karkinase:
#1000 is the last support .. @ this point CBN and speculators will have a huge battle for price next direction.. anyone who wins we will follow

Comrade, what broker is this?

Omo, black market don crash immediately . CBN dey press their button wells.

santaclaws:


He's an Edo indigene please. Yoruba first names are scattered all over Niger delta (Ijaw, Itsekiri etc) but they're not Yorubas.

Akokos aren't Yorubas according to your history knowledge, right?

Another rally by King Naira coming! Inflation must nosedive by fire by force.

Good job!

Buying gold 2313 SL 2303 TP 2415

SenecaTheYonger:


Lol m. Do you know how much CBN spent in the last month to do this? Do you think they can do this forever? Oil revenues is still low and incoming revenue cannot support it.

You think they can spend this kind of money for 12 month? For 4 years? lol we will not even have. Foreign reserve by the time they’re done

That was during Emefy's time! CBN doesn't spend a dime to defend the Naira again. Forex inflows coming from the nnpc crude oil sales, diaspora remittances, and high demand for government treasury bills by foreigners, owing to increase in interest rate by the CBN.

GeneralDae:

CBN doesn’t just reduce rate like that. The rate they set for BDC’s are usually the lowest rates at the official market from the previous day transactions. So that 1251 was the lowest bid at the official market at that period. As at Thursday, the lowest bid at the official market was 1200. So if CBN is to set rates for BDC’s today it would be maybe around that 1200 except on Monday the lowest bid becomes 900.

Correct!

frank33:


So by your analogy, cbn can wake up tomorrow and say that 1 dollar is now 100 naira. And just like that 1 usd = 100 naira.

Do you not see that this cannot be true. Slow down with your excitement, you don't understand how this issue works.

I know the CBN can't just reduce it arbitrarily! The BDC rate is tied to the market-determined rate.

Basic123:

Yes!..they are monitoring it.


Actually learn work from yemi Cardoso.
We will definitely go far below 1000 by the end of the year.

Also CBN now receive our oil sales proceeds directly through NNPCL.There enough dollars to sells and still grown the foreign reserve.I wish Cardoso maintains the tempo!...and should never derail

Yemi is a commercial banker! Wale is an economist; everything going on at the CBN is the brainwork of Wale.

Bankers don't perform as CBN governor but economists. Banking is just a subset of economics!

So, Yemi does what Wale tells him to do. An economist no be banker mate.

benuejosh:
Those Obidients and emergency lovers of Nigeria who prayed hard for naira to hit N2000/$1habe been so quiet these days.

I dey tell you! Den go wait tire for that 2k.

Way to go! The rich must pay more to subsidise the poor! I support the skyrocketed electricity tariff for the rich. If I was a rich man, I would gladly pay.

If you can afford AC in Nigeria, you aren't poor and should be able to pay; 85% of Nigerians don't use AC!

Is CBN not monitoring the open market rate before fixing the price for BDC operators?

CBN, reduce the BDC rate to N900 now to expedite the appreciation of our dear Naira.

See Black market at 1242 and CBN --fixed BDC at 1252.

So, if CBN reduces to N900, definitely black market will crash below N900.

IMF should come and learn work from Wale Edun joor!

https://businessday.ng/news/article/fx-market-roars-back-to-life-with-1bn-single-day-trade/#google_vignette

King Naira going to N700/$!

Let me wait for Dollar to drop further.

StrafordSTONES:




I go still talk am again!!! Imagine some people who bought dollar at 1500 plus just because they want to trade cryptocurrency and trading spot with 5%, 10% gains and most times long lasting dips/red market. Now dollar has crashed and most of the coins you bought have not gotten to the price you bought them… you are losing both ways. Bro it is not very easy to make it trading spot and most people you know who made it through crypto either did memes, futures, idos, insider traders vis presale or getting early contracts, airdrops, or scammers!.



Choose one but I’m telling you the gospel truth, you are not gonna make life changing money trading spot.

Spot trading is for retirees and the rich nah!

If you're poor and want to be rich, trade futures!

How does one trade futures without TA?

1x2x3:
They are buying it from you @907 try to buy from them.

Buy from them to do what? Is dollar our currency? If you want to buy, go to BDC!

nedu666:
Even cbn is not selling dollars to bdc for 907 but you expect us to believe that polaris is selling at 907. If polaris is selling at 907 how much did they buy the dollars and who sold it to them

Norooons,keep quiet!

If you don't understand something, ask questions. Oya put brain down down and learn:

Banks aren't selling FX to you but they're buying only; that's the rate they're buying from you.

If you want to buy, go to BDC with your documents and buy.

Why should bank sell FX to you for what nah? Is it to buy kulikuli when Naira is there!

This is serious! If you want to sell, that's the exchange rate; no room for buying at all. If you want to buy, go to licensed BDC with your documents.

CBN don hold the blokos of hoarders fa!

JoshTim:


It will take time before food prices come down. Understand simple economics. The recovery rate of prices Is slower than the recovery rate of naira because inventory stock up at the old prices will have to be sold first based on First in First out basis.

Hmnn! FIFO, LIFO, LILO, FILO - Accounting terms

DeLaRue:


I think you're wrong.

Shareholders fund is not the same as Share capital.

Based on the information you attached, Wema's current share capital is only N6.3b.

However, I believe (I stand to be corrected) it can convert part of its Shareholders fund of N118b to boost its share capital by for example, issuing bonus shares to existing shareholders.

Issued capital plus reserved is equal to new capital.

13 billion shares issued at the nominal price of 50k is equal to 6.3 billion.

Companies usually issue shares at a premium far above the nominal price of 50k; they could sell at 1,000 per share. The difference between the nominal and selling price is transferred to Reserve.

May I ask you? Have you bought shares from primary market before? If yes, bring out the prospectus and educate yourself.

If you make profit and plough it back into your business, does your capital increase or decrease? Come on, this is basic accounting! Weren't you a commercial student in secondary school?

Tareq1105:


The Odua Govs could decide to raise the shares of their respective state.

I know the Govs would step in.

Wema will surpass target without the governors! They're targeting 158b this year end. Are you saying they can't raise 43b in one year?

You guys are underestimating the innovative bank.

smasher1:


Where Wema bank want see that kind money?

Don't be lazy guy!

Wema has 118b already projecting 156b this year

Chikacha:


This guy, you are always bitter. When bear market started, I remember you having this bitter energy, now again, after many years of pains that we have been through, you went away for a while. Even though we all can now see the light at the end of the tunnel, And even though you know that people know you well here and can trust you, you are still very bitter.

You nor dey fit let something slide self, what happened to maturity, my brother? And weytin dem do you here wey them never do another person. Nor be openheaven help people finish for one whole circle, wey them dey call out from time to time say na scammer. Shey na like this e go dey ni, Abi you go change when you become millionaire ni. Shey people go see food collect from your hand so, Why so much bitterness?

You be idiot sha! Why blaming someone who is being wrongly accused! Are you on drugs or what?

aceman88:
Bought 1450 at Douglas, Owerri today.

The first Mallam I met said he was selling 1480
The second one said 1475

You still dey do physical dollar! You be olodo sha! Continue to dey buy am 2k. I believe say na smuggling you dey do that's why you no want pass through the CBN for your Dollar.

Omo, na true o! In Lagos and Kwara state as well

https://fij.ng/article/naira-gains-value-exchanges-for-n900-per-dollar-in-lagos/

eeithis:
I think I will support her since you decided to get a tattoo kukuma bleach join am na!!

Tattoo Don dey for Yorubaland before oyinbo come! My grandma get tattoo wela. Nothing wrong with ratio;

Robnectar:


Swear down

You called someone a scammer and you can't prove it! You no normal at all.

Denrele, open him yansh more jare.

SmartyPants:


Lol... I think you would be best served by listening here because your responses are all over the place.

1. I have just demonstrated to you that increasing productivity can trigger demand-pull inflation while making the point that we can't afford extra inflation (regardless of whether the current inflation is cost-driven). I further concluded by agreeing that the steps you recommended can come in the future. That is to say: bring cost-push inflation to a halt first, then increase production afterwards, so that demand-pull inflation does not add to the existing cosh push inflation. Is that a complex argument?

2. The MPR was only just increased (nearly doubled) just a month ago. This obviously begs the question, why didn't the previously lower rates stimulate increased business investment and productivity to slow down inflation? The answer is that, excess liquidity has been going into the purchase of US dollars as a high-growth asset, thus driving the cost-push inflation you spoke of, given Nigeria's import dependence. So if you like, reduce the MPR to 1% - it won't increase business spending as long as the dollar remains overvalued to the naira. This leads to point 3.

3. As I earlier mentioned in my first reply, increasing the MPR is also about attracting foreign portfolio investment which is critical for driving down the cost of the USD dollar, which is the major driver of cost push inflation at the moment. Drive down the cost of the dollar and bring the naira to its true value and we can cycle back to point one: tackle cost factors first then stimulate the economy second.

Brilliant!

Palliatives no dey reach south? Even when Buhari was there, na only north I dey see oaliatives. Southern politicians, na wa for Una o.

InvertedHammer:

/
While we shout "inflation", it will be proactive to understand the causes of inflation in Nigeria --insecurity begets food inflation as kidnappers prevent farmers from unhindered access to their farms. Let's not delve into abrupt removal of oil subsidy without planning ahead for palliatives. Floating of naira when the country is heavily import-dependent with no production/manufacturing base and the only major source of forex known as oil is marred by corruption and theft. Even in the forex transactions, corruption via arbitrage and prebendalism are the orders of the day. What's the nation's foreign reserve?

As noted earlier, what Cardoso and team are doing is akin to signing up Nasarawa United FC to play in the English Premier League. A child must learn to walk first before attempting to run.

The current problem in Nigeria is not inflation but stagflation--inflation in a stagnant economy.

/

I asked you a simple question, if you were the CBN governor, would you prioritise growth over price stability?

Monetary police to tackle inflation; and fiscal policy to tackle economic stagnation! And that's what the CBN is doing and they are on the right path.

Ensure price stability first and then start measures to spur growth.

Way to go! Weak banks should be acquired and merge with others.

And Buhari was granting amnesty to terrorists and even recruited them into the military.

Buhari is a terrorist who supplied Fulani bandits with weapons to inflict pains on Nigerians just to achieve his fulanisation agenda by bringing foreign Fulanis to our dear country to seize land for grazing.