Haha.

OfficialAPCNig:

It's only for Aba people. It's not going into the national grid

. How is that relevant
Is it every country that has a national grid.. Does the USA have a National Grid?
Until you get Biafra Aba power generation will be counted under Nigeria

aribisala0:


I am sorry you are repeating the same nonsense
Floating has nothing To do with reserves
It is more complex than that.
First there is nothing like strong reserve . If you don't replenish. It will run out
Which goes to How are reserves built up in the first place.
International trade is a zero sum game . If one country is growing reserves another is growing a trade deficit . A deficit is not necessarily a bad thing for example the US has had deficits every year for decades. Why then is the dollar strong? Confidence. If people have confidence in your country they will steal reserves of their own countries with So called strong reserves and take them to countries where they have confidence as Nigerian politicians have done
As long as you plug your system into the international financial system dominated by the dollar
Billions can leave your economy in a single day as Britain found out from the activities of one man George Soros on the historic Black Friday some 30 years ago

It is not reserves that matter So much as confidence. If there is no confidence reserves will empty in one day.You

What matters is equilibrium that something is coming in As something leaves.

If we are producing significantly we will be fine
We have built reserve s many times and ended up emptying them
The issue is not reserves but that we import TOO MUCH and those who have access to capital in Nigeria do not have confidence in our economy and so have a high demand for dollar

Now a significant part of that confidence crisis is down to the CBN behaviour e.g printing trillions of Naira and dispersing that in a corrupt way to people who use It to buy cheap dollars and then repeat the process

You are wrong Kalu Aja said that the reason for the high exchange rate is because Nigeria is producing & selling less than 2.3mbpd. & a change in that will cause will cause a drastic fall of the dollar.

Sulele04:

You are wrong Kalu Aja said that the reason for the high exchange rate is because Nigeria is producing & selling less than 2.3mbpd. & a change in that will cause will cause a drastic fall of the dollar.

I am wrong about what specifically? And this is because Kalu Aja said so?
Look there.are so many factors at play not one but crucial is corruption and Mismanagement.
Buhari borrows unprecedented amounts of money which is a bit burden to our Forex bearings
We are spending a lot on imported.fuel
The CBN printed and released trillions of Naira
Even when politicians steal money they don't want to keep it in Nigeria So with those factors the Naira cannot have much value

We were not selling 2.3 mbpd 12 months ago so why was the dollar under 800?
The reality is we have printed trillions of Naira without any basis and that has consequences

aribisala0:


I am sorry you are repeating the same nonsense
Floating has nothing To do with reserves
It is more complex than that.

Did I say floating has anything to do with reserves? I said you need a strong reserve to float your FX rate, if not it'll experience insane volatility.

aribisala0:

First there is nothing like strong reserve . If you don't replenish. It will run out

Don't claim you don't know what I meant by strong reserve.

aribisala0:

Which goes to How are reserves built up in the first place.
International trade is a zero sum game . If one country is growing reserves another is growing a trade deficit . A deficit is not necessarily a bad thing for example the US has had deficits every year for decades. Why then is the dollar strong? Confidence.

Dollar is not strong because of any "confidence." It's strong because the currency is stable.

aribisala0:

If people have confidence in your country they will steal reserves of their own countries with So called strong reserves and take them to countries where they have confidence as Nigerian politicians have done

Does this make sense to you?

I am trying to make sense off what you meant by "steal reserves of their own countries with So called strong reserves and take them to countries where they have confidence"

aribisala0:

As long as you plug your system into the international financial system dominated by the dollar
Billions can leave your economy in a single day as Britain found out from the activities of one man George Soros on the historic Black Friday some 30 years ago

Nobody argues this.

aribisala0:

It is not reserves that matter So much as confidence. If there is no confidence reserves will empty in one day.

😂😂😂

Just listen to yourself. I want you to explain how lack of confidence in a country will empty the reserve. Again, I would love you define what you meant by "confidence" because you have been overusing it.

aribisala0:

What matters is equilibrium that something is coming in As something leaves.

Equilibrium is a myth. So, relax that.

aribisala0:


If we are producing significantly we will be fine
We have built reserve s many times and ended up emptying them

This where you have started making sense. Since we are not producing enough, that's why we don't need to float your FX rate. It makes you toovulnerable to external shocks.

aribisala0:

The issue is not reserves but that we import TOO MUCH and those who have access to capital in Nigeria do not have confidence in our economy and so have a high demand for dollar.

The issue is reserve.

Again, there is no direct correlation between "confidence in an economy" and "demand for dollar."

The relationship doesn't exist.

aribisala0:


Now a significant part of that confidence crisis is down to the CBN behaviour e.g printing trillions of Naira and dispersing that in a corrupt way to people who use It to buy cheap dollars and then repeat the process

Our FX crisis is because Tinubu woke up and floated the dollar without planning for the expected volatility.

OfficialAPCNig:


Did I say floating has anything to do with reserves? I said you need a strong reserve to float your FX rate, if not it'll experience insane volatility.


Don't claim you don't know what I meant by strong reserve.


Dollar is not strong because of any "confidence." It's strong because the currency is stable.


Does this make sense to you?

I am trying to make sense off what you meant by "steal reserves of their own countries with So called strong reserves and take them to countries where they have confidence"


Nobody argues this.


😂😂😂

Just listen to yourself. I want you to explain how lack of confidence in a country will empty the reserve. Again, I would love you define what you meant by "confidence" because you have been overusing it.


Equilibrium is a myth. So, relax that.



This where you have started making sense. Since we are not producing enough, that's why we don't need to float your FX rate. It makes you toovulnerable to external shocks.


The issue is reserve.

Again, there is no direct correlation between "confidence in an economy" and "demand for dollar."

The relationship doesn't exist.


Our FX crisis is because Tinubu woke up and floated the dollar without planning for the expected volatility.

Yes you did and are repeating it by saying there is a function between reserves and volatility.

few banks if any can pay all its customers if they turn up at the same to withdraw their money
To that extent no reserves are enough if everyone wants to exit .
That is what is happening to the CBN and its Naira . It printed too much and All its customers are turning up on the same day
All those so called reserves are liabilities for the counterpart party. The US cannot pay if all those who hold reserves in dollars turn up at the same time . It can print more dollars and Very quickly the dollar will turn to sand. It is the same for every currency unless the currency is backed by gold.
You alone know what you mean by strong reserves

Besides that I do not have the time not inclination to engage in repetitive, egotistical and unproductive back and forth . I have said everything I need to say

Zxcvbnmghtr:


Nawa for una. You should know that Canadian Dollar is falling against the American Dollar and the Economy is biting seriously there.

why bringing Canada on this discussion this APC supporters naw for una ooo

SoNature:


I'm not complaining; I'm stating the obvious. The world only celebrates people who made things better than they met it, not those struggling to improve something after destroying it.

Can u tell us 1 leader in Nigeria that left dollar better than he met it? Because on this same forum u celebrate GEJ everyday without accepting he failed so.. Tell us

SoNature:
Bola Tinubu met the dollar at 400 official rate and 600 at parallel market rate. Until it drops below what he met it, we have nothing to celebrate.

Again, nobody forced Tinubu to take that job! He lost sleep, spent a lot of money and travelled round to country to convince Nigerians that he was capable of doing the job! He should do it and stop seeking validation!

lol for your mind that was the true value of your currency 🤣🤣🤣....you were all living large on government excesses and thought it was your right.....continue dey reason like small child.....what do you think the Naira float was all about? Or you mean to tell me it was Nigerians love for dollar that shot up so much in that last 9 months that brought the price to 1500 for 1 dollar....the government just showed you all Nairas true value and instead of Nigerians to find solution they started speculation hoping it will reaches 2k......I know people that have cried in the last two days 🤣🤣🤣

And Naira keeps rising.
Whatever they are doing, they should keep doing it.

Rising to what? 1500 per dollar is what you want us celebrate? Buhari left at 400 per dollar now the drug Barron has taking it to 2000 now is 1500 is that an achievement?

leokid866:
lol for your mind that was the true value of your currency 🤣🤣🤣....you were all living large on government excesses and thought it was your right.....continue dey reason like small child.....what do you think the Naira float was all about? Or you mean to tell me it was Nigerians love for dollar that shot up so much in that last 9 months that brought the price to 1500 for 1 dollar....the government just showed you all Nairas true value and instead of Nigerians to find solution they started speculation hoping it will reaches 2k......I know people that have cried in the last two days 🤣🤣🤣

don't forget that Tinubu paid delegates in dollars which is one of the reasons we are where we are.

A thread of Zombies writing rubbish to defend the incompetence of their god

Your god knew all these yet he promised to bring dollar down to N300 in the short term?

These Zombies lack common sense. One idiot is saying govt is showing us the true value of naira
So what is the true value? Is it the parallel or official rate?
Zombies!!

Nawa for una. You should know that Canadian Dollar is falling against the American Dollar and the Economy is biting seriously there.Nawa for una. You should know that Canadian Dollar is falling against the American Dollar and the Economy is biting seriously there....

uba1991:
don't forget that Tinubu paid delegates in dollars which is one of the reasons we are where we are.

yes Tinubu paying Delegates is dollar is the problem....wven at that time what was the rate? So because he paid someone dollars instantly means dollar should so rise 9 months later? Please try again.....