All will be swallowed by the usual suspects.a country that only exports natural resources with any vision will definitely fail.

BigDawsNet:


You don't want it to go down?

It's not really about whether I want it to go down or not bro. It's about the country, our exports needs to increase...else it will take a miracle to make it come down 🤷🏾

You are indebted to the tune of over $10billion dollars and you are releasing $500million.
These sets of lunatics only know how to maximise taxation, they have absolutely no idea about what Governance and Economy is about.

Choppings alert, make i go change my dollars first, i heard is 1400/$

SoNature:
Get ready to see the USD crash in the coming days! If we can flood the market with enough USD, it can even crash to #700 for one USD in the parallel market!

Unfortunately, we just don't have smart people in government to maximise our earning potential. Better still, those who claim they are here to lead are only here to steal.

Which Kain drop...on Saturday I bought dollar for N1425 today I bought the same dollar for N1455,wetin dey drop?

aribisala0:
The implication is Nigerians are not productive. We are too reliant on imports

We feel.entitled to those imports for no reason When we produce next to nothing that anyone wants to buy

Which Kain talk be this ..during Jonathan's and even Buhari's time were we productive?Yet the dollar was not this bad.

Terry4:
For past months now, sum has been releasing to clear FC backlog, still Naira d devaluation

out of $7b, the CBN paid $2.5b this month and paid between $500m-$1b late last year. So we have only paid between $3b-$3.5b. there's still between $3.5b-$4b left to pay.

chatinent:
Expect $1 to be ₦2000 soon.


Such a clueless country! And believe you me, that sum is gone.

The country is gone. Unfortunately, the majority of youths are still busy with tribalism on nairaland

sagitariusbaby:
The Dollar will eventually fall against the naira, stop hoarding it people

According to your calculation, the naira will appreciate by tomorrow to #1000 per dollar, I kike your hope in Nigeria

Mynd44:
To those telling people to dump the Naira and those listening to them, pray you don't end up buying dollar at an amount you won't want to sell it

The attempts by the Cbn so far can be likened to carrot and stick approach, pumping money into FX market willl never work cos the big sharks are waiting to mop up the funds, hoard and let the price shoot up
the Best solution is to diversify, another crazy approach is for govt to open our border, alternative sources of import will ameliorate the concentration on dollar

UnknownT:
You are owing Billions of Dollars in backlog, you released 500m and you think that will increase the value of the Naira? How many % appreciation did the Naira do against the Dollars when Afrexim bank loan was secured?

Nigeria is owing $7b. $2.5b has been paid this month. Between $500m-$1b was paid in october or november. At this pace, the backlog will be cleared before the end of March.

The news said 2 billion dollars was release a week ago ..Dollars didn't crash so how will 500 million dollars crash the price

SoNature:
Get ready to see the USD crash in the coming days! If we can flood the market with enough USD, it can even crash to #700 for one USD in the parallel market!

Unfortunately, we just don't have smart people in government to maximise our earning potential. Better still, those who claim they are here to lead are only here to steal.

onadana:


Which Kain talk be this ..during Jonathan's and even Buhari's time were we productive?Yet the dollar was not this bad.

Simple answer for those with brains

The oil prices were high for most of Jonathan's government. The only productivity as far as dollar was concerned was crude oil.
Oil prices crashed on the eve of Jonathan's departure and he has no answer. He left a crashing economy so do not deceive anybody
Jonathan inherited significant savings from Obasanjo so if you must give credit give it ton. Obasanjo.. Obasanjo cleared foreign debt before he left office

Before Jonathan left office OkonjoIweala was borrowing to pay salary.

Now what did Buhari leave? Unprecedented DEBT
newly 100% of revenue is used to SERVICE debt
Not only that Buhari has borrowed money against OIL still in the ground that has not been sold

So please do not credit Jonathan for anything

The only person who deserves credit for economic progress is Obasanjo.
He inherited huge debt and oil price was $18 when he came to office. Get he cleared the debt ,left significant Foreign Reserves and Excess Crude Savings

SoNature:
Get ready to see the USD crash in the coming days! If we can flood the market with enough USD, it can even crash to #700 for one USD in the parallel market!

Unfortunately, we just don't have smart people in government to maximise our earning potential. Better still, those who claim they are here to lead are only here to steal.

They are smart but colonial brainwashed....NNPC and Nlng are owned by British Italian and Germans who control significant stake thru their companies hahhhahahah

Propaganda they want you to sale your dollar nothing like that Tinubu is Thief because naria is totally devalue

Paraman:
Nigeria is owing $7b. $2.5b has been paid this month. Between $500m-$1b was paid in october or november. At this pace, the backlog will be cleared before the end of March.

You are mistaken
Nigerian debt and CBN backlog are very different things
Totally unrelated
Try to understand what the issues are . If you don't then do not comment
CBN backlog is not repeat NOT debt . The CBN is NOT the government.
The backlog is the obligation of the CBN to accept Naira from Foreign investors at an agreed exchange rate. They have brought the Naira and the FUN is not producing dollars and that is why the Naira is crashing because there are sellers offering a different rate

Tinubu is gradually clearing the mess left behind by successive governments and it's commendable.


E no easy.



With the continuous reduction of these forex backlogs, it's hoped that normalcy would gradually be restored and things would begin to fall into place.



However, the hydra-headed monster of insecurity must first be confronted head-on if Nigeria is to make any meaningful headway.






@hotseat

hotseat:
Tinubu is gradually clearing the mess left behind by successive governments and it's commendable.


E no easy.



With the continuous reduction of these forex backlogs, it's hoped that normalcy would gradually be restored and things would begin to fall into place.



However, the hydra-headed monster of insecurity must first be confronted head-on if Nigeria is to make any meaningful headway.






@hotseat

The backlog is not static it is a daily thing . The bitter truth is the backlog is growing.
There is no need to give Tinubu credit for anything though I also will not support blaming him in the short term
There is no quick fix .
The solution is either to import less of export more . None of those things can happen overnight or painlessly.
Dangote refinery should provide some relief but I don't see how Tinubu can take credit for that

This portends goodness for our weakening economy as well.

aribisala0:

The backlog is not static it is a daily thing . The bitter truth is the backlog is growing.
There is no need to give Tinubu credit for anything though I also will not support blaming him in the short term
There is no quick fix .
The solution is either to import less of export more . None of those things can happen overnight or painlessly.
Dangote refinery should provide some relief but I don't see how Tinubu can take credit for that

Yes, you're right!


The credit should go to GEJ or, perhaps, PO!



Are you now satisfied?





@hotseat

hotseat:




Yes, you're right!


The credit should go to GEJ or, perhaps, PO!



Are you now satisfied?




@hotseat

You are being childish.
The CBN by our law is supposed to be independent of government

D4gmail1:
All these won't do nothing until our economy becomes production-export focused Naira will still be headed to 3,000 Naira per Dollar. It's not a curse neither am I a pessimist, it's just basic economics.

I for see a future were everyone will change their Naira to Dollar and keep it under their bed, because they don't want to tissue paper currency. Local shops, market and private schools will ditch the Naira and accept US Dollars if nothing is done asap to get a productive economy.

What ever the case, people who depend on God's economy (not any government or political party) will always survive and live in abundance and also have much to give to the poor just like I am doing.

don't have energy to read senseless comments this year

zionstaar75:
don't have energy to read senseless comments this year

Why should anyone be surprised that you are have energy to write a senseless response? Afterall, a fool is known by his words.

Paraman:
out of $7b, the CBN paid $2.5b this month and paid between $500m-$1b late last year. So we have only paid between $3b-$3.5b. there's still between $3.5b-$4b left to pay.

the backlog also increases

Paraman:
Nigeria is owing $7b. $2.5b has been paid this month. Between $500m-$1b was paid in october or november. At this pace, the backlog will be cleared before the end of March.

Bro, that is not the issue. This is like cutting a tree and ignoring its roots. What is the cause of the backlog? If that is not addressed, how can you be sure it will end if the cycle keeps repeating?

Remember Obasanjo's govt fully paid debts in the past, where are we today?

BigDawsNet:


Our major import is pms... with the refineries working... we don't need to import again... naira will gain massively...

We have always imported pms and exchange rate was stable until APC came on board.

D4gmail1:


Bro, that is not the issue. This is like cutting a tree and ignoring its roots. What is the cause of the backlog? If that is not addressed, how can you be sure it will end if the cycle keeps repeating?

Remember Obasanjo's govt fully paid debts in the past, where are we today?

Why did you think Nigeria is not able to pay the backlog under Emefiele? It seems you have not been following the news.

aribisala0:

You are mistaken
Nigerian debt and CBN backlog are very different things
Totally unrelated
Try to understand what the issues are . If you don't then do not comment
CBN backlog is not repeat NOT debt . The CBN is NOT the government.
The backlog is the obligation of the CBN to accept Naira from Foreign investors at an agreed exchange rate. They have brought the Naira and the FUN is not producing dollars and that is why the Naira is crashing because there are sellers offering a different rate

Are you sure you're not quoting the wrong person? Where did I claim the Nigeria Government or the CBN is owing a debt in my comment, kindly point it out

Imagine if dollar was equivalent to naira
I for don buy 2 estate for u.s

Pumping borrowed money will only do the trick for a month or two but the problem remains.

Paraman:
Are you sure you're not quoting the wrong person? Where did I claim the Nigeria Government or the CBN is owing a debt in my comment, kindly point it out

Paraman:
Nigeria is owing .

Your words

Who is Nigeria owing?

aribisala0:




Your words

Who is Nigeria owing?

Is Nigeria not owing a backlog of $7b? Do the CBN no longer belong to the Nigerian state?

Paraman:
Nigeria is owing $7b. $2.5b has been paid this month. Between $500m-$1b was paid in october or november. At this pace, the backlog will be cleared before the end of March.

when you quoted me here, I was talking about the backlog the CBN has been clearing since last year.

https://www.thecable.ng/cbn-begins-clearing-of-fx-forward-backlog/amp

https://www.reuters.com/world/africa/nigeria-central-bank-clears-14-banks-fx-backlog-turns-airlines-2024-01-17/