It is less on ByBit

As far as our foreign reserves keeps rising while CBN sells dollars to those who really need it, then we are on good footing.

Afterall, CBN won't eat their dollar nah. And we don't spend dollar as a country.

So what will the CBN be doing with all the dollar in their confers

By the time refineries commence operation, the Naira will gain even further.

I think making the custom exchange rate equal to the NAFEM rate is the straw that broke the camel's back. It was a MASTERSTOKE!

Earn dollars. Don't hoard it.

Hmm

Putindbutt:

Then to you, this means 'defending'?, smh

what does it mean to defend the naira?

Hoelujohn:

Werey... How does providing fx to those that genuinely need it bad? Shey you dey ok?

what magic has CBN done that is new here. Defending the naira means that CBN injects dollar into the market to stabilize the naira

Putindbutt:

See mental laziness at its peak, Lol. it is no longer importation that is driving demand for dollars, it is manufacturing abi?

both. Local manufacturers use forex for hiring of experts, raw materials, machinery and repatriation of profit. Your brain won't see that because you have been rewired through kola nut oaths.

Ofunaofu:


We gone past this era of blaming Emefiele

What ever we are experiencing today are as a result of Tinubu's calamitous economic policies.

You mean Emefiele errors should be ignored? They deceive unaself.

TheLastProphet:
what does it mean to defend the naira?

So you don't know before you opened your mouth to talk rubbish.

CodeTemplar:
both. Local manufacturers use forex for hiring of experts, raw materials, machinery and repatriation of profit. Your brain won't see that because you have been rewired through kola nut oaths.

Go and play with sand, olodo.

Putindbutt:

Go and play with sand, olodo.

what works for you may not for me. Now embrace your sand play alone...

forgiveness:


How is injecting forex into the market defending the naira?

That’s not defensive. That’s no normal supply process. Go and read economics.

forgiveness:


You mean Emefiele errors should be ignored? They deceive unaself.

Are you now implying that Tinubu and cardoso aren't committing their own errors

forgiveness:
Kudos. For those who don't understand. This is without defending the naira.

Naira is being defended sir. Learn to be honest, it doesn't cost a thing.

CodeTemplar:
what works for you may not for me. Now embrace your sand play alone...

Don't spread your ignorance here, go spread it among the sand.

Tallesty1:
Naira is being defended sir. Learn to be honest, it doesn't cost a thing.

Yet another dummy.

magoo10:
we cant wait to see things go back to normal

What is your definition normal in Nigeria?

The so called magic is simply asking IOCs to delay 50% of their remittance by 3 months!!
Also, oil price rose in the last couple of weeks.

Defending of the naira simply means CBN supplying dollars to keep the rate at a particular price even if it means emptying the foreign reserves just to keep that rate. They can supply and not defend ie they don't supply enough to keep a particular rate.

Putindbutt:

So you don't know before you opened your mouth to talk rubbish.

tell us what it means tinubu online bandit

Ofunaofu:


Are you now implying that Tinubu and cardoso aren't committing their own errors

They are correcting Emefiele's errors.

drlateef:




That’s not defensive. That’s no normal supply process. Go and read economics.

Where in a sane country do you get supply of forex? From Aboki, abi?

How much is pound in black today?

forgiveness:


Where in a sane country do you get supply of forex? From Aboki, abi?

We are talking of CBN supplying the market, not aboki.

drlateef:



We are talking of CBN supplying the market, not aboki.

Then why was he querying CBN for distributing forex? Nobi aboki em dey expect?

forgiveness:


Then why was he querying CBN for distributing forex? Nobi aboki em dey expect?

That’s exactly why I educated him.

forgiveness:


They are correcting Emefiele's errors.

They are not correcting Emefiele's errors Rather they're creating monumental errors

Artificially maintained at N1,400 by mandating BDCs to buy dollar for no mare than N1,400.
However this is just for eye-service and is not sustainable.

Ofunaofu:


They are not correcting Emefiele's errors Rather they're creating monumental errors

From Emefiele.

forgiveness:


From Emefiele.

From themselves

Emefiele created no single error

Emefiele left when naira was exchanging at N760 to a dollar, Tinubu with his patch patch CV CBN governor crashed it to over 1900 then brought it to N1400 where it is at the moment and you say it's Emefiele's error, how?

Ofunaofu:


From themselves

Emefiele created no single error

Emefiele left when naira was exchanging at N760 to a dollar, Tinubu with his patch patch CV CBN governor crashed it to over 1900 then brought it to N1400 where it is at the moment and you say it's Emefiele's error, how?

Where did Emefiele met it? N760?

You think Nigerians care whether the naira is defended or not? As long as dollar is over twice as much as Tinubu met it, he is a failure! Same as petrol price

forgiveness:
Kudos. For those who don't understand. This is without defending the naira.

ValarDoharis:
You think Nigerians care whether the naira is defended or not? As long as dollar is over twice as much as Tinubu met it, he is a failure! Same as petrol price

Leave it the way the way he met it?

Ofunaofu:


From themselves

Emefiele created no single error

Emefiele left when naira was exchanging at N760 to a dollar, Tinubu with his patch patch CV CBN governor crashed it to over 1900 then brought it to N1400 where it is at the moment and you say it's Emefiele's error, how?

oga make you fear God na....Emefiele didn't create any error ke? When official rate was 400 and parallel rate was 700, creating a 300+ margin per dollar for arbitrage traders who produce absolutely nothing but use their connections to get dollars at official rate and round-trip to make huge profit. Closing that gap btw official and blackmarket rate is a feat that Cardoso should be celebrated for