name of braveness and bold reformer. There was a reason Buhari rejected devalustion for 8 years...only for a foolish illiterate to jump at it.

Goke7:
will it solve the insecurity problem they refused to handle themselves over the years?

Protests will erupt from the North. Believe me, if it spreads through the North, Tinubu is a goner. They dont need the south for anything.

If this protest in the North festers, gains momentum and allowed to spread, Tinubu is gone. I tell you. His only support base will be the West and those ones are really suffering, in no time they will jettison him too.

He administration is doomed anyways. Those two decisions he arrogantly took without a second thought have finished him.

I support any protest to make him rescind those two stupid decisions.

...but Tinubu is not a danger to Nigerians. I used to regard this man...but lately, he has become more of a psycophant to Tinubu.

If this protests starts in the North and gains momentum across the whole North, Tinubu will panic. They don't need the southern States

He is both

mrvitalis:
Landing cost of petrol is close to 1200 and you are buying it for 650 and you think there is no subsidy?

Are you dumb or just ignorant?
Smh 🤦‍♂

Whenever I read a Nigerian stating that the government had no other choice but to devalue the Naira, I just give up any hope of the country getting better. The citizens are more stupid than their leaders

HALCYON44:
I bet if so many kids and illerates adult here know what is called Economic recession. United Kingdom announced in 2022 before many countries started declaring also including Asian countries and many more hence the major reason why the government have no choice than to remove subsidy and devalue naira. Although I don't support that move but government has no other means since the zombies in Banana republic keep sabotaging the government effort to increase the amount of crude oil on daily sales. Here we are the same set of people that lack leadership will still come and cry that the inflation is over 300%. Don't worry by the time it reaches 900% you will understand that their is only 1 God. Go to western countries and experience the amount of inflation rates then you will understand that Nigeria is still learning. Anyways the government must be 100% ready to continue to alleviate the level of poverty in the country and reduce hunger to the minimum level.

LOL!!

Labour leaders applauded??

I don't want to believe this.....its from Bayo Onanuga, so there must be an element of lies in it.

Unfortunately, his government is doomed. Nothing can be fixed again

He used his hand to destroy his legacy