sweetkev:
Did you just say great job ? From 750 a dollar to 1,600 naira. Keep playing.

U dey play before this government spends 8 yrs dollar will be exchanged for 6000 naira for a dollars

Stephench:


They used to spend a lot to keep the naira low to keep life a little simple for the citizens. Now, government stopped spending that money and threw everyone into abject poverty what's the sense in that?

they didn't spend to make life simple for you, they spend it to throw you and your unborn children into debt.

The out of control debt that occured in the last 4 years, what do you think caused it?

They are borrowing big big dollars to defend naira so you can send your kids abroad to school and import cheap rice.
Even at that, the rice were not even that cheap at 36-40k.

They were subsiding petrol for the entire west Africa.

Jbleenk:


You do know US accuses some countries of deliberately devaluing their currencies? We are so blind to see the inherent opportunity available to us as a result of devaluation of the currency and that’s because we depend on government to feed us like babies. Find yourself a job or product or anything for that matter that can earn you money in dollar and see if you won’t benefit greatly from the devaluation. Now imagine a lot of youths do same. If they call you lazy and clueless youth now will be mad and angry. Clueless children of hate.

Shut the fvck up! Who depends on government to feed them when I spent millions to fix my solar inverters and panel and the generating set, spent millions to drill my borehole. We bought our transformer in our street that they called 33 line if we could get more power supply and it recently got burnt. Like I've never been paid 1 kobo by the government.

However, I've been paid several times by the European government living in Europe and their citizens get paid too. What is Nigerian government done for us as Nigerians? Can you kindly name one thing? Just one

sonnie10:
That means there is no hope for it to go back to even the #700 to $1 where he met it.

if dollar no fit go back to #216 per dollar APC regime is a failure aswear

GoodSpirit:


In order words if the disparity isn't closed there will be no working to make the naira better.

How can you make it work when saboteurs are waiting to prowl.

Does that mean if I don a wire transfer from a foreign company into my Nigerian account it will be converted at a rate very close to that?

Celestialsword:

https://www.legit.ng/business-economy/economy/1582840-exchange-rates-official-parallel-market-converge-binance-exits-nigerian-market/

I have trust issues with Goldman Sach

NinjaMetahuman:
they didn't spend to make life simple for you, they spend it to throw you and your unborn children into debt.

The out of control debt that occured in the last 4 years, what do you think caused it?

They are borrowing big big dollars to defend naira so you can send your kids abroad to school and import cheap rice.
Even at that, the rice were not even that cheap at 36-40k.

They were subsiding petrol for the entire west Africa.

Now that they have stopped defending it and stopped paying subsidies, why is the government still borrowing?

A spark of positivity for investors, knowing that there are no wide margins in arbitraging.

The naira is still finding solid ground while the whole market calms down a bit. Over to the Fiscal side to set the economy back on track by tackling food inflation first.

People voted you to work for them and work you must do.

Hahahahahaha.

Paid Goons stay online waiting to praise every single bad announcement.

Meanwhile, in real life, businesses are closing down daily as coys can no longer afford to import. Unemployment is rising daily as workers are being sacked, manufacturers cannot afford to import raw materials anymore. NB Plc and Guinness have both recorded losses of over N100B and this joker who doesn't have a real job in the real world keeps praising APC.

Everybody who is involved in the real economy has seen massive drops in profitability while herdsmen keep killing farmers and raping their wives so foodstuffs have gone through the roof as most farmers can lno longer farm.

Famine is coming to Nigeria but APC hired online goons are singing praises like FFK to get their monthly stipend

FreeStuffsNG:
Actually, it's now more than 9 days. Great job by the CBN and Mr President. Binance and other criminal crypto money-laundering channels must be held to account for their financial crimes committed against the nation.

Mallam Ribadu and Cardoso must never leave those two Binance small fries and their collaborators within Nigeria until the identity and details of those behind the $26 billion moved through their platform last year is unveiled and all of them prosecuted.

Never again must our hard-earned forex be used to defend dollars criminally manipulated on Binance and on the street to be overvalued against the naira. We were using hard-earned money that we should use to build schools, roads, electricity etc and FG still took loans to defend the naira against the dollars some unpatriotic elements and criminal foreigners were manipulating FG must hold them to account o.

God bless Nigeria for ever! Check my signature for free stuffs!

Stephench:


Now that they have stopped defending it and stopped paying subsidies, why is the government still borrowing?

Lemme simplify it for you.

Let's say your income per month is 100 naira, and what you need to survive per month is around 150 naira.

but because you show ladies in neighborhood that you are a big boy too, you started borrowing extra 200 naira per month (which is way higher than your income ) to buy frivolous things like designer shirt instead of spending prudently and increasing your income by taking second job (diversification) you kept borrowing.

One day you decided to give yourself brain and stop borrowing to buy designer shirts.

Instead, you wanna start borrowing for what you need, and to diversify your income.
Your income is 100, your need is 150, and your accumulated debt is around 200.

What this means is that you don't have to borrow 200 naira anymore but just 50 naira. And you still have to pay back the 200 naira that you own from your income.


That's exactly what is going on right now. Nigeria is not borrowing to subsidize dollar for cheap rice or cheap fuel for the entire west Africa anymore.
But borrowing for what it needs to improve it's infrastructure and take care of it's re occurrent expenditure that affects the people.

That's why you are not hearing government borrowing big money endlessly every 2 months like you used to do before subsidy was removed.

Take Naira back to N400/$ people are starving to death as we speak

FreeStuffsNG:
Actually, it's now more than 9 days. Great job by the CBN and Mr President. Binance and other criminal crypto money-laundering channels must be held to account for their financial crimes committed against the nation.

Mallam Ribadu and Cardoso must never leave those two Binance small fries and their collaborators within Nigeria until the identity and details of those behind the $26 billion moved through their platform last year is unveiled and all of them prosecuted.

Never again must our hard-earned forex be used to defend dollars criminally manipulated on Binance and on the street to be overvalued against the naira. We were using hard-earned money that we should use to build schools, roads, electricity etc and FG still took loans to defend the naira against the dollars some unpatriotic elements and criminal foreigners were manipulating FG must hold them to account o.

God bless Nigeria for ever! Check my signature for free stuffs!

In 2015, you lots complained that 216/$ was too much and unacceptable. Here you are 9 years later celebrating 1600/$ by a party and people that said PDP ruined Nigeria.

You are a hypocrite.

FreeStuffsNG:

Never again must our hard-earned forex be used to defend dollars criminally manipulated on Binance and on the street to be overvalued against the naira. We were using hard-earned money that we should use to build schools, roads, electricity etc and FG still took loans to defend the naira against the dollars some unpatriotic elements and criminal foreigners were manipulating FG must hold them to account o.

God bless Nigeria for ever! Check my signature for free stuffs!

Average APC stooge . . .So much to say, with little to no sense made. Just rants & more rants

Pristine664:


Abacha left it around 25 per dollar.

PDP took it to 10x and APC have done almost 10x too lol

I guess PDP came to power before 1997

Metcheew.

A dollar is trading at #1635 now, what's this nonsense seun and his team of bigots and Jihadist is doing.... Step outside and see how tough it is for people and stop this rubbish

NinjaMetahuman:


Lemme simplify it for you.

Let's say your income per month is 100 naira, and what you need to survive per month is around 150 naira.

but because you show ladies in neighborhood that you are a big boy too, you started borrowing extra 200 naira per month (which is way higher than your income ) to buy frivolous things like designer shirt instead of spending prudently and increasing your income by taking second job (diversification) you kept borrowing.

One day you decided to give yourself brain and stop borrowing to buy designer shirts.

Instead, you wanna start borrowing for what you need, and to diversify your income.
Your income is 100, your need is 150, and your accumulated debt is around 200.

What this means is that you don't have to borrow 200 naira anymore but just 50 naira. And you still have to pay back the 200 naira that you own from your income.


That's exactly what is going on right now. Nigeria is not borrowing to subsidize dollar for cheap rice or cheap fuel for the entire west Africa anymore.
But borrowing for what it needs to improve it's infrastructure and take care of it's re occurrent expenditure that affects the people.

That's why you are not hearing government borrowing big money endlessly every 2 months like you used to do before subsidy was removed.

All you wrote up there is false. Buhari is a complete failure but he didn't default on debts, which means he paid the debts that were due when he was in power and also borrowed extensively more than every other government but he was paying subsidies and defending the naira as well from part of the money while he used a big chunk of it to sponsor terrorists and embezzled the rest.

Tinubu has removed subsidies, stopped defending the naira and still borrowing. Suddenly we realized money is still being paid for subsidy - higher than what was being paid by previous administration while citizens are paying 3x higher to get fuel. And the citizens of the country have been thrown into abject poverty.

Instead of Tinubu removing subsidies and floating the naira without putting modalities in place, what a good government would have done is to fight the corruption in the subsidy regime, ensure that all the dollars get to the hands of the people that needs it most, reduce his billions that he has budgeted for himself and his cronies, including the National assembly members this way they'll cut down cost and the masses will not be left in abject poverty.

What did he do, he impoverished the citizens, increased the budget that acrues to him and his cartels, and also padded the budget with trilions of naira, pocketing the subsidy money that he's paying undercover and a lot of other things. All policies benefit him and his cartel and nobody else - not in the short run nor in the long run

Stephench:


All you wrote up there is false. Buhari is a complete failure but he didn't default on debts, which means he paid the debts that were due when he was in power and also borrowed extensively more than every other government but he was paying subsidies and defending the naira as well from part of the money while he used a big chunk of it to sponsor terrorists and embezzled the rest.

who said anything about defaulting? Please point to where you saw buhari default on debt in the post you quoted.
Do you even know what that means?

You also literally agreed with the part where I said he was busy borrowing for frivolous things which I used designer shirt as analogy for.
He was borrowing to pay subsidies and defend naira and for his cronies to embezzle but in the same sentence, you said I was wrong.
What do you think I meant when I used spending on designer shirts?

I guess logic is not your strong suit yeah?

Tinubu has removed subsidies, stopped defending the naira and still borrowing. Suddenly we realized money is still being paid for subsidy - higher than what was being paid by previous administration while citizens are paying 3x higher to get fuel. And the citizens of the country have been thrown into abject poverty.

Has Tinubu told you they are paying subsidy or just the same news paper tabloid that are trying to sell paper to blockheads?
You can't pay subsidy if it's not in the budget. Budget is law. I have addressed this in the past.

Before Tinubu can pay such huge amount for subsidy, it has to be in the 2024 budget and approved by national assembly. The money won't come from his pocket.

Read more and stop being swayed by speculations and newspaper tabloid.

Instead of Tinubu removing subsidies and floating the naira without putting modalities in place, what a good government would have done is to fight the corruption in the subsidy regime, ensure that all the dollars get to the hands of the people that needs it most, reduce his billions that he has budgeted for himself and his cronies, including the National assembly members this way they'll cut down cost and the masses will not be left in abject poverty.

What did he do, he impoverished the citizens, increased the budget that acrues to him and his cartels, and also padded the budget with trilions of dollars, pocketing the subsidy money that he's paying undercover and a lot of other things. All policies benefit him and his cartel and nobody else - not in the short run nor in the long run

I'm not even going to respond to this because its your opinion and I honestly dont care about them.

Since they are not fact.

FreeStuffsNG:
Actually, it's now more than 9 days. Great job by the CBN and Mr President. Binance and other criminal crypto money-laundering channels must be held to account for their financial crimes committed against the nation.

Mallam Ribadu and Cardoso must never leave those two Binance small fries and their collaborators within Nigeria until the identity and details of those behind the $26 billion moved through their platform last year is unveiled and all of them prosecuted.

Never again must our hard-earned forex be used to defend dollars criminally manipulated on Binance and on the street to be overvalued against the naira. We were using hard-earned money that we should use to build schools, roads, electricity etc and FG still took loans to defend the naira against the dollars some unpatriotic elements and criminal foreigners were manipulating FG must hold them to account o.

God bless Nigeria for ever! Check my signature for free stuffs!

U are an illiterate to believe that binnance is responsible for dollar rise.

sweetkev:
Did you just say great job ? From 750 a dollar to 1,600 naira. Keep playing.

You got it wrong

When you felt Naira value to a dollar was 750, it was actually 1600.

The government was paying the differential (defending the naira) then for every dollar being sold.

Omalicious1:


I have trust issues with Goldman Sach

like what

hansomb:
May this convergence and divergence of dollars to naira favour me and my family.

Amen. May it favour me and my family too.

FreeStuffsNG:
Actually, it's now more than 9 days. Great job by the CBN and Mr President. Binance and other criminal crypto money-laundering channels must be held to account for their financial crimes committed against the nation.

Mallam Ribadu and Cardoso must never leave those two Binance small fries and their collaborators within Nigeria until the identity and details of those behind the $26 billion moved through their platform last year is unveiled and all of them prosecuted.

Never again must our hard-earned forex be used to defend dollars criminally manipulated on Binance and on the street to be overvalued against the naira. We were using hard-earned money that we should use to build schools, roads, electricity etc and FG still took loans to defend the naira against the dollars some unpatriotic elements and criminal foreigners were manipulating FG must hold them to account o.

God bless Nigeria for ever! Check my signature for free stuffs!

Please how did the rates converge? NAFEM closing rate was 1603 while parallel market was between average of 1629 and highest 1750. Take it easy with the lies

MT:


You got it wrong

When you felt Naira value to a dollar was 750, it was actually 1600.

The government was paying the differential (defending the naira) then for every dollar being sold.

That is a lie, why are they saying that at 1600 naira is undervalued?

NinjaMetahuman:
who said anything about defaulting? Please point to where you saw buhari default on debt in the post you quoted.
Do you even know what that means?

You also literally agreed with the part where I said he was busy borrowing for frivolous things which I used designer shirt as analogy for.
He was borrowing to pay subsidies and defend naira and for his cronies to embezzle but in the same sentence, you said I was wrong.
What do you think I meant when I used spending on designer shirts?

I guess logic is not your strong suit yeah?






Has Tinubu told you they are paying subsidy or just the same news paper tabloid that are trying to sell paper to blockheads?
You can't pay subsidy if it's not in the budget. Budget is law. I have addressed this in the past.

Before Tinubu can pay such huge amount for subsidy, it has to be in the 2024 budget and approved by national assembly. The money won't come from his pocket.

Read more and stop being swayed by speculations and newspaper tabloid.

I'm not even going to respond to this because its your opinion and I honestly dont care about them.

Since they are not fact.

Oga just be silent you have nothing sensible to talk about

NinjaMetahuman:


Lemme simplify it for you.

Let's say your income per month is 100 naira, and what you need to survive per month is around 150 naira.

but because you show ladies in neighborhood that you are a big boy too, you started borrowing extra 200 naira per month (which is way higher than your income ) to buy frivolous things like designer shirt instead of spending prudently and increasing your income by taking second job (diversification) you kept borrowing.

One day you decided to give yourself brain and stop borrowing to buy designer shirts.

Instead, you wanna start borrowing for what you need, and to diversify your income.
Your income is 100, your need is 150, and your accumulated debt is around 200.

What this means is that you don't have to borrow 200 naira anymore but just 50 naira. And you still have to pay back the 200 naira that you own from your income.


That's exactly what is going on right now. Nigeria is not borrowing to subsidize dollar for cheap rice or cheap fuel for the entire west Africa anymore.
But borrowing for what it needs to improve it's infrastructure and take care of it's re occurrent expenditure that affects the people.

That's why you are not hearing government borrowing big money endlessly every 2 months like you used to do before subsidy was removed.

And who told you government is not borrowing? You just wake up and type rubbish just to trend.

Realtruth2023:


That is a lie, why are they saying that at 1600 naira is undervalued?

The NGN 1600 I quoted was a guess.

It could be NGN 1000, NGN 1200 etc

The fact is that NGN 750 which you referred to was not the true worth of naira to a dollar as at then.

The Nigeria Govt was defending it at that time.

Realtruth2023:


Oga just be silent you have nothing sensible to talk about

the post is not for senseless people.

Kindly move back to kid section.

NinjaMetahuman:
the post is not for senseless people.

Kindly move back to kid section.

See you are the senseless one because in the first place you have no idea about FX market movements and you are trying to comment to deceive people. Dude go and do your assignments assignments and class work so that your class teacher will not flog you.

MT:


The NGN 1600 I quoted was a guess.

It could be NGN 1000, NGN 1200 etc

The fact is that NGN 750 which you referred to was not the true worth of naira to a dollar as at then.

The Nigeria Govt was defending it at that time.

Look even 750 is too much as the value of the dollar. If you take out speculation and sanitize the fuel subsidy payment so that we actually pay for what we consume, you will see that our FX demands are not humongous at all.

herkeem:
True.... Was forced to sell some dollars in my dorm account to the bank. No point going to Aboki again.

you no get any dollar for account. Liar. Bloody agbadorian