₦airaland Forum

gabbasin:
it was N89 to a dollar when Obasanjo take over in 1999

That was black market. Official market was 22 naira.

predictor1:
How? In the past government supported the naira with as much as $20bn In a single financial year only for bankers to take dollars to the black market and make huge profits. Now even the black market rate is lower than official rate. Removing subsidies will actually help Nigeria's economy and future better than leaving the huge subsidy regimes in place.

In Argentina today they're crying as inflation is 270% and they devalue their currency almost every month. Prices of basic goods increase by the hour. The same mistake Nigeria made for years was what they made too: crazy subsidies and not floating their currency. You should thank God for Tinubu.

If Argentina is too far you might want to check out Iran and Lebanon. Iran has the world's second largest oil reserves. They subsidized madly like Nigeria from fuels to cooking oil and sugar. Today those same subsidies have messed up their economy and led to shortages. Today in Iran fuel is being rationed. There's a limit to how much fuel you can buy in a week. You are given a ration card. Is that what you want for Nigeria

Or you want to try Lebanon where their currency has fallen to 89,000 Lebanese pound to a dollar due to unbridled subsidies like Nigeria before Tinubu?

I can go on and on but time will not permit me. Just know this: no one destroyed Nigeria in recent times as badly as Jonathan and Buhari. Jonathan was even a bit better because Okonjo advised him to stop the subsidies and he wanted to but he allowed the likes of Tinubu to bully him. Bihari was a total disaster.

Tell them. Even the 1 naira to 1 dollar in the 1980’s Nigerians love to boast about was a subsidy of the official market where the black market was 4 naira to the dollar (4 times the official market). Abacha also held the official market at 22 naira throughout his tenure with black market at around 88 naira (again 4 times the official market). Same mistake Zimbabwe made in the history of their currencies. Tinubu and Cardoso on the other hand had the guts to devalue the official market twice. First from 450 to 750, then again from 900 to 1400.

Validated:
First off, stop peddling lies. It will not help you in life. Lies can only get you through the "door", but the truth helps you to grow. Learn that mystery for your own good.

Dollar-Naira Exchange Rate from 1997 to 2000(Black Market Rate.)
1997 $1 = N84. 58
1998 $1 = N84. 70
1999 $1 = N88-N90
2000 $1 = N105.(PDP)

Then APC met it at N216 and now celebrating N1200? Is that not hypocrisy?

That was black market. At official market it was 22 naira.

Lizzysamuel:
216-28 that's 188 difference.

1200-216 that's how much Agbadorian?
I don't even want to mention the 1950 ATH you guys took it too.

Currency rates are not measured that way. That’s why they are called rates in the first place. PDP in 16 years took the currency rate 10 times higher than it was.

Deltamani:
Zambia Women’s National Team Midfielder Prisca Chilufya

Interesting 😊

Nice one here

Dialpad:
Those keeping dollars.... Whats going on ?

I sympathize with those that purchased above 1300 hoping it will hit 2000+

Bad gamble

😂

predictor1:
By the end of the 3rd quarter it should be below #1000. What they need to tackle now is food inflation.

I always knew food inflation had little to do with dollar then. We produce most of our food. Food insecurity issue was more or less by bandits and climate change. The effects of the October 2022 flooding and naira redesign Q1 2023 as well as increase in price of diesel and pms.

NairobiWalker:
Didn't Ghana drop 3 zeros from the Cedi in 2007?

Yes they did (about 4 zeros) and in my opinion it’s still one of the best decisions the Ghanaian Government have ever made. I think Sierra Leone did same thing recently if I’m not mistaken.

Deltamani:
Yeah yeah we would have given her more time as she played better football defensively and Attacking Wise, even though in the final against Cameroon she was very very Conserved but still grinded out a win when it matters..! She’s good. Arguably my no.1 Pick going for an Ex-international to handle the SuperFalcons and she’s more of a developmental Coach.! Again as you have said those Players mentioned where in their hot period even though some where already getting older.. Ebi, Chikwelu, Ijeoma Obi etc.

Her Players selection where also on point, Substitutions where top notch..! I think her Coaching Style was the last time the SuperFalcons played real Pace and Power Football.. Ordega/Oshoala/Okobi/Chikwelu Infact everyone of the Players where running till 90minutes non stop.

Even the right back Ugo or something of Rivers Angels then was a delight to watch.

lovewins:
I think the problem has been time. No foreign coach has spent significant time with the Falcons bar Waldrum. Also, you aren't factually correct with your first assertion cause the records show Thomas Denerbby (who has been the only foreign coach in the last 2 decades) also had bad defensive record. He probably could have done better had he stayed.

I agree. Looking back now, I still think we were unfair to Odegbami and should have given her more time. Her falcons team was more of a delight to watch than that of Dennerby. This may also be because the likes of Ordega, Okobi, Oshoala, Ikidi, Oparanozie were still at their prime then.

naptu2:
I didn't want Randy gone after the 2022 Nations Cup. I understood what he was doing and what happened. It reminded me of Westerhoff (who lost his first match, a World Cup qualifier in which we only needed a draw and then he came third at Senegal 92 before achieving success in 1994).

The problem I have with Randy and most white coaches is that while they focus on our defence, they bring almost next to nothing to the attack. Local coaches on the other hand are the extreme of the opposite end. Local coaches give you the Nigerian style of football (flare/wing play/ attack/ dribbling) but against tactical teams they lose woefully due to awful defence.
We need a balance somewhere.

lovewins:
All of these are bad faith arguments and it's surprising you're the one making it. Did Randy have a poor start as coach? Yes he did. I was at the fire front of those calling for his sack. The Falcons couldn't string 5 passes if I remember correctly. They were an eyesore to watch. But like AkinDS tight said, all of these predated Randy. We won't the previous WAFCON but was lucky to do that on penalties. The team wasn't doing well. In hindsight, maybe a little premature to call for his sack, but we were right to criticise at the time.

He however settled into the role after AFCON. Since 2023, the Super Falcons have played a total of 17 games and they've Won 9, Drawn 6 and lost just 2. We got to the Round of 16 of the World cup when many never expected us to (yourself inclusive). Mind you this is the first time the Super Falcons will be qualifying out of the group stage as a top 2 team. We qualify for the Olympics after 16 years getting past Cameroon and South Africa. We have an entirely new squad with entrants we probably wouldn't have had were he not the coach. To reduce that to nothing is being insincere

In 1999 though we qualified as a top two team.

truthhurtsnaira:
If they are taking ALOZIE to Olympics expect another embarrassing performance for a pretender…

This is my problem with Randy. Alozie is a winger and she started as a make shift defender then I believe, so why hasn’t he found a replacement for that right back role yet, so we see the effect of Alozie in attack on the wings? She has speed and she’s a good crosser.

I have never seen a currency appreciate this way before. From 1915 to 1098 in 2 months with no signs of slowing down yet. Incredible.

Deltamani:
Chidinma Okeke seems to have reinstalled herself into the SuperFalcon Squad, I fear for Rofiat Imuran to be sincere!

Chidinma Okeke gives you a lot of Options LB, RB and CB, she just need to improve in her Attacking side of the game and also play her way back to the top leagues in Europe!

Some Persons here did wrote her off though, that she was heavy this and that..! At least she proved everyone wrong that she can attain her usual level and better still get better.

I’m just happy no Gloria Ogbonna in the mix though except she improves to an extent that is.

nawaforyouo:
Omo, we are in for a long ride...

anybody thinking Naira will come down to less than 1 k and remain there is daydreaming

1 billion USD in 18 days? No wonder they are not fulfilling their obligations to the BDC by providing dollars to them after they have paid Naira!

This government ehn! the more you look the blinder you become

But they also paid about 1.5 Billion dollars which was the final backlog they paid. So after doing this and defending naira, reserves only reduced by 1 Billion dollars.

Elliotwaveforec:
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!

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.

Deltamani:
Thembi Kgatlana says the "bad pitch" of the MKO Abiola Stadium was a game strategy from Nigeria to prevent them from playing the ball.

She said "you pass the ball and it doesn't bounce, it just drops there."

She says they will play well in South Africa where they have "better facilities."

Does her comment deserve attention from the football authorities in Nigeria?

The thing about the pitch is true but Nigeria can still be them in SA.

3rd Mainland Bridge

gallivant:
Just an opinion, why don't Dangote sell his products at a cheaper rate to Africans and kick out the Europeans from the market? I for one would hate for this refinery to fail while we buy from foreign continents.

The biggest issue he has now is that the Nigerian NNPC cannot guarantee him constant supply of crude oil which has delayed the kick off, and such a refinery needs constant supply of crude oil once it kicks off. You don’t shut it down anyhow. So Dangote has used the past few months to establish his own crude oil importation network which also involves importing from the U.S.

Maybe when he’s able to then ramp up his production capacity and is sure of a guarantee of constant crude, he would focus on Africa. There are reports that he is in talk with some African countries already.

The Dangote refinery has shipped its inaugural naphtha cargo to Asia and a fuel oil cargo to the United States

InvertedHammer:
/
On Friday they celebrated that it came down to N1250/$

Today they are celebrating that it "came down" to N1309/$ (a fall of N59/$ from Friday close)

In no distant time, they will still celebrate that it "came down" to $1500/$ (a fall of N259/$ from Friday close)

/

1309 is the official rate.

koning:
Falling dollar rate will not make the prices of foodstuffs come down. wetin concern tomato, fish and pepper seller with dollar.

To bring the prices of foodstuffs down the FG must crash the price of FUEL and DIESEL.

Transportation costs must be reduced drastically. And cement should revert to less than 4k a bag.

Falling dollar rate would crash the price of diesel.

yahoodetector:
I thought it was N1200...or e don dey fall again?

If Tinubu can bring the naira below N700 where he met it after he came in...he will have my respect.

If he further brings it down to the N182 it was when Jonathan left, I would defend him anywhere with my life and become a die-hard Ronuite.

But guess what...HE CAN'T!!

1300 at official market. 1250 at parallel market.

🤔

lovewins:
Make that 8 goals in 8 games.


You know what's most hilarious? Onyi joined the league mid-season in January and she is currently joined 2nd top scorer. Will be amazing if she wins the top scorer award.

When you consider she played some of those games off the bench and for not more than 30 mins, it makes the feat even greater.

socialmediaman:
You follow all these, yet you thought the total FX inflows for the entire 2023 was $3.9 billion?

https://www.reactiongifs.com/r/dis3.gif

The total FPI’s in 2023 was 3.9 Billion dollars. I have given you Reuters, NESG, and Nairametrics that state that already.
When I followed FX turnover in 2023, it was so poor. The daily average turnover was over 20 to 30 Million dollars. Yet this March we get over 100 million dollars on a steady. On Thursday alone we did around 850 million dollars. Last time we did something close in a single day was in June 2022 where we did around 760 million dollars.

socialmediaman:
The word "total" is not necessary and that's why it's not in the CBN report. If the CBN was announcing figures from only a specific segment, it would have explicitly stated it. Since you have decided to disagree with the CBN data, show us your own data as an educated person. We don't do children's play here. If you have zero data, then rest

I follow FX turnover weekly vis a vis our reserves. This past week, FX turnover alone was around 1.7 Billion dollars and the previous week it was 1.6 Billion dollars. We never saw these kind of net turnovers in the entire 2023.

socialmediaman:
Since you have decided to disagree with the CBN data, show us your own data as an educated person. We don't do children's play here. If you have zero data, then rest

You don’t understand CBN data. Read CBN data again. Are exports included there? This 1.5 Billion dollars in March and 1 Billion dollars in February exclude exports, FDI’s and stuff like that. What you read in CBN data is for total inflows. We don’t know total inflows for first quarter 2024 yet but we know the foreign portfolio investments and remittances.

socialmediaman:
The CBN publishes quarterly foreign exchange inflows into the country here, but since you haven't read any of it, let me summarize 2023 for you so that you stop mentioning erroneous figures:

Foreign Exchange Inflows for First quarter of 2023 = $7.2 Billion USD which represents about $2.4 billion USD monthly

Foreign Exchange Inflows for Second quarter of 2023 = $8.69 Billion USD which represents about $2.9 billion USD monthly

Foreign Exchange Inflows for Third quarter of 2023 = $8.22 Billion USD which represents about $2.7 billion USD monthly

Again these are the total inflows. Normally every year we receive up to and more than 35 Billion dollars inflows. Out of these inflows what part was brought by foreign investors investing in Government bonds as well as remittances? You refuse to distinguish these for some reason. They use foreign exchange inflows interchangeably and you have to distinguish it.
It would be absurd for instance to believe Nigeria’s total FX inflow in February is 1 Billion dollars. I believe even Uganda gets more than that monthly as total FX inflows.

Most likely because of these exponential inflows compared to 2023 is why CBN could pay 2.6 Billion dollars backlog this year and still keep our Gross reserves at 33.9 Billion dollars while supplying Banks and BDC’s occasionally for Naira defence.