It's time for Cardoso to pump more borrowed USD into the economy in order to keep up with the charade.

Nah, let's blame binance & aboki fx, that would surely save the naira ..I assure u!

press9jatv:
they have shifted their blames on Binance and crypto currency’s too. They have failed woefully on that too. Naira will depreciate further ton#2k by the middle or end of this month

Abeg bros, dats too harsh nah...we all dey dis 9ja woh...me no want my neighbours & community to surfer. Even if it would get to 2k, it shouldn't be dis fast now

adamusuleiman1:

1.25% depreciation, and you are dancing leg work.. It's an exchange rate system and would fluctuate..Don't forget to come back and update when it rises by 1.5% tomorrow for a % variance of 0.25.

Who is dancing leg work, the cable or the poster? When did reporting a new means dancing leg work?
Why did we have too much morrrooonnns from sect?

Okoroawusa:
They are back to giving us feedback on naira.

Bc it affects their daily business activities including you if at all your are gainfully employed.

This government is clueless.

Okoroawusa:
They are back to giving us feedback on naira.

Animals like you don’t want the masses to know what it happening, keep on licking politicians nyash there. You better tell your idiotic idol to do what it right or else, they won’t know what hit them. Bunch of jokers.

Deogratiasfx:
Let's ban more Crypto companies and increase the fights on BDCs. Dollar must crash to #1. On Jagaban mandate we stand.
Asiwaju till 2031

Mumu

millionboi2:
Mumu

Hahaha....that is the only thing this morons understand na

Tallesty1:
Seems the arrested Binance boys have their laptops in their cell

only a fool/ignorant will believe binnance is responsible for naira fall.

adamusuleiman1:

1.25% depreciation, and you are dancing leg work.. It's an exchange rate system and would fluctuate..Don't forget to come back and update when it rises by 1.5% tomorrow for a % variance of 0.25.

Are you serious?

What was it in May 2023?

What was it in November 2023?

Do some of you truly understand what you're responding to?

What is the essence of this news really?
people who always rush to announce FX rates are part of our problem.
Anyone who has use for FX will always find out

Flets:
TINUBU MUST IMMEDIATELY PEG OFFICIAL RATE AT 850NGN/ USD

THIS IS THE ONLY SOLUTION IN THE IMMEDIATE TERM. ELSE NIGERIANS WILL BESIEGE ASO ROCK IN FEW WEEKS... The hunger is unbearable

LONG TERM PLAN IS TO PROVIDE CONSTANT ELECTRICITY AND ENCOURAGE LOCAL MANUFACTURING

Will you provide the dollars for tinubu to sell at 850 or u want hil to pull the dollars out his arse.....learn economics and stop being confident in ignorance

BigIyanga:

Exactly or peg it to N1000. Working poor are hangry.. Middle class are hungry and savings eroded. The rich have seen their net worth evaporated. They mega wealthy have lost over 70% of their net worth… so cumulatively in formal and informal sectors, over $100bn has been lost due to Naira floating and subsidy removal… How much have saved? Net zero

Dollar rates are based on demand and supply not govt fiat...if govt fixes a price,they then need to defend it with more naira thereby using scarce resources that should be used for providing critical infrastructure to subsidise dollars for the rich.....poor man noh dey use dollar o.
Where do you want tinubu to get the dollar from to satisfy the humongous appetite of Nigerians....I have stopped a lot of things that I can do without because of high cost so also people should leave dollars alone and seek alternatives if they can.....imagine someone looking for dollars despite the high cost to import meaningless things like bone straight hair or furniture or even tokunbo cars.

U1:


You meant the Naira that's already everywhere chasing fewer products. Or how else would you describe getting significantly lesser value for the same amount of money?

If local production is ongoing and ramped up (at affordable costs), demand for imports could reduce - especially that for food.

But, when the government doesn't encourage that local production with necessary amenities and adequate security, what are we talking about?

We are saying the same thing... Printing lots of Naira and circulating doesn't increase the demand for it, it actually achieves the opposite.

The demand will increase when people are willing to exchange their own foreign currencies for it (i.e purchase the Naira for trade purposes).

Such was the case post-Independence, when we exported so many things ranging from crude oil, cocoa down to groundnuts.

We have since declined into consumerism where we now import virtually everything, which has led to the Naira running after foreign currencies instead of the other way around.


As you highlighted, we have to sort out the mess affecting or mitigating local production and consumption.

Once we stop importing Petroleum products, human hair and cosmetics, food items, drugs, etc... The Naira will fare a lot better.



It's a perilously long walk to economic freedom! Honestly, it may never happen!

press9jatv:
why floating the naira when they know that it will never work in the Nigeria economy. Now see the level of inflation in the Nigeria economy. The clueless Cardoso is even much confused with his clueless bad approach to the economy. Soon the dollar rate will hit 2k per dollar and you will see them ranting that it’s Binance and crypto currency’s that makes the naira to keep falling apart

if it's floating of the naira that actually caused it don't you think the policy would have long been jettison if it's really the problem.I have listen to Obi , Atiku and others speak about it noting of such was said.i believe if floating was really the issue noting would have stopped them from letting it go

ozo13:
when guys mention harsh economy policies am always confuse unless it's different from what other candidates promised they were also going to do during the election.i need someone to explain things to me in clear term as regards the harsh economic policies.When We had our Chances and excess of dollars to improve ourselves as a country we did absolutely nothing to better ourselves economically.Now we lost the opportunity and it came back hard bitting.
I remembered when crude was selling for 120dollars per barrel and our daily oil output or production was cool we never saved for the raining days we were forming dorime on oil money.

We?!! You mean you and those you elected, right?!!

Cos at no point was I involved directly or indirectly in the maladministration of this 4th world nation.

Angelfrost:


We?!! You mean you and those you elected, right?!!

Cos at no point was I involved directly or indirectly in the maladministration of this 4th world nation.

I said I need explanation on how Tinubu policies is causing the problem.what am reading here is just emotional talk and u didn't address my question as someone who know less about policies and economy.Even if I didn't read a social science course , I know what we are facing now is a long time maladministration some sort of.

Flets:
TINUBU MUST IMMEDIATELY PEG OFFICIAL RATE AT 850NGN/ USD

THIS IS THE ONLY SOLUTION IN THE IMMEDIATE TERM. ELSE NIGERIANS WILL BESIEGE ASO ROCK IN FEW WEEKS... The hunger is unbearable

LONG TERM PLAN IS TO PROVIDE CONSTANT ELECTRICITY AND ENCOURAGE LOCAL MANUFACTURING

Best comment so far

To be honest this economy is preparing poor Nigerians for looting government properties and rich individual. No hope in renewed hope. Tinubu really doesn't know anything.

Floating the naira and removing subsidy is the major problem.

Our economy is petroleum and gas dependant, apart from petroleum and gas there is no other major source of revenue. Removing subsidy increased the inflation from the previous administration. Even a layman knows we have no stable electricity as alternative for petroleum and gas. if there was stable electricity the subsidy removal wouldn’t have much effect on the naira.

In this country, our daily business activities are tied on pretroleum and gas. Let’s take a shift a way from petroleum and gas, and let there be stable electricity the naira will start appreciating.

Let’s Imagine there is stable electricity, you do not need to use gas and petroleum to run your everyday business. Before removing subsidy first thing that should have been in place is stable electricity.

Please add me to group for update on dollar +2347037996021

Deogratiasfx:
Let's ban more Crypto companies and increase the fights on BDCs. Dollar must crash to #1. On Jagaban mandate we stand.
Asiwaju till 2031

TO WIPE YOU WITH ORAIMO CABLE DEY HUNGRY ME.

DRKRIZ:


TO WIPE YOU WITH ORAIMO CABLE DEY HUNGRY ME.

You go blame me? That is the only solution Tinubu has na. Apart from that what else does he know to solve the problem?

adamusuleiman1:

1.25% depreciation, and you are dancing leg work.. It's an exchange rate system and would fluctuate..Don't forget to come back and update when it rises by 1.5% tomorrow for a % variance of 0.25.

keep deceiving yourself in a bid to please your agbado god.

ozo13:
when guys mention harsh economy policies am always confuse unless it's different from what other candidates promised they were also going to do during the election.i need someone to explain things to me in clear term as regards the harsh economic policies.When We had our Chances and excess of dollars to improve ourselves as a country we did absolutely nothing to better ourselves economically.Now we lost the opportunity and it came back hard bitting.
I remembered when crude was selling for 120dollars per barrel and our daily oil output or production was cool we never saved for the raining days we were forming dorime on oil money.

This guy is an Ode. So if the administration you just mention actually saved every single penny they sold crude oil for and didn't spend any single penny from the so called $120 they sold crude then. so are you saying in your tiny imagination that the last two useless administration will have enough left to still spend at this time to pay your tiny N30K monthly abi. I do not really know how you lots even think. Truely i give up on you people. you all are something else. You are still blaming ten years ago for the catastrophe your kind are making people go through now. i spit on you, i swear. How much is crude oil price today. what is the difference from the so-called $120 you are quoiting. use your tongue to count your teeth ode.

Now that they've banned Binance, who else are they looking towards blaming? Probably they will now start blaming market women, locking up shops.

Stupid people.

slivertongue:
The handiwork of APC is never good

Don't mind them. Whereas the werey broke ass hole nigga called ogbonti voted for APC and still wanting people to stay behind and build the country they have all destroyed with corruptions. You can imagine!

Ok naa. Ok naa. ...

AllTheWayUp:

Tinubu and APC zombies are always dishing out new propaganda every month.

They've ran out of what to say. ogbonti will never be happy with this news trust me. Someone that has never stepped feet in an airport is bragging he has 700,000 USD. Audio money everywhere.

ozo13:
if it's floating of the naira that actually caused it don't you think the policy would have long been jettison if it's really the problem.I have listen to Obi , Atiku and others speak about it noting of such was said.i believe if floating was really the issue noting would have stopped them from letting it go

the policy on the floating the naira by the Cbn have been questioned severally, this is not the first time Nigerians and the economists had dragged Tinubu government on that.