I am not understanding this news o

I suspect there's a mixup somewhere

hisexcellency34:
This dude is still the Commissioner for Info? I thought he occupied the same office under Yahaya Bello

Yeah
All the commissioners retained their portfolio

oneda:
Did somebody call his name to see if he will disappear?

As akudaya abi

Let's hope the proceeds won't be counted among the stolen crude

@legendhero

This make no difference

Price of commodities is still on the high side

Minimum wage has gone mum

When will the poor breath in this APC regime

This post is justification of why weed is bad.

I stand to oppose the legalisation of cannabis!!

The Police and the DSS needs to explain how he came about that huge number of security aides in the first place.
I'm not sure a sitting gov has that number attached to them

Tjra:
Yeye Bello is a goner.

His cup full so fast!

You guys have dropped him so fast like hot agbado

A man's foolishness buys market for him

I guess it's more of the wicked runs when no one pursues

Rubbish!!

Raskimonojendor:

It's the handiwork of the Obidient headless mob. They are doing everything possible to try and create confusion and sabotage the economy because their agulu messiah lost the election.

Same way they were bitter about the progress of the Coastal Highway.

Can you explain how we got to celebrating 1km of road by the FG? As in FG o, not local govt. The standard of governance is being eroded by clowns that are desperate to hold on to anything to prove govt is working

GentleOlaoluwa:

Are you not the same dude claiming to be shaking?

press9jatv:
best Governor so far in Oyo State history

He's really doing well

LegendHero:

I am not shutting down different opinion, infact I am just giving another side of the argument. What you don’t seem to understand is that Naira itself is an overvalued currency. It is a product of false speculation and that FX market is riddled with corruption and inefficiency. If something is overvalued, that fundamental backing you talk about can be something as simple as structural change which Cardoso has embarked on which includes, repositioning the BDCs, paying off backlogs, mopping up excess cash, FPI, regaining IMTOs trust, and increased diaspora inflow. Infact Dangote refinery is also a positive on the side.

So if you don’t see all this but instead fixate on increase production, then you might miss the point. If after Naira finds its true level and Cardoso then continue to overstretch, then we can now say something else.


I am taking about the 4.8trillion that was used to settle part of the way and means. They used part of the treasury bills and bond. Its like borrowing to repay borrowing.

https://nairametrics.com/2024/04/09/fg-spends-n4-83-trillion-from-bonds-treasury-bills-to-settle-borrowing-from-cbn/?amp=1


I don’t understand what you are talking about here. I have told you times without number that you must factor both crude production and the price when looking at this. You can’t use one data point because it won’t give the whole picture. Oil could sell for $40 and production is 1.5m barrels averagely, this will be more revenue for us compared to when oil sell for $50 and production average 1m barrels. Calm down and re-check the trend again and come back to correct yourself on this.


Lastly, did you watched Cardoso interview today? The man himself said FX reserve movement is normal and that they have several obligations to fulfill which was why there is a slight difference. He mentioned that they got like $600m yesterday and in few days, the reserve will show the growth. Nothing like defending the naira because he clearly said the amount given to BDC as intervention is very small compared to the official market.

1. I don't usually buy this bullshit of overvalue and undervalue. They are meaningless words not based on any factual scientific analysis. What exactly do you mean by overvalued or undervalued and what are the parameters that determine if a currency is any of such? This vague description entered Nigeria last year and now it is being bandied about as if it is some fact based terminology. Basic economics teaches us that an overvalued item will lose value over time while an undervalued time will gain value due to an increase in demand. Over the past year I have not seen any movement in the naira as an item to conform with that theory. So how do you know when the naira has reached optimum value?

2. You confirmed what I said. The Ways and Means was incurred by this administration. It is another testament to the mismanagement of our fiscal policy by the APC. At least you can also see the anomaly of borrowing to pay back another borrowing and incurring multiple interests on a single loan in effect. Besides, since it was cleared using bonds and TBs, what does that have to do with the foreign reserves? The dip we are discussing is about foreign reserves which is expected to show an uptick in tandem with our international trade value.

3. You are the only one i know of who is using production volume as a factor. Even your trend did not consider that. Like I told you already. it is a factor under the control of govt so it will be a waste of time to delve into it. The point I made and is clear from your data is that the rise in foreign reserves usually coincide with rise in price of crude. It is clear in your graph.

I listened to his interview and he more or less admitted that the reserves were used to defend the naira. You are fixated on BDCs alone when their are other outlets that request for forex directly from CBN such as manufacturers, Banks and even govt. So if Cardoso has come out to explain that naira is being defended with reserves, I don't know why you are now shifting to "it is small" instead of accepting that you were wrong to attack the article in the first place.

Billmos:
Elrufaui thought tinubu was better he betrayed Ameachi my man now he is in hot okro soup tinubu want use him like fufu eat d soup.dat minister legwork was just d starting point

God works in mysterious ways. El-Rufai never liked Tinubu. He only agreed to support Tinubu when Muric asked him for help to install a Southern Muslim as president with a northern Muslim vice and tinubu was the preferred choice. Elrufai himself let out the bag and that was the beginning of his troubles with the Tinubu team. Actually it started from 2015. But this incident triggered the whole thing again.
That's why I always laugh at the ignoramus who accused Obi of playing politics of religion. It is because Nigerians are docile. Elrufai straight up informed us that Muric was actually working for Tinubu! Somehow, it flew over everyone's ears.
In the end, it's that same Muslim supremacy agenda that's giving Elrufai sleepless nights now.
God is wonderful

OChimex:


Bayern will knock Madrid out.
Kane is definitely winning his first trophy and it's on a big stage.
Nature has alligned to reward his hardwork of years.

You can dream freely

IBvoss:


One had 34 attempts and the other had 8 attempts. Lol. We all know they were lucky only one of man city's numerous chances was converted. But luck na part of the game.

Did man City hit the woodwork or what exactly do you mean by lucky?
Madrid lost 4-0 in this same stadium last season in a match they could hardly come out of their half.
This season, they scored first, set themselves up to counter and had decent chances even till the end.
I don't know what some of you are watching. Halaand barely touched the ball in the box. Most of not all of city's shots were from outside the box. In fact, most of their shots on target were corners KDB was playing towards the goalpost.

Angelfrost:


Lol... If it were City, then Tuchel would have been really worried.

Bayern can (and should) get past Madrid!

Bayern ko
Munich ni

Same Bayern that struggled against arsenal
Madrid is in the final already

LegendHero:


How many month of data do you have to accurately predict the average rate of the FX reserve for 2024?

—In January 2nd of this year, the gross FX reserve stood at $33.02b
—in April 15th of this year, the gross FX reserve is $32.2b

Tell me who in their right senses will now be writing all this hogwash news about FX reserve depleting. Depleting by how much considering the amount of backlog and way and means Cardoso had to clear?

@the bolded, you clearly don’t understand data interpretation. 2011 was the year we earned the highest amount of revenue from crude oil sales (Oil price & production output). Why then did the FX reserve dip to $33.5b on average during that year?

Ever heard of the phrase "early bells"? Those of APC persuasion have been rejoicing over the naira rebound regardless of the fact that there's no visible fundamental backing it up but your peeved that an economic watch magazine is making early inquiry into the dynamic of reserves and naira value. I think that's double standard on your part. It's a puerile attempt to shut down a different opinion simply because it does not sit well with you.

And I don't know what you mean by clearing ways and means. What's that? I'm certain it's not from the one from Buhari's era cause it has been securitized.

You don't know how to read data. You can see the slump started after 2008 when there was drop in oil and it continued downwards but stopped in 2011 and started an upwards trajectory after 2011 when oil price rose. Note that your figures for revenue are not correct as I pointed out to you in the earlier trend. But even at that, it's easy to read between the data and see the relationship if you're familiar with trends analysis

Image123:


It depends. POS is not supposed to be a business, but a point of service. Sometimes a business, sometimes a "point of service".

But POS is selling naira

blowjohn:


Make all the player for Bayern come back for the semis make I see how Madrid go take win.

Muller, gnabry, sane, coman etc

Make dem go wake up Beckenbauer, dem go still collect

IBvoss:


Call a spade a spade. Na nonsense game but luck dey our side.

The stats below show so.

Which kind Luck? Madrid made their luck
If not for Luck, if Rudiger had played that chance well, Madrid will be clear winner. Madrid had the best chance of extra time

sprints1:
tuchel na agba for UCL but ancelotti na agbababa too. Na intense game na the on colos pass go win. But gnabry and coman no be joke... If I hear people call vini Jr world class again I will curse your mummy

So gnabry and coman are better than vini to you abi
You sure say na football you dey watch?

fergie001:
Tears of joy...... Two English teams out, I love this.

Gbayii baba

Tranquility2345:
Hmmm Rudiger actually almost missed that penalty kick…

I'm sure you'll need agbo jedi this night

michaelbelgium:
If na penalties, Madrid dey go house be that

You say whaaat!!

Does Lunin look like a joke to you?

Tranquility2345:
Na God save this Vinicius guy with talent to play ball. If not, he will just be a very ugly tout on the streets of Rio De Janeiro

You sound angry with Madrid
Is there anything going on we're not aware of

BAZ001:
Ancellotti didn’t bother to use modric or Toni Kroos see team.
Man utd no gree see small boys to buy wey go hold mid field na casemero still dey give hope
Msheewww

Kroos it's on field
Modric will come in as a sub
Blend of youth and experience is much better

LegendHero:
Lol, Nigeria media and nonsense sensational reporting.

Below is a quick chart I did on the FX reserve data from CBN. You can see how the foreign reserve move average through the years from 2006 to 2024.

Cardoso paid over $6bn in FX backlog, repayed trillion from the way and means, where do they expect him to see the money aside dipping in the foreign reserve and borrowing from external source?

Even the Bloomberg report that they are all copying and pasting clearly mentioned the above in their report. Just that Nigeria media don't use brain in copying.

To all those kids screaming keep your dollar, how many of una even get dollars lol? For those with dollar, keep it so that your family can cry for you when you lose your life fortune.

God bless Nigeria.

You have not said anything with this your graph.
What it shows rather is that our reserves follow the same trajectory with oil price. You can see a downward trend in years of oil price dip and upwards trend in years of oil price rise.
This makes the present dip more confusing because oil price is actually on the rise. I guess this is why there's so much concern being shown by observers.

Image123:


POS is not supposed to be a business, but a point of service. It's supposed to be used by shops and businesses for cashless payments. It's now taken over because many people don't have access to ATMs and even banks. It's not the norm but a permission because our bank services failed.

So what is pos doing?

If selling naira is a crime
What is pos doing

LegendHero:
Lol, be like say these guys don’t understand the meaning of bail.

—Bobrisky pleaded guilty, so the case is straightforward.

—Cubana pleaded not guilty, he will be release on bail because of the of the kind of offense which is bailable.

—Then EFCC will now need to proof that he is guilty with all their evidence.

—Then if found truly guilty, the judge will now sentence him with at that point.

So why is he celebrating?

Most celebrities are ignorant.... not only in Nigeria though. Its almost a thing