₦airaland Forum

A40:
Dollar is now 855 .

PDPGuy:
Can't wait for the debates

Donjazet2:
The only person to date who was bold enough to call out the spiteful narratives bandied about by our resident Hitler.

raumdeuter:
I hate this Ramdeuter how come no one is joining me to hate him

Are you guys who are my remaining hope in life rejecting me too like the embassy amd my GF

obainojazz:
Ooasis said it’s world wide like there’s any currency falling at naira’s rate…. But but we ban rice and everything will be good said gloriousgbola

1 Australian Dollar used to be 170naira, now it’s 521

izzou:
[color=royalblue]Please go and rest.

Why can't you join the conversation since you are agenda-less? We are talking about PO here

You cowardly go and hide when people try to critically analyze your MCM, only to show up later with insults, gibberish and screenshots of Dayo.

PO is up for discussion tonight. Be a man, and join the conversation[/color]

GloriousGbola:
dont worry, we will vote in peter obi, go fll container economy, import every last thing and the dollar will drop to one naira, says obainojazz

Ibime:
They Abokifx is now offline. I wonder who FG will blame this time

Theflint1:
Debate wey Tinubu don dey plan to dodge?

obainojazz:
Ooasis said it’s world wide like there’s any currency falling at naira’s rate…. But but we ban rice and everything will be good said gloriousgbola

1 Australian Dollar used to be 170naira, now it’s 521

obainojazz:
Ooasis said it’s world wide like there’s any currency falling at naira’s rate…. But but we ban rice and everything will be good said gloriousgbola

1 Australian Dollar used to be 170naira, now it’s 521

OasisX:


I believe all of us here are educated. I also believe we are not dunce and fully understand reason Naira crashing against Dollar.

We may not be in Nigeria, but we know what's going on around the globe. Inflation is biting hard everywhere in the world. So many currencies are crashing against Dollar.

Ghana Economy is on life support now. Same Ghana many of you rated so high against Nigeria few months ago. Ghanaians would be back in drove to Nigeria with their sac-bags.

Egyptians Economy is in comatose at the moment. They've ran back to IMF to get fresh loans, alas! It's only Nigeria feeling the hit of economy meltdown.

Make una no worry. We'll vote una MCM that studied MMM at Havard.

Whatever you see happening in the Forex market at the moment is artificial and temporary.

Let me explain

Last year, CBN stopped selling dollars to BDC and street hawkers, and the dollar supply dried up.

Because these guys in that segment did not have a dollar again, they started selling dollars among themselves, rotating dollars after sourcing from third parties to meet the demand of their customers.

Sanusi, a currency trader, who sourced $1 million from his yahoo boys customers can wake up and decide to set his price at 950.

Because Sanuai is the only trader who has dollars to sell in Allen Avenue. His colleagues would rush to buy at that price and then the news will read,

Breaking: The dollar touches a new low as it crosses 900.

It's a free for all right now, and the CBN's naira redesigning policy, which came at the wrong time, isn't helping matters.

CBN cannot intervene in that market at the moment for three reasons.

1) NNPC is currently not remitting dollar funds to CBN due to fuel subsidies.

2) Nigeria's declining oil production as Nigeria is not producing enough crude oil to meet its OPEC quota because of oil thieves in Niger Delta.

Angola, the second biggest oil producing country in Africa after Nigeria, benefited immensely from the oil windfall. Its currency, Kwanza, is one of the best performing currencies in the world against the US dollar.

In fact, it is good for Angola that the country is awashed with dollars, which is the opposite of Nigeria. We did not benefit from the oil boom, which is the first time in our history that it is happening.

3)Strong Dollar

Because of the interest rate hike by the most powerful man in the world, the head of the FED, Oga Jerome Powell, the dollar is at its strongest value, the first time in a decade, and so foreign direct portfolio investors have taken their money away, known as capital flight from emerging economies to invest in the strong dollar and US treasury bills and bonds.

This decision by Oga Jerome to reduce inflation back home in the US is hurting emerging economies like Nigeria.

The way forward is for Nigeria to scrap subsidies and then for oil production to go up to 2.2 million daily production which Tompolo and NNPC, under the leadership of Myari Kyari, are working hard to restore and find a solution.

Whatever the dollar is retailing at the moment, it is not the true value.

It will revert to its true value, somewhere around the 450 to one dollar mark, the day Emiefle wakes up and decides, "You know what, enough is enough," and then resume selling dollars to the BDC and currency hawkers at the bottom of the food chain.

The day Emeifele wakes up to do this, a lot of currency speculators and Nigerians buying dollars at this present rate will be burned as they will lose half of the money they used in buying dollars

Buying dollars at 800 is not a wise decision. You will be burnt and lose money any day Emiefele decides to resume selling dollars to the BDC guys.

What I don't know is when?

Personally, knowing that this dollar rate hike is temporary and artificial, I have stopped any dollar investment from crypto trading to investing in foreign stocks while saving my money in Naira , looking for banks that give better rates for fixed deposits while holding my money in Naira.

For those of you betting against naira , good luck, but remember this post is the day Emeifele resumed selling dollars to the BDC guys.

When this happens, I can assure you that you will lose money and cry.]

Ibime:
This seems to be a bit more than just general dollar strength against everyone cos that black market rate has jumped nearly 50% in just few days. I read this somewhere, not sure how accurate. . .

A001:
It could take like 50 years for Nigeria to recover from the disasters called APC and Buhari.

All things being equal, no right-thinking Nigerian should campaign for the party, let alone vote for BAT, but even Adolf Hitler had his supporters when he was alive.

When APC's Tinubu is the best candidate in the upcoming presidential election for some people, then all hope is lost.

OasisX:
... as an Economist/financial Expert, do you think CBN Decision is good or bad?

Ibime:
That movement is too fast. I don't know how much Foreign exchange they have, but if they have some, they should mop up Naira liquidity and provide some short term stability. Investors like predictability. You can't invest in something and by tomorrow your return is already 15% down from foreign exchange risk

liveLongNprospa:
But the person who is calling you out is the hater and miserable person.
You and your supporters are not demons abi. After all you enjoy taking your earnings and changing it to naira to ball so you can get ego boosts from enjoying a dead Nigeria .

Nah.. The madness that is Nigeria will also happen to you selfish fvckers.

OasisX:


My good Brother, don't worry too much about me and rest BAT Supporters. We are voting PO as next President because we believe he's gonna make 1naira equal I dollar before end of his first term.

GloriousGbola:
dont worry, we will vote in peter obi, go fll container economy, import every last thing and the dollar will drop to one naira, says obainojazz

A40:
Lol. Guys are just being mischievous. There's nobody here that would allow their personal company be run by APC for the next 8 years. There's no sector they have not destroyed.

A Family sized bread I heard is now between #700 to 1k. No need for family planning at this point.

Expenses go adjust your preeq

obainojazz:
These ones are equating me criticising the e government with next year’s election like I carry politicians for head like them

Hope you know whatever is happening now will affect Tinubu or whoever wins next year

You guys tactically defend nonsense and don’t call it out because you are loyal to parties or politicians

I’ve been calling them out before Tinubu or Obi declared intention to run for presidency

I can bet even Tinubu will undo some this current administration policies made from a point of zero knowledge

Anyways, y’all like suffering and smiling

Ibime:
That movement is too fast. I don't know how much Foreign exchange they have, but if they have some, they should mop up Naira liquidity and provide some short term stability. Investors like predictability. You can't invest in something and by tomorrow your return is already 15% down from foreign exchange risk

liveLongNprospa:
Tribalism is stale keh? See this mumu that knows nothing beyond copy and paste .


If they say you guys will return to Nigeria to enjoy the choices you made, you'll start calling someone a hater. But you don't see your actions as demonic .


You initially supported a government because "your son" was VP and even after the government has destroyed the country, you still want to support that same government again because "your son" is presidential candidate .

But the person who is calling you out is the hater and miserable person.
You and your supporters are not demons abi. After all you enjoy taking your earnings and changing it to naira to ball so you can get ego boosts from enjoying a dead Nigeria.

Nah.. The madness that is Nigeria will also happen to you selfish fvckers.

"Nigeria will not be good" so you have decided to destroy it totally. And it's the way the "OGs" all almost fail to hold themselves accountable but suddenly they know how to talk about how bleeped up naija is or how naive people who support Obi are...

Lmao bunch of old idiots

"I'm not supporting him but..." abeg eeee like your actual stance doesn't already shine through

OasisX:
Present Governor of CBN is a Mistake, but this is Nigeria where you have to think multiple times before making Decisions.

He's kept there for quota system sake. PMB has got to please SE/SS Region with first class Appointment, since rest juicy positions are locked down by SW and North.

Theflint1:
Lol...what are you saying, even if you want to make a token appointment aren't there other SE'ners that can occupy the position?

liveLongNprospa:
"Nigeria will not be good" so you have decided to destroy it totally. And it's the way the "OGs" all almost fail to hold themselves accountable but suddenly they know how to talk about how bleeped up naija is or how naive people who support Obi are ...

Lmao bunch of old idiots

"I'm not supporting him but..." abeg eeee like your actual stance doesn't already shine through

Donjazet2:
No. Let them continue to be decieved by these 2 imbeciles who are far away, far detached from the realities and effects of bad governance in Nigeria.

OasisX:


Indeed.... LOL!

I've seen many of your posts criticising Obi as well. You even condemned his lapses as Governor of your State, where no one is suffering rather smiling.

obainojazz:
They are telling us Dollar is strong when the fact is the country is being run on cruise control

Baba don fly out for medicals