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Good move.

But it is a mere verbal intervention.

Market forces will determine the exchange rate. Right now, things are reacting to emotions and not logic. Let's not forget that $1 == N1300. Does it call for celebration? It is so bad that people are celebrating that bad news is no longer bad enough.

I am still looking more towards US policies, Fed and US inflation data to gauge the direction of US$. While some rely on hope, some are using any appreciation in naira to buy up more dollars via DCA.

Transfer rate at this moment is still N1500/$. Go figure!

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fineboynl:
It's responding to the recently dollars pump into the market. How many times will naira appreciate against the dollar?

Dollar will still respond back.

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Someone is even celebrating $ @ N1650 as a big improvement. People sef.
Short memory is worse than cancer indeed.

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Why blame the pastor?

People should learn to take full responsibility of their lives. The ones that removed their brains and handed it over to charlatans that call themselves pastors should be smart enough to know that they are customers. The pastor is not under any obligations to care about your well-being. He didn't force you to be an idiot.

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It is heartbreaking to an extent.

If you steal a phone, they will roast the suspect.
But one rickety old man stole the election, they couldn't raise a hand. They are even making excuses trying to be lawful in an unlawful society. Two men (Tinubu and Mahmoud) rendered 250 million people useless. What did the people do? They just mumu dey go thinking e go better. Oh well...

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Who is to blame?
They constantly insult black people. Black people routinely worship them.

They even give them a picture of a white-bearded grandfather and a middle-aged white man that you must bow down and worship to be saved. The harm from the psychological programming is permanent. The same victims will take up arms against anyone who questions their fictitious white daddy.

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Used, dumped, dead and forgotten.

Karma is real.

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CBN keeps devaluing naira at the official window and then turn around to chase BDC operators

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They can raise it to N10 billion if they want. The oga will get the license and send his boys out at street corners to hustle for customers. The way those aboki operate within their BDC network tells that they are highly organized. One phone call and transactions happen.

CBN is acting as if BDC operators are the de facto exchange rate determinants. BDC operators are filling the void that corrupt banksters are creating through arbitrage.

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Seun:

https://www.youtube.com/watch?v=hNf97-hy7Gw

Our Finance Minister, Mr. Wale Edun, who is responsible for fiscal policy, appeared on ChannelsTV to share his plans to improve the Nigerian economy:

1) Giveaways. He spent half of his time talking about giveaways. He feels most of the excess naira in circulation has gone to the rich, so he wants to share more excess naira with the poor as well. 🤐

2) To plug revenue leakages by channelling all revenue directly to the FG and disbursing expenditures directly to intended recipients without intermediaries who might embezzle the money. ✔️

3) To increase tax collection by 70% this year without increasing tax rates and eliminating some types of tax that are unnecessary. ✔️

4) He want to pay back Ways & Means by looking for new sources of revenue. I felt that his explanation of how that would be achieved was vague. It's unlikely to happen after CBN's data showed an increase in W&M. ❌

5) Collaborating with CBN by increasing interest rates to attract FPI. I find this to be short-sighted if attracting hot money is the perceived benefit of raising interest rates and not the reduction of inflation, & FDI. Also, our real interest rates are still negative, so how will this work? ❌

Overall, Mr Edun has some decent ideas but his overall plan is inadequate to solve our problems.

I recommend inviting the economists who spoke at Proshare's Economist Conference to Abuja for a retreat where they can help him to develop a comprehensive plan that might actually work.

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Nonsense talk from a textbook economist.

How can you increase tax on people and businesses who are barely surviving? They will pack up as we are currently experiencing.
The money supply is too much leading to high inflation. Why increase the money supply and at the same time talking about curbing inflation?

Away from the textbooks, let’s apply common sense.
1. Fix the refineries as a matter of urgency and stop fuel importation. Nigeria can be self-reliant in energy.
2. Ensure 24/7 electricity supply. This will support a lot of business and cut down on the cost of doing business. Buying diesel at N1500/liter is a dreamkiller.
3. Fix the roads.
4. Ban importation of non-essential commodities.

These four actionable plans can be done in 1 year by a serious government. Giving handouts and doing giveaways are not economic plans one would expect from a so-called “seasoned” economist.

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She is a teenager. Keep talking to her. That’s what parents do. Parenting is not a walk in the park.

Sending her to Nigeria is converting her to a hookup girl. Don’t even think about it.

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This is a collosal waste of time, energy and resources on this redundant committee that is being engaged to usurp the responsibilities of CBN. Everyone is talking about monetary policy and pretending that fiscal policies don't matter as well.

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Creamypie:
Elections have consequences.when they thought they were dealing with south and east, na emselves dey do.thank god no protest in south and east. Painter of garri na 2k500 for warri. By 2027, any person still alive, and living, in this country will then be taught this time, by extreme suffering. how to make proper electoral decisions, which are not based on tribe, religion

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By 2027, the surviving morons will still vote based on tribe and religion. Don't underestimate how much Nigerians have been programmed to enjoy suffering.
They seem to enjoy it. They'd rather cut off the neck to spite the face than focus on their own prosperity.

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Judolisco:
I think a committee of profs of economics from selected universities should be formed.... Make dem come practice wetin dem dey lecture for schs

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You must really hate Nigeria to propose handing it over to merchants of handouts.

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The content of their CV is always at variance with their performance.

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Do you think Nigeria will be as bad if the citizens are receptive to truth?

A single lady above 30 is a monumental failure. The truth hurts.

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Why blame Tinubu when there is full evidence that God is punishing Nigerians for hypocrisy?

I see all these as act of God.

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Who would have believed that $1==N1500 will call for celebration?

For as long as you live, naira can never go back to pre-Tinubu level. That's the reality we must live with.

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US$ will take a dive soon. It has nothing to do with Tinubu or Nigerian fiscal policy. But of course, they will take credit for what they have no control over

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Ulogwe1:
With VPN someone can be anywhere they want. These guys are so daft.

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Don't be surprised that some of the officials have M.Sc in I.T courses but don't know how to turn on a computer. They can't win the game they are playing. It takes more than propaganda to rule a nation.

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References1:


https://www.premiumtimesng.com/business/670511-forex-crisis-nigerian-govt-blocks-binance-octafx-coinbase-others.html?fbclid=IwAR0KcvS7CTaFAcMsoeNnhW2YRLqNMrGdugb_c3Wf5_1bHB6yyLgeYXdrq6g

Previous Thread:
https://www.nairaland.com/8007407/forex-crisis-fg-plans-clampdown

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After they banned Abokifx that year, $1 became equivalent to N1. Right? The officials are the ones creating panic in the system with their high level of ignorance. If US$ was scarce, now it will be extremely scarce driving up its value.

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Sometimes nature plays out itself

No propaganda. No lawsuits. No innuendos.

It didn't take much for Tinubu to prove to the world that he is an empty skull. His incompetence and aloofness is very glaring for all to see. They are busy trying to manufacture excuses that don't exist.

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Let them keep chasing shadows. When they are ready, they should contact me, pay my "hefty" fees and I will get naira back on track. Right now arbitrage is paying well. All is well.

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Bwala is too inconsequential to distract Nigerians from the current economic hardship and impending doom. The poverty result is out there for people to know that propaganda ain't helping nobody. Believers have turned to wailers overnight.

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pocohantas:


You should be delighted. It is more important to your kind that you say "I said it".

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If you are a Christian, better start praying that Jerome Powell starts cutting US interest rates soon and 10 Treasury yield falls. Heck if US equities take a dive and there is overall flight to safety by investors, US dollars jump and naira melts to abyss. It is not rocket science but reality.

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pocohantas:


I am quite amused at people like you who are delighted at the free fall of the Naira when millioms of Nigerians are starving.

Oh you are right! It is on its way to N5000/$.
Erudite Economist!

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Take emotions out of it.

Expect to get burned if you run into a burning building.

Am I delighted? Of course!

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Government officials are the ones creating panic in the system. The same way they blamed Abokifx when they ran out of ideas.

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I wonder what happened to these two brilliant NL quasi-economists (Pocohantas and doggedfighter) who believed very much in naira 3 months ago. Reality is king.
It reminds one of those MMM loafers who couldn't smell the coffee until the inevitable happened.

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That's a temporary measure and a bandage approach to a serious solution. They allowed Boko Haram and ISWAP to overrun those who are willing and capable to farm. It is well.

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Gracelander:
I just had to ask this question because it's been causing issues between me and my guy. He doesn't seem comfortable at all with me having male friends and he throws tantrums each time I visit my bestie. He even tells me to my face that he doesn't trust me, so he scrutinize every move I make.

Each time I answer calls from male friends with him around it leads to him nagging about how much I don't respect him and it's not as if I talk dirty or tell them that I love them, just friendly conversations. We had a slight issue last night cos I came over to see him and stay for a week before leaving, I didnt warm the food out of anger and it got spoilt this morning. When I told him about the food he told me that it was supposed to be our breakfast so that means no food this morning.

I had to chat one of my friends and he agreed to take me out, I dressed up and left the house and he sent me a message not to return to his house. Did I do something wrong?

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The only problem is that he is stupid enough to keep you as a girlfriend. Ladies like you that crave male attention and have herd of men calling them belong to the street. No commitment necessary.

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Only a bonafide and globally certified and licensed slowpoke will have any kind of empathy for Nigerians. What preaching and campaigning couldn't do, poverty and inflation have done in less than a year.
I pray it hits N5000/$. Nigerians can only learn the hard way.
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BucketMan:
Hello guys, please I need your advice. I'm currently in a dilemma on what to do with my life presently. I'm a lawyer called to the bar in December 2022. Afterwards I practiced in a law firm for 6 months before resigning due to the meagre salary and harsh work environment. I just couldn't keep up, Although I can confirm that legal practice was very terrific but it's something that you can only enjoy if you're well paid at the Law firm or company you work with to effectively maintain the standard expected from you.

I've been jobless for 8 months now as all the efforts I put into securing a job ended in futility. I'm thinking of going for my masters degree(LLM) instead of staying idle at home with my parents. I think by doing this I can keep myself busy and improve on my career academically while also trying to find a good job in today's Nigeria.

Serious advice needed please

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You will make a good real estate agent as a lawyer.

Just saying. Your power of imagination is very low.

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Who cares?Kaikai is still N100 per shot. That's good enough
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