Elliotwaveforec:
Omo, black market don crash immediately . CBN dey press their button wells.

this is not black market, it cryptocurrency na

Raylight2:
Nice move. I love this systematic reduction strategy

Because you don't know the implementation

PriceActionZ:
What happened to the one they earlier got, what happened if they can't sell it? Does that mean they will run to loss? Then are they physical transactions and not digital? Just curious to know. Gradually it is approaching 800 naira. Let the price of commodities too come down.

what happened to the one they bought last year at 500 and inflated to 1400

Common, it has nothing to do with speculators. It has everything to do with returning to Emefiele's policy of defending the naira with our reserves.

This is a simple stuff, why do you guy behave ignorantly?

INTEGRITYA1:
This approach is working and it seems Federal Government is targeting a benchmark at which dollar will stabilize.

Since when the speculators have been successfully caged, we've been seeing Naira gaining more value gradually.

This is exactly what Buhari did with Emefiele. "Pegging the dollar". It's a pity that BAT is pegging it over 1,000 Naira compared to less than 500 Naira under Buhari

clarocuzioo:
Dollar going down is a welcomed development. Its just unfortunate the CBN is using our foreign reserve to defend the Naira.

We are depleting our foreign reserves.

Tinubu simply returned to Emefiele's policies they criticized.

How much is CBN using to defend the naira. Please calculate it. How much dollars to 10,000 BDC weekly? It's not even up to 100 million dollars. Is that how to defend the naira?

Why are you gaslighting yourself?

You have returned to Emefiele's policy of defending the naira with reserves. Lets see how long they can return to their vomit

LegendHero:
Cardoso the headmaster!

Please take it to #700 in the next few months and let’s maintain stability at that price.

We have always said Naira is undervalued, na those BDC just carry us trabaye during Emefiele era. Now thy are counting their loss and selling even lesser than the official market.

DMerciful:
Why are you gaslighting yourself?

You have returned to Emefiele's policy of defending the naira with reserves. Lets see how long they can return to their vomit

I love una tears 😭.

At least now you can’t condemn the naira rates, you have now stylishly gone to wailing about defense. May the tears be permanent because Naira will keep rising.

if CBN open our Naira cards for limited FX payments, they will be no BDCs again, most of this aboki will return to farm

Why can't CBN sell d dollars themselves to eligible buyers why sell to bdc first. Eligible buyers Shud b able to walk to banks to buy dollar. Why make bdc middlemen

Owon:
Wow! So low and cheap, yet these greedy abokì people will sell it to us @1,300 and above.

Government is responsible for all these inflation and FX instability.

Give the Dollars to banks. Monitor and mandate them to sell to people who needs it.

It's ridiculous that one can't use the naira ATM cards to make any online foreign purchase as it used to be before. Government made access and demand for FX very difficult, yet they want the naira to appreciate.

The naira ATM card is extremely useless beyond Nigeria market and this is the main reason why people are desperate for dollars and will buy at any amount.

Naira was created for Nigeria. That old arrangement of using Naira based cards to buy dollar pricesd goods was enabled by availability of Forex then. Forex is scare now. there is competition and awareness for Forex now.

Owon:
Wow! So low and cheap, yet these greedy abokì people will sell it to us @1,300 and above.

Government is responsible for all these inflation and FX instability.

Give the Dollars to banks. Monitor and mandate them to sell to people who needs it.

It's ridiculous that one can't use the naira ATM cards to make any online foreign purchase as it used to be before. Government made access and demand for FX very difficult, yet they want the naira to appreciate.

The naira ATM card is extremely useless beyond Nigeria market and this is the main reason why people are desperate for dollars and will buy at any amount.

I have 1000$ cash I will sell at 1280 naira

Na foreign reserves CBN dey carry do dagbo...
I am just smiling

I don't understand you guys. Tinubu removed petrol subsidy, una hail am. He returned petrol subsidy, una hail am even more.

Tinubu removed naira defense, una hail am, he returned it, una hail am even more.

Tell me what Fela called Zombie?

LegendHero:


I love una tears 😭.

At least now you can’t condemn the naira rates, you have now stylishly gone to wailing about defense. May the tears be permanent because Naira will keep rising.

DMerciful:
I don't understand you guys. Tinubu removed petrol subsidy, una hail am. He returned petrol subsidy, una hail am even more.

Tinubu removed naira defense, una hail am, he returned it, una hail am even more.

Tell me what Fela called Zombie?

Which subsidy and naira defense?

What is subsidy?

grandstar:
Rather than praise this development, it should be queried.

The foreign reserves recently went down by $900m. Would a stronger Naira not lead to an increase for Dollars, simply adding more pressure to the foreign reserves?

You guys like thinking like kids! So you expect the CBN to be pilling up dollars while people are in need of it? Who saves when his family is hungry! Only a fool does that.

Seriously? Never knew that you are this ignorant.

LegendHero:


Which subsidy and naira defense?

What is subsidy?

DMerciful:
Seriously? Never you that you are this ignorant.

Our engagements always reduce my IQ bit by bit, that’s why I am this ignorant.

It’s not my fault.

The first time for a very long time that the CBN is actually in control of fx rates. Kudos to Cardoso.
Both the parallel and official rate almost harmonized. Great, kudos to Cardoso

LegendHero:


It has always been managed float. The rates have always converged compared to what was obtainable during Emefiele. The difference is not that much even before now. Anytime parralel increase, Cardoso increase it at official.

Lol 😂 fuvked up with policy? Was Emefiele not selling to bank who inturn sell to BDC that created up to 40% differentials?

Don’t you know what is currently happening is making naira goto some true rate? At some point it will stabilize, that’s Cardoso end game.

Give Cardoso time till the end of the year and come back to review your comment and that’s when you’ll know what’s up. I hope you don’t have $$ at hand, it’s better you sell it off or use it for productive enterprise or else you go cry when it falls down flat.

Una go cry whin all you naysayers.

Which managed float took naira from N400 to over N1500 under seven months

You must have been under a rock when official rates was at 1500 and parallel rates was at 1800. The rates did not converge under Emefiele but they were largely stable and predictable.

You don't need to devalue before your rates converge. That was a horrendous mistake that distorted the market and eroded the purchasing power of Nigerians.

It's not about naysayers. That's the point you political hillbillies usually fail to understand

Economy is not a political game.

The naira is at over a 1000naira after losing over 300% of its value under a year is not good news to anyone

rinzaugustine:
They pumped in borrowed billions of dollars into the forex market how long can they sustain borrowing to stabilize the dollar?

That's what many people do not understand. Naira is not really gaining as portrayed. Government borrowed dollars, sell to BDCs at subsidized rate and asked them to sell to end users at a particular rate. Any day this government stop borrowing and selling to BDCs, naira will crash and exchange rate will increase. Only significant export will stabilize naira

ignis:
This is just fire brigade artificial stability.

That's what many people do not understand. Naira us not really gaining as portrayed. Government borrowed dollars, sell to BDCs at subsidized rate and asked them to sell to end users at a particular rate. Any day this government stop borrowing and selling to BDCs, naira will crash and exchange rate will increase. Only significant export will stabilize naira

Owon:
Wow! So low and cheap, yet these greedy abokì people will sell it to us @1,300 and above.

Government is responsible for all these inflation and FX instability.

Give the Dollars to banks. Monitor and mandate them to sell to people who needs it.

It's ridiculous that one can't use the naira ATM cards to make any online foreign purchase as it used to be before. Government made access and demand for FX very difficult, yet they want the naira to appreciate.

The naira ATM card is extremely useless beyond Nigeria market and this is the main reason why people are desperate for dollars and will buy at any amount.

You are very much behind in information gathering. They must not sell beyond 1173/$ to you now. But you can’t get physical cash. They pay directly into a bank account abroad. Banks are also selling forex but they must also pay to your account abroad. The rules have changed.

Kukutenla:

Which managed float took naira from N400 to over N1500 under seven months
You must have been under a rock when official rates was at 1500 and parallel rates was at 1800. The rates did not converge under Emefiele but they were largely stable and predictable.
You don't need to devalue before your rates converge. That was a horrendous mistake that distorted the market and eroded the purchasing power of Nigerians.
It's not about naysayers. That's the point you political hillbillies usually fail to understand

Economy is not a political game. The naira is at over a 1000naira after losing over 300% of its value under a year is not good news to anyone

So, in all of this, you're angry that the dollar rate has gone from 1,900 to 1,100 and poised to go down further??

If you don't know that subsidy is currently being paid and the naira is being defended, then you should abandon political section and go to religion section.

No wonder you guys believed fuel at N87 is not cheap enough, that it should be N40.

LegendHero:


Our engagements always reduce my IQ bit by bit, that’s why I am this ignorant.

It’s not my fault.

optimusprime2:
Na foreign reserves CBN dey carry do dagbo...
I am just smiling

That's what many people do not understand. Naira iss not really gaining as portrayed. Government borrowed dollars, sell to BDCs at subsidized rate and asked them to sell to end users at a particular rate. Any day this government stop borrowing and selling to BDCs, naira will crash and exchange rate will increase. Only significant export will stabilize naira

DMerciful:
If you don't know that subsidy is currently being paid and the naira is being defended, then you should abandon political section and go to religion section.

No wonder you guys believed fuel at N87 is not cheap enough, that it should be N40.

How much PDP meet fuel and $$ for 1999?

Let’s start from there.

You see why I said you’re reducing my IQ?

clarocuzioo:
Dollar going down is a welcomed development. Its just unfortunate the CBN is using our foreign reserve to defend the Naira.

We are depleting our foreign reserves.

Tinubu simply returned to Emefiele's policies they criticized.

As long as it a temporary measure .. its Ok, at the moment to priority is to restore "SANITY" to the parrel market and displace saboteurs

If we deplete our foreign reserve to build an enabling market that will reinstate forces of DD and SS i think its worth it

RenaissanceGuy:
So, in all of this, you're hungry that the dollar rate has gone from 1,900 to 1,100 and poised to go down further??

Learn to read and understand

What I am saying is that we need not go 1900 in the first place. Unifying the rates does not automatically mean you devalue the naira.

So many things were done wrong in a bid to appear different from the previous govt which created so much distortion in the system

Who is bearing the brunt now?

How do they recover?

Focus! Is subsidy being paid or not?

Is the naira defended or not?

No run along. I know you know but trying to deceive people.

Percentage increase of petrol under PDP was fairer

LegendHero:


How much PDP meet fuel and $$ for 1999?

Let’s start from there.

You see why I said you’re reducing my IQ?