₦airaland Forum

liveLongNprospa:
For sure.
Guys dey actually wait first.
I honestly hope this is something more permanent because the way inflation dey chase person wey dey save for dollars nor funny.
That isn't sustainable forget the fact say we dey use am banter

Yes, they were able to wipe out over 400 in a day. I doubt that's sustainable.

Hopefully the CBN is able to clear all these backlog issue, I'm hearing foreign airlines that have their funds trapped will be getting it next week.

If CBN is able to achieve this, more confidence will return into the market with more investment which will bring in more needed forex.

One thing is certain, Cardoso wont do things the way Emefiele did them, hopefully he gets it right.

Theflint1:
We're simply protecting ourselves. The fundamentals are wrong, and na the Koko be that.

Especially against inflation. You cant blame people for that.

It's the job of the CBN to control inflation.

liveLongNprospa:
At this point, make them enter ring

Both of them dey sponsor editorial for major newspaper.

liveLongNprospa:
Because there are different speculations and propaganda nor dey hard una do.
There is evidence that the FG is responsible for the depletion of the naira.
This is has been consistent.

If the naira is fighting back, it could be as a result of different things.
That you want to rush and attribute to the FG is your perogative. I don't have to do that.
If after a while it is consistent and there's a reasonable explanation with evidence then I'll give the FG props.


I mean the same you talking now still were recently talking about how the naira rising was the naira finding it's true level.
Is this the true level of the naira seeing as it's appreciating against the dollar or should we be watching?

All this one you are doing is shalaye bros. Nobody send you.

I clearly said before that once liquidity gets into the market, the market will stabilize. I remember telling you on this same board that liquidity is the main issue of the market and once liquidity finds it ways to the market, the naira will begin to stabilize. I dont know when me and you have the conversation where I told you that the naira appreciating is the naira finding it's true level. I kept saying it back to back that liqduity is what the market needs and the CBN needs to find ways to bring liqduity to the market.

So you dont know before that speculation can also drive up the price of FX before you are blaming the FG when the exchange rate shoots up?

Like I said bros, stay one side. If you want to blame the FG when the price goes up, do so but also praise them when the price goes down also. It's simple sturvs.

Nobody is forcing you to praise the FG in the first place bro, I never even said anything about praising the FG until you brought that tweet here and ask for my opinion on it.

You can continue with the shalaye sha. I'm done with this conversation.

BUA and Dangote dey fight.

liveLongNprospa:
Oga.
Again when the FG properly shows working that is consistent then Nigerians will trust them with their money.
As if the destruction of the naira started recently and people have not been losing value of their money.

Please please and please.
Buy the dip dears.
If you lose money due to the naira stabilising that's fine.
If you make money because the dollar bounced back.. Then good for you😊.
Put yourself first.

Everyone should put themselves first.

But its advisable to just wait for at least 24 - 48hrs to get a true picture of things before buying the dip.

seankafor:
https://www.nairaland.com/7898358/kazakhstan-opens-doors-visitors-nigerians

Now japarians over to you

No be you wan go this country ni?

liveLongNprospa:
I'm sorry but when the FG also depleted the FX reserves, did that have anything to do with our currency depreciation?

Is our FX reserves back up now to warrant this level of currency appreciation?

I'm talking in relation to the outrageous surge we experienced within 1 week that the naira was crashing at an alarming rate, the same way the dollar is crashing currently.

The koko is the content of that tweet you posted, if you are blaming the FG for the dollar explosion, you cant say the dollar crashing down has nothing to do with the same FG that you were abusing when the dollar was exploding. That's my point.

liveLongNprospa:
But surely you know its not this simple right

It's as simple as ABC.

The way the exchange rate exploded was outrageous even when the FG didnt really do anything or release any policy that could've trigger the explosion but everyone blamed the FG of course. Infact we were getting dollar increase alert on here and trolling everyone that voted Tinubu.

It was Ibi.me that was saying the dollar explosion didnt really have anything to do with whatever Tinubu did or isn't doing as it's the market (speculators at play) that was pushing the explosion as everyone was trying to buy the dollar to keep up with the inflation.

Now the same dollar has come crashing down and you want me to comment on a screenshot that says it has nothing to do with the FG?

You have to pick a side, if the FG is responsible for the dollar explosion, then they are also responsible for it crashing down.

liveLongNprospa:
Lmao.. Did you see the simple tweet from Binance this morning 🤣.

Wheres the tweet?

liveLongNprospa:
Larride.. Another angle

Ibime and Itsrm wetin una think?

So when it goes up, it's not the FG fault also right?

Currently $792/$

liveLongNprospa:
Yeah a few banks.
But that's not really what is driving this coz the percentage was small.
I think FG is working with Binance.

Question is this, will FG take advantage of this?

Working with FG as what? Dead the conspiracy theories. The market is what it is.

The only thing the FG can do is to stabilize the naira through liquidity in the market. The price surge in the last weeks were purely speculation driven and it's the same speculation that's driving it downward (I think so).

Once the CBN is able to clear all the remaining backlogs, the market will get the needed liquidity it needs to stabilize.

We keep watching sha.

liveLongNprospa:
It will fall to 800.

Please take advantage of it FG.
Abeg
Make Nigerians breath abeg😩

There was news yesterday that CBN has cleared most FX forwards to international banks.

This is the market reacting to the news.

They just need to clear the tier 1 banks backlogs, then the market can stabilize.

What's happening to USDT/NGN on Binance?

BlueRayDick:
It's the ministry of finance that does it in the recent past; maybe it has changed due to this constant merging and breaking apart ministries with each new administration in this country

True but it falls under the scope of the ministry of budget and national planning.

liveLongNprospa:
Outside of inec?
Who else was called in the 2 days it was with them?

It's a supplementary budget whose cycle will end by Dec 31st. Most of the items in that supplementary budget might not even get funded apart from the salary increase and the cash palliatives.

The koko is the budget for 2024, that's what will go through rigorous review.

BlueRayDick:
All u've done is to tell us is that MDA's can always pad the budget because the ministry of finance is too negligent in their duty of preparing and managing the annual budget of this country . The bucks of all of which stops on the GCFR's table .

No wam!

Me I no get problem with it at all .

It is the ministry of budget and national planning that is responsible for preparation of National budget. Though they work closely with the ministry of finance.

Just like Ibime explained, most breakdowns of line items in the budget are always done at the National Assembly. That's why during budget review, the National Assembly calls each MDA to defend their budget.

I thank God I didnt watch yesterday match. Gave myself brain and just focus on my finishing my slides.

Yoruba use to say Koju maribi, gbogbo ara ni Ogun e

AdisaOwala:
I am even more confused here...

We lost 0 -3 at home to Newcastle's reserve team, despite our manager having a good number of his first teamers at his disposal and we are still talking about Sporting director and recruitment?

So you mean we need a sporting director and new players to beat Newcastle's reserve team at Old Trafford?

It's okay.

You were wasting your time.

patrickmuf:
I have resumed duty...

If you support ETH, be ready...

LostMyZeal, nani667, Joezinho, Treblechamp and other comrades, it is time...

ETH Out!!!

Ebukacute:
I lost my mom to the cold hands of death yesterday morning.... Omo I just can't get over this experience. Kai! Since yesterday night I have seen another side of life that I haven't experienced before.

Please accept my condolences.

May God comfort the entire family during this period.

Stay strong.

Itsrm:
Who knows, maybe he asked for it to be included.

And just to be clear on something, even if it's under the naval budget. It is meant for the president.

Just like any purchase or maintenance of the presidential aircraft will be under the budget of the airforce.

Of course just as the name implies, it's going to be meant for the President.

Theres no beach or ocean anywhere near Abuja so I don't know what the Navy wants a yatch for.

It didnt make sense in 2010 and it doesn't make sense now.

GloriousGbola:
Conducting raids for white collar crime says it all. Fishing expedition

Yeah. Just pack everybody and then begin to sort them out one after the other after shaking them down.

BlueRayDick:
I'm not buying this at all.

Shey Tinubu no get anybody wey vet the Suplementary budget before he sent it to the House for approval ?

Oh trust me, the bucks stop at the President table.

That's the job of the budget and planning office, they are the one that harmonize each MDA budget and should've strike out that item.

Itsrm:
BlueRayDick

If to say you be pastor, you for dey cashout. This Dumbo in one post said it is not for the president and the very next one, the navy wanted to buy it for Jonathan.

https://twitter.com/ONsogbu/status/1719733067021963726

Truly the line item is under the Navy budget. The last time the Navy tried this rubbish was under Jonathan when he took over from Yar Adua in 2010, it was also included in the supplementary budget then before Jonathan administration strike it away.

They didnt try the rubbish with Buhari.

I'm surprised how it made it's way back into the supplementary budget 13yrs after

BlueRayDick:
I read it was off campus. They obviously can't enter school hostel to pack 70 students and go free na.

There's a possibility some of the students packed are into Yahoo while those clean will be released.

NB: I'm not justifying the arrest and the manner in which it was carried out; but I also can't confidently vouch that the students arrested are all clean.

Efcc are mad, how do they continue to raid houses, hostels and hotels irrespective of who is in charge is very alarming.

A sane agency will carry out their investigations thoroughly and go arrest those involved in the crime. Not raiding a particular place and then just packing anybody they see there.

liveLongNprospa:
Larride how far?

BlueRayDick I'm here to update you. Please hold on to a few things

Wetin you dey tag me to?

liveLongNprospa:
Larride your man is leading by example abi is this spending outside his power?

BlueRayDick how you check am?

No be today Navy don dey put Presidential yatch for their budget, doesn't mean it will be funded. I really don't know what Navy wants to use Presidential yatch to do though.

OasisX:


.....I respect El Rufai more. I haven't seen him influencing or undermining decisions of KD Governor so far, neither is he acting like a Godfather to him.

Wike has taken godfatherism to extreme. He needs to ask PBAT how its done without losing their loyalty.

But I think Wike just wanna fire a Warning shot by removing majority leader, allegedly loyal to SIM and he has successfully done that.

24 Members of HOA are still loyal to Wike.

Majority leader is still a member of the house

This Antony is dumb.

If only we predicted that we will beat City on this thread, we will have been winning at the moment.