₦airaland Forum

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.

socialmediaman:
What’s different about the language used in the Reuters report? It stated FX inflow, the same thing I have fact checked.

Yes but see the comparison to FX inflow for 2023 again in the last paragraph. They compare it to 3.9 Billion dollars for the entire 2023.

socialmediaman:
If you’re the CBN then please correct us by correcting your media announcement. They have announced the FX inflows for the month of March and you’re trying to explain what they meant. Haba!

Reports use it interchangeably. For instance a quote from this report by Reuters. Read the last paragraph and see how they compared the 2.3 Billion dollars to 3.9 Billion dollars for the entire 2023. Yet they still refer to it as FX inflow.

“ABUJA, March 8 (Reuters) - Foreign exchange inflows to Nigeria rose to $2.3 billion in February, the central bank said on Friday, fuelled by renewed interest from foreign investors and a rise in overseas remittances.
Africa's largest economy has been experiencing crippling dollar shortages that have pushed its naira currency to record lows in recent weeks and forced the central bank to devalue the naira twice in less than a year.

Central Bank of Nigeria (CBN) spokesperson Hakama Sidi Ali said foreign investors bought at least $1 billion of Nigerian assets last month, bringing total receipts of portfolio inflows to $2.3 billion. That compares with $3.9 billion for the whole of 2023”.

socialmediaman:
Where’s your source for your Foreign exchange data you this Jagabantist? If you don’t have one stop wasting your time here

By the way, neither my post nor the CBN report mentioned FPI so stop bringing it into the conversation like the average Jagabandit

When the CBN speaks of foreign investors subscribing to our bonds and that in February we received 1 Billion dollars FX inflows from them, that’s FPI. That’s not the total FX inflow from February. That does not include FX inflows from oil for instance and other royalties. FX exchange/currency inflow has FX investment (FPI) included in it and it has been clear this is the aspect CBN has been concerned about and they boast that we got 2.3 Billion dollars from FPI in just two months compared to 3.9 Billion dollars the entire 2023.

socialmediaman:
Foreign investment inflow and foreign exchange inflow are different things. Dude stop wasting your time if you don't understand what this post is about

So the 1.5 Billion dollars was it foreign investment inflow or foreign exchange inflow?
I already showed you that the comparison been made so far has been with the 3.9 Billion dollars FPI and remittances made in 2023. In 2024 we received 2.3 Billion dollars FX investment inflow for just January and February alone. Do you dispute all these?

socialmediaman:
Why are you still showing me a google screenshot of FDI data after seeing the official CBN report on foreign exchange inflows? Do you have a problem understanding the reports?

Check my post above from NESG website and review it against your understanding of the CBN data.

socialmediaman:
The data announced by the CBN which I fact checked was foreign exchange inflow, are you not educated enough to know what foreign exchange inflow means? Neither I nor the CBN mentioned FDI, don't bring that in from nowhere.

Here you have it. Also try to keep the conversation civil since I am yet to throw out insults.
https://www.nesgroup.org/blog/Foreign-Investment-Inflows-into-Nigeria-weakens-in-2023

socialmediaman:
I need data from previous years to compare because that's a very suspicious, possibly bogus claim, similar to the one I just fact-checked

I think you are the one confused about the data. The data perhaps is just limited to inflow from FPI’s and remittances only excluding other kind of inflows, while your data refers to the total FX inflows which would also include FDI’s and royalties for Government.

socialmediaman:
This is the official website of the CBN where they publish economic reports: https://www.cbn.gov.ng/documents/quarterlyecoreports.asp

First quarter 2023: $7.2 Billion USD
Second quarter 2023: $8.69 Billion USD
Third quarter 2023: $16 Billion USD

Average monthly foreign exchange for the first 3 quarters = $3.5 Billion USD monthly

Also, take note of this screenshot from the report by Nairametrics.

socialmediaman:
This is the official website of the CBN where they publish economic reports: https://www.cbn.gov.ng/documents/quarterlyecoreports.asp

First quarter 2023: $7.2 Billion USD
Second quarter 2023: $8.69 Billion USD
Third quarter 2023: $16 Billion USD

Average monthly foreign exchange for the first 3 quarters = $3.5 Billion USD monthly

So what then is the screenshot I posted? Was it wrong information?

That 3.9 Billion dollars for the entire 2023 has also been referenced by various analysts and used to compare just January and February 2024 which they say was altogether 2.3 Billion dollars. With this additional 1.5 Billion in March, we already have 3.8 Billion dollars in just the first quarter 2024.

helinues:
I have taken note of your moniker. I won't waste my time next time educating you

Imagine the boring arguments. So those who made use of currency and exchange interchangeably were drunk right?

Lots of you are plenty in the opposition's camp. Arguing blindly on things you have little information about.

I don’t know where he got his figures from. This is what I got for the entire 2023.

Nigeria to restructure her Banks. This is a quote from Tinubu’s book in 2013. One year after becoming President ,he is now bent on implementing it.

“Under capitalism, the financial sector was adjunct to the real sector. The financial sector served as the circulatory system, efficiently allocating funds to the most productive agents within the real or manufacturing sector in order to keep that sector vibrant. Such vibrancy generates employment for the bulk of the people. High levels of employment give birth to stability and a standard of living conducive to democratic aspirations.
This complementary scenario no longer exists. The financial sector no longer is satisfied with being the branch. To a large degree, it has assumed the role of the tree and its trunk. The financial sector no longer complements the real sector. It has grown too large in comparison. Its appetite is ceaseless and grows with the eating. Instead of feeding funds to the real sector, it now chokes the real sector. Leaving many otherwise productive people and companies struggling to draw water from an empty well.
Under capitalism, the financial sector invested in production of tangible goods. Today, the financial sector specializes in financial investment. Having become insatiable, it rather invests in itself than invest in the rest of the economy so that other sectors prosper with it. Financial speculation used to be the province of a small set of risk takers. Today, it is the fad.
Cautious and prudent bankers were once sentinels of the financial sector. Things are different under financialism. Caution has been tossed to the four winds as the economy was tossed to the wolves. The banker who keeps his wits to function in the best traditions of banking is the exception. I salute those men and women who honor their professional tenets while others turned esteemed financial houses into lax casinos. However, their demonstrations of individual propriety proved insufficient to halt the systemic distortion that occurred. Today, we have a big problem”.- Bola Ahmed Tinubu ( 2013)”

700km Lagos to Calabar road in progress.

predictor1:
Of course. I think the removal of fuel subsidy has actually helped the naira. There's less pressure on the naira now.

Fuel subsidy is still there. The only difference could be that perhaps we now import lesser than the 66 million litres NNPC was importing then. But that is not what is making the Naira gain. The sudden drop to 1900 in February in the first place was an anomaly. Probably it’s correcting itself by retracing.

predictor1:
I knew it was not just the Eurobond. Thanks. But Nigeria is coming up too. There's been a sharp appreciation in the value of the naira.

If you read my post again you would see I made clear Eurobond is not sufficient to stabilise a country’s FX but it’s a propeller.
It actually restores confidence that prevents citizens from buying dollars since they know FX just came in.

predictor1:
Someone said this is due to your recent issuance of the eurobond.

Is the ksh overvalued?
You depend on importation just as much as Nigeria or Ghana, and the value of your exports isn't much really, so what's behind the ksh appreciation?

If Nigeria issues a 2 Billion dollars Eurobond today, Naira would be 900 in no distant time as well. This is what we did in 2017 and 2018. Naira that was going over 500 went back to around 365 and stayed there until COVID.
Eurobond alone can’t stabilise FX rate but it is normally a huge propeller.

Beautiful Lagos


https://www.youtube.com/watch?v=Ws1ybf1bwkA?si=JDVXj-RQ_WH0cn6N