Raskimonojendor:

Their IPOB Eze is still locked up in some dungeon. He got lucky.

Na true o. Only God know the watery beans Eze Kirikiri is eating tonight.

Sha no carry IPOB terrorism enter Oyo state.

Ibadan people don’t romance terrorism, I don’t want to the RIP for anyone on Nairaland abeg.

He should send Prof. Osinbajo to tell the president.

We will appreciate that.

Kukutenla:

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.

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.

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.

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

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

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.

tollyboy5:
as you can see CBN are trying to maintain liquidity not defending the naira.
Some people have been explaining this stuff that people are just speculating.
CBN cleared forex backlogs and paid several debt is it your extra free donations that did that?

Last last pressmybutton and the other guys like legendHero are right.
No be sey I dey support APC but respect Lagos men

socialmediaman

Oil dey your head brother.

Nice one.

He clearly said toward the end of the video that CBN is not defending any naira and that the shift witnessed in the FX reserve is normal. He even said the FX reserve will increase in the coming days as they have $600m that entered.

God bless Cardoso.

Kukutenla:

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.

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?

Blossomcresty:
PDP is really a finished party. At the moment the only opposition party is the LP.

Even ELupee is a finished party. If NLC catch you, you go know what’s up.

Who is Secondus?

Wike is the only authentic leader of the PDP. He shall anoint the next chairman abi na acting or anything they call am.

Atiku should swallow his pride and go and apologize to Wike for peace to reign in PDP.

God bless PDAPC.

immortalcrown:
I am not crying. You are probably crying, that's why you think I am crying.

How am I crying? Don’t you see I am happy that naira is gaining which explained why I created this thread?

Oh I forgot, you’re a disciple of that 3rd class olodo called Peter Obi. I heard Obi is exchanging his own dollar at $1 to N1, abeg you fit help me change $500?

predictor1:

He is an Obidienciary. They're in serious pain. They expected naira to be #2000 to a dollar. Imagine the idiot saying APC said #216 to a dollar was what APC met.

They are currently confused.

I don’t know how one will be purposely praying for bad thing that will also affect them negatively.

How can you be angry that naira is appreciating when it will eventually lead to more purchasing power for you when the price settle at the market. This their own brand of opposition is a danger to society.

immortalcrown:
APC said ₦216 per Dollar was too much. Therefore, no APC government is good unless the regime takes Naira below 260 per Dollar without taking the nation's foreign reserve below what the reserve was during the time of PDP.

Praising the government when Naira is 216 per Dollar means praising stagnancy.

Praising the government when Naira is above 216 per Dollar means praising backwardness.

Call me anything you like.

Why are you crying? Did Aisha hushmummy not tell you to keep your dollar close? What’s your business with APC and the rate?

—Naira increase in value, you cry
—Naira decrease in value, you weep

What exactly do you want? It was almost $1 to ₦1 in the 60s, when are you asking when Tinubu will make it 1:1?

Naira gained today at the official market as it closes at ₦1072.74 compared to closing rate of ₦1142.95 yesterday.

https://fmdqgroup.com/exchange/

NothingDoMe:
Lose life fortune because of buying dollars? Lol. I've always had dollars right from the days of $1 to N219 as far back as 2015 and more at N300 and N360 in 2019. Now, the dollar is over N1,000.

I am aware that although I have more—three or four times more—Naira, I don't necessarily have excessively more in terms of value as the cost of living has skyrocketed due to inflation and naira devaluation. But I would have had ALL my naira devalued if I hadn't invested in USD. So, investing in USD is the best option. This is the summary of what Aisha was saying, and only people with practical experience can relate.

Anyone who listens to your advice is foolish.

I am explaining it the other way round.

—Do you agree there are some people that went to buy $ at the rate of N1600 to $1 because they believed that Naira will depreciate more so that if it gets to like N2500, they will sell their $$ and cash out?

Those are the people I addressed. From what the useless Aisha said, some people will still go ahead to buy the dip now believing naira will shoot up to N2000 so they will be able to get profit.

Those are the foolishhh people I was referring to in my statement.

jmoore:

So why did it not go up to 1,000 naira per litre when dollar was 1,600 naira?

This thread will expose many things. Are they paying subsidy but are lying that subsidy is gone?

They can argue that they still have old stocks at that time. Like they are still selling old imported petrol.

Wainey:
1 liter costs 0.9$ in USA currently.
That's like 900 naira per litre.
In Nigeria it costs N600 per litre

It depend on your part of USA. Not all USA states have same pricing.

In ATL, it’s like $3.4 per gallon today. But in some part of Texas, it is far lower.

Some states tax gas higher even beside the transportation cost and other logistics stuffs.

Some part of Nigeria sell petrol above N600 that they have it in Lagos.

erniok:

Omo, there was a massive drop during GEJ era. From a whooping 59b.

Only God know what they did to it. I was also surprised like you.

Infact as bad as people are painting Buhari, he actually did increase the forex reserve.

Surprising statistics. Yet, we idolize Sanusi and Okonjo even when they depleted the FX reserve. Then curse Emefiele who increased it.

Petrol today is $2.98 per gallon for in some part of USA like Ammarillo.

—3.785 liters make a gallon

—That means one liter cost $0.787

In today rate of $1 to N1100, that’s like N865 naira.

That’s using USA, lot of factor determine the price including taxes and etc. In other countries, the price is lower than this.

IfnobeGod20:

You think only Dangote refinery can do the magic? Please continue deceiving yourself. The government also need to be involve in all strata of governments. Both local, state and FG. We need waking up as a people and country. We don't know what we are in. This sleeping Tinubu must wake up.

Nobody said only Dangote refinery will do the magic, but Dangote refinery is the greatest investment that Nigeria have had for the past 2 decades.

Just leave your biases and imagine the billions in $$ that will be freed for other purposes considering the fact that Nigeria import petrol and diesel normally. Now they are being bought and sold in naira.

In 1 year time, we will understand the massive savings that will come with this.

Yes, we need to wake up and create more production capacity, but the little Dangote did should also be commended.

Mekanus:
Thanks so much for this comment. This thread just made me realise that a lot of nairalanders are super Dumbo.

That someone has been granted bail in a court doesn't mean the person is now free.

Cubana chief priest may not have also paid the bail money in cash, he could have just provided two sureties in like sum, that means the two sureties will provide evidence of owning properties worth 10M.

Exactly, don’t mind them.

It’s a lie, Tinubu depleted foreign reserve to defend diesel price.

We will not take this. We must buy diesel at 1800 to mock Tinubu so Nigerians can stay angry until 2027 and Obi will be elected president automatically.

Dangote is a propagandist.

Quest7777:
Increased Production and Exports remain one sure way to strengthen the Naira, not all these superficial bulaba economics they have been scamming us with.

So Dangote refinery is not increased production?

All those $$ we source to buy diesel, will we not be directing that demand for diesel import to somewhere else?

Abi that dosen’t count as production to you?

Cardoso my man.

Baba dey para. Banks and BDC go know say it’s not business as usual.

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.

Saintganduje:
Yes. Send your aza.

Give it to your family to feed.

Saintganduje:
Do you want to attend school?

Yes, you wan pay my schoolfees?

Hopez456:
This is highly unnecessary. Besides, before one finishes a course in that school, age will no longer be by ones side

Do you mean NOUN don’t admit anyone under the age of 26?

socialmediaman:


Don’t you think this is worth celebrating in your camp since the only thing this government has brought on Nigerians is suffering since they came to office?

Before Tinubu, were you not poor? You’ll still be poor in the next 8 years and still be shedding tears bitterly.

Go and hustle. Your mates are making it, stop wasting your time on Nairaland finding threads to be bitter about.

This thread is about NOUN students mobilizing for NYSC, it is a great news to those students. Let them celebrate in peace and you can choose to cry and gnash teeth. It is your right!

socialmediaman:
One of the biggest achievements of Tinubu's 1 year in office!

He has done what no other president in Nigeria's history could do

Imagine the sleepless nights it took to get this done!

Tinubu supporters should go and celebrate this "landmark achievement"

Congratulations!

Say this without crying. Where is Peter Obi? I heard he is now the president in a parliamentary system of government.

vowiski:


Which of the law graduates ? Bsc Law or LLB ?

I think ABC graduates

slivertongue:
very unnecessary

Are you a NOUN student?

The NOUN students have been rejoicing since and their respective school VCs already informed them about this 2 days ago and they love it.

Tinubu also direct law schools to admit NOUN graduates.