₦airaland Forum

Believeintruth:
well they have done well in terms of fiscal management, but make no mistake these are short term measures. Raising interest rates will have a negative effect on the real sector who need loans to grow their business, that is another flip side. Concerning the IOCs, with the low crude oil production and they difficulty in clearing our previous cargo due to competitive pricing in the oil futures market, are they making more revenues in sales like before?
to me it is still short term, but CBN has done well on the Fiscal side.

Well no matter what the IOC’s are making, having them retain 50% in our Banks every 3 months before repatriating would still provide some liquidity in the market or wouldn’t it?
Raising interest rates has its pros and cons like in everything about economics but how many Nigerian Businesses (especially in the Informal sector) borrow? We may hike by 200 basis points.

Believeintruth:
CBN put in a bid with Banks that have customers with FX claims so the banks bid for the USD to use. with CBN giving the banks the dollars after the successful bid. This dollars now is pumped into the market to use. so that is what is causing the slide down in dollars, but can CBN sustain it? they are still importing fuel, and Dangote refinery is fast becoming a mirage, so my thought, this is just a temporary fix, if the dollar supply is exhausted, we are back again.

Hmm CBN would raise interest rate again next week and FPI’s would again start buying naira bonds the following week. That would bring in inflow. CBN has allowed IMTO’s quote competitive rates by making the official rate competitive, this means more inflows from remittances into official channels.

CBN has struck a deal with IOC’s to at least leave 50% of their remits from sales of crude in Nigerian Banks for 3 months before remitting it back (in a bid to ensure stability and liquidity in Banks). Remember NNPC only makes 30% of our oil exports and IOC’s make the rest. CBN also strategically told Banks not to have long positions on the naira which means this liquidity should always be available in the market.
So we wait and see but these are other things the CBN has done as well.

predictor1:
The nairA then was being supported by foreign currency reserve. That 500 wasn't the true value of the naira

Aren’t all currencies in the world supported by their foreign currency reserves? Where did the reserves come from in the first place?

BigBashiru:
Well said. Naira can't strength against other currencies unless Nigeria starts production and export drive and reduce love for foreign products.

So what was Nigeria producing in 2021 when dollar was 500? Did Nigeria suddenly stop producing 3 times over?

Believeintruth:
There was a retail bid by the CBN to settle outstanding FX issues. that was the reason for the slide in FX rates, this has made a lot of USD in circulation which has pumped down the dollar value. This is still a short term measure.

What do you mean by retail bid?

Hollyharjii:
Please, someone should inform me when it becomes #300 to $1

It can never go back to 300 even if Nigeria becomes like China today in production . 500? maybe.

Shaytun:
Buying one of the biggest bank in Kenya

https://www.bloomberg.com/news/articles/2024-03-20/access-bank-to-buy-kenya-s-nbk-boosting-presence-in-key-market

Access Bank even with the death of their former CEO and Cofounder are not slowing down with their expansion agenda in Africa and indeed the World.

leathalbeast:
as for the senior national women's team, Nigerian women are the bosses but when it comes to the younger female teams it's mostly even besides we have home support in cape coast, we will beat u.

Nah it’s not even. The falconets are two time world finalists and won the first edition of this U20 All African Games few years ago.

leathalbeast:
who taught u football? If that is the case then how is Argentina the world cup champions didn't they also draw with France. Poor logic, sour losers

Sour losers because you manage to win just one game? 😂

popizaino:
Abuja is so beautiful. So many things has changed since the last time i was here. You will be very stupid to compare Abuja to any other cities in west africa, not even Abidjan that i frequently visit.

Abuja inner streets and estate interiors give European street vibes.

PDPGuy:
The unbeaten run vs African sides continues 🙌🏽🙌🏽

The falconets in WAFU cup 2 years ago, did they beat Ghana?

89' GOOOOAAL! in Cape Coast 📍

Nigeria 🇳🇬 2-0 Uganda 🇺🇬

Substitute Chiamaka Okwuchukwu doubles the lead for the Falconets

That's 1 dollar. You can't buy this food for 1 dollar anywhere in Yankee. Although their minimum wage is of course higher.

I think we should draft Chioma Oliseh into the Super falcons

predictor1:
You mean to say prices are bound to go higher between now and June?
Right now the economy is growing but the masses can't feel it.
And what do you mean by stronger economic trajectory by year end? Is it that the masses Will feel the pinch less by then?

We either need to sell some NNPC assets or Electricity assets for billions of dollars to private investors which may happen towards the end of the year. With that the naira may go back to 800.

Or

We raise Eurobonds like we did in 2017 when the naira rebounded from 500 to 360 and stayed that way until COVID in 2020.

If the naira is stronger, inflation would reduce.
For now, we do what we can to keep the naira
from instability.

lovewins:
Was very concerning to read that sha. It's actually 4 if you count Aisha Buhari cup which I believe is part of her reference.

Our girls need to win this o.

I included Aisha Buhari's cup.

Analysts on the Nigerian Economy:

"High domestic inflation rates projected for Q1-Q2 2024, but potential relief in Q3 with asset sales or leases, likely boosting GDP growth to 2.9-3.1% by year-end. Analysts foresee a stronger economic trajectory compared to 2023".

Deltamani:
Banyana Banyana veteran defender Noko Matlou believes South Africa will qualify for the 2024 Paris Olympic Games.


Speaking to SABC Sport, Matlou is confident that they will make it to the Games after missing out on the last Olympics in Tokyo.


''I believe we have a chance to qualify for the Olympics, I do believe we will qualify,'' said Matlou. The last time these two nations met in the Women’s Africa Cup of Nations Group stage clash in 2022, Banyana won 2-1.

''We played Nigeria a few times, and we won the last four games we played against them - favour is on our side, we will do well against Nigeria,'' added Matlou.

''We are grateful for the Hollywoodbets Super League, we can see the results and the growth of women's football. You can even see with the players that get call ups for the national team,'' said Matlou.

Banyana coach Desiree Ellis mentioned to the media during the Hollywoodbets Super League launch that it is becoming harder and harder for her to select players for the national team because of how women’s football has grown in the country, the Limpopo-born defender agrees.

''A lot of players are growing in each and every game, and that is the most important thing, so that the coaches can have a headache when selecting players. We can see the growth of women's football in South Africa and this will help the national team,'' she concluded.

They won 3 of the last 4 games against the falcons. Not all four games 🙄

Deltamani:
The Pace and Physical Strength have been the major advantages of this Players with higher testosterone level..

Maybe is time Nigeria starts giving Chance to some of the ones we have here cause I know too well that we snub them because of their physique and the fear of been accused of using Men...

Because of how successful we are on the continent, if we even bring one like that it would cause so much rift and there would be accusations left, right, and center especially from SA, Zambia, Cameroon, Ghana. Nobody cares much about Zambia now but they would have made a lot of noise about us.

Omowale2023:
Forces of demand and supply is what he said in his tweet, not floating the naira. There are 2 different things,

Floating naira is same as allowing forces of demand and supply.

netricoin:
Even if Peter obi said that he would float the naira, that doesn't mean that Peter obi will allow the naira to float out of control, one of the things Peter obi said that he would do differently from BAT was that he would allow the naira to float and control it at N650-$1

Then that is contradictory to allowing forces of demand and supply which he wrote about here.

Ofunaofu:
Are you implying that subsidies are being paid on petrol as we speak? If that's the case, it contradicts Tinubu's inauguration day speech when he said, and I quote, "Subsidy is gone."

Subsidy was indeed removed in June and July 2023 but then the dollar was at 750. Now it is at 1600, so using today's dollar exchange rate, if you completely remove it again, you may be buying fuel at 1300.

PDPGuy:
😲😲

I guess the best way to beat them is to play a near-perfect passing/pressing game, just as the Japanese did at the World Cup.
There is no way that our present Super Falcons will match their physicality.

They are poor defensively though. Ghana exposed that.

cjfavour:
Blaming emefiele about all these is hog wash and senseless. Emefiele didn't stop subsidy payment without plan nor float the naira.
Stop deceiving yourself.

What in the post suggests I'm blaming Emiefele?

frankson1:
Could this have been sustained because it all goes down to sustenance of whatever policy or policies that will be taking to defeat this weak currency 'pandemic'.

The problem we have today is that our net reserves are low. For many years, Emiefele was able to hide this fact by not exposing the CBN books fully. So we only knew our Gross reserves at around 37 Billion dollars then but no one knew our net reserves.

With poor net reserves, we had no choice but to devalue as we were only postponing the rainy day. Emiefele probably hoped that the Dangote refinery would come onstream soon to provide the needed FX.

When Asiwaju came on board and he devalued fast, there was only a little hike in interest rate and Tinubu gave the idea that a lower interest rate was more preferable. This may have sent mixed signals to foreign portfolio investors and so from July, they didn't bring in the dollars like they used to. Add to that the revelation of the CBN books as well as the report by JP Morgan that our net reserves were just a mere 3 Billion dollars. This 3 Billion dollars makes sense and shows why we couldn't pay a 7 Billion dollars backlog.

Markets hate uncertainty and so investments continued to reduce. Speculators also now began to suspect the CBN was powerless to defend the naira. Added to that, the CBN was not settled and only had an interim leader. With all of these, the naira was definitely bound to fall further throughout 2023.

All of what Cardoso is doing now, if he had began with them December, maybe the naira would not have gone past 1300. But again, Cardoso is focused on clearing the backlogs and MPC meeting was going to hold so late (in February).

So to answer your question, I would say I agree that it may not have been sustainable.

chaloskyx:
my question is why are other countries and outsiders determining the value of our Naira isnt that madness? can an african or Nigerian determing the value of the USD or Euro are you Nigerians not ashamed of yourselves in 2024 neo colonialists are still dictating your economy, who becomes your leader,yhe worth of your currency the strength of your passport and how you govern yourselves omo you Afticans and Nigerians are worthless fools abeg you should not exist as a people or Nation animals have more purpose and respect than you.

Methink you are overreacting here. Nobody stopped you or any Nigerian firm from stating what you think the actual value of the dollars or pounds is.

Deltamani:
This Zambians seems to be the No.1 Country with this kind of Built players.


Zambia Women National Team Midfielder Prisca Chilufya who plays for Liga MX Femenil side FC Juárez

Another Equatorial Guinea??

Blakjewelry:
we know back then the naira was at a false state but at least it shouldnt have gone above 400 if they had float it back then, I believe these reforms will yield great benefits but again Nigerian politician are fund of spending recklessly when the going is good.

Defending the naira is bad for the economy. I watch some Singaporean politician talked about the time they were facing economic challenges like this, they had to make hard decision to pumping their reserve but they have to put in place measures to make sure some future politicians don't spend what they didn't accrue. Today they are enjoying the Fruit, though I must say the changes come at a very very bad time.

Nigeria has just two economic problems:

1) Lack of FX reserves
2) Poor Electricity Supply.

I still think before floating, we should have focussed first on selling the Warri refinery and one or two other assets to get FX. Then with such FX you can get the black market and official rate to unite around 600.
The official rate would just be devalued from 450 to 550 and with enough reserves, we could have brought the black market down from 760 to around 550/600.

Princezibk:
Pls update us oo

It ended 2-0.

The Brand new Massey Children Hospital taking shape in Lagos.

🇳🇬🇲🇦| GOAL!!!

40' Adoo Yina doubles the lead.

Nigeria 🇳🇬 |2- 0| Morocco 🇲🇦

joxxy01:
Any link to falconet vs morroco?

Ghana put on only the men's game.

On International women's day for that matter. Dem nor send.

Anyway Nigeria 1 Morocco 0

Chioma Olise (18 mins).