₦airaland Forum

socialmediaman:
How much foreign reserves has Nigeria lost trying to defend the naira? How sustainable is this? What is the long term goal? Defend the naira while hoping that the manufacturing and export sector picks up somehow? What’s the plan?

As stakeholders, you’d hope that your government will lay out the plan and let people key in through the private sector

Why has the government stopped publishing the monthly economic report that was published every single month since 2013 for transparency?

As someone who has witnessed a lot of lies and propaganda within the past 9 years, I have to see the evidence to believe whatever this government says

PressMyButton:
Updates- foreign reserves have risen to $37billion. While I am not particularly sure about the information of the OP, it is really ridiculous of you and your ilks to keep making spurious narratives of defending the naira with the reserves. Meanwhile, you guys are the most ignorant of basic economic policies.

socialmediaman:
Where is the monthly economic report that substantiates this claim you just put up here?

We will all see it in the monthly economic report that should be published by the CBN monthly for transparency, this is not some hidden access only information

You too should advocate for transparency because absence of it creates suspicion, and many of us were right about the previous government

PressMyButton:
Your problem is ignorance but you don't know. If you don't know something, you better ask and learn. Monetary fundamentals are not political argument you engage in at newspaper stand.

socialmediaman:
So your factual source for the numbers you quoted was “trust me”.

After claiming to know something, you came up empty. You ended up being that keyboard warrior.

socialmediaman:
Where is the monthly economic report that substantiates this claim you just put up here?

We will all see it in the monthly economic report that should be published by the CBN monthly for transparency, this is not some hidden access only information

You too should advocate for transparency because absence of it creates suspicion, and many of us were right about the previous government

socialmediaman:
Where is the monthly economic report that substantiates this claim you just put up here?

We will all see it in the monthly economic report that should be published by the CBN monthly for transparency, this is not some hidden access only information

You too should advocate for transparency because absence of it creates suspicion, and many of us were right about the previous government

socialmediaman:
How much foreign reserves has Nigeria lost trying to defend the naira? How sustainable is this? What is the long term goal? Defend the naira while hoping that the manufacturing and export sector picks up somehow? What’s the plan?

As stakeholders, you’d hope that your government will lay out the plan and let people key in through the private sector, that’s if there’s some real plan in motion

Why has the government stopped publishing the monthly economic report that was published every single month since 2013 for transparency?

As someone who has witnessed a lot of lies and propaganda within the past 9 years, I have to see the evidence to believe whatever this government says

OgaFactCheck:
You made a claim of defending the Naira with reserve. You should provide proof of rapidly declining reserve from authoritative sources. At least, if the data cannot prove causation, it can at least prove association.

socialmediaman:
We were told that fuel subsidy was gone. What is the result today?

Many people suspect that flaoting the naira failed and the CBN is back to defending the naira. Where is the monthly economic report published by the CBN? The last one was published November last year. Transparency that was established since 2013 by the GEJ government just disappeared.

Where is it? The CBN should publish it and lay this matter to rest. https://www.cbn.gov.ng/documents/monthlyecoreports.asp

Pecoleee345:
If FG is defending the naira with foreign reserve....PO, Atiku, opposition parties and news media will be quiet about it

OgaFactCheck:
Yes, the monthly economic report is good. However, does the lack of it now means that the government is defending the Naira with reserve? He who comes to equity must come with clean hands. If you allege that the government is defending the Naira with reserve, you should defend your claim with data before you request for data from those that oppose your claim. Don't you think so Sir/Ma?

socialmediaman:
This was a news report by nairametrics titled: Nigeria's FX reserves dip by $1.02 billion in 18 days on CBN's naira defence. I didn't make that up: https://nairametrics.com/2024/04/07/nigerias-fx-reserves-dip-by-1-02-billion-in-18-days-on-cbns-naira-defence/

socialmediaman:
We were told that fuel subsidy was gone. What is the result today?ts/monthlyecoreports.asp

tollyboy5:
Not releasing monthly economic report might not be cool. But it doesn't substantiate your claim of declining reserve.
Besides your argument on reintroduction of subsidy holds no water, it's common sense that the pump price of petrol has been maintained despite the dwindling exchange rate. That magic can only happen with subsidy I don't need to be an Albert Einstein to know that a stronger naira need no petrol subsidy

socialmediaman:
This was from nairametrics: Nigeria's FX reserves dip by $1.02 billion in 18 days on CBN's naira defence. I didn't make that up: https://nairametrics.com/2024/04/07/nigerias-fx-reserves-dip-by-1-02-billion-in-18-days-on-cbns-naira-defence/

OgaFactCheck:
Good job. However, do you know that within that period, the government stated that they paid backlogs of the foreign currency owed to the country's debtors? Have you factored that into your analysis? Actually, I like people that are level-headed and not emotional in argument like you. Can you please, address the question above?

tollyboy5:
I was thinking ₦900 at the end of this month but if they can go ₦800 to a $ that would be wonderful as it will drive the pump price of diesel and petrol downward.

The CBN should keep driving the rate low at a regular interval if possible they drive it down to ₦200 per dollar like it was during goodluck time. This massive difference will be a major game changer in our economy and state governors should not find any excuse on why they should owe salaries or not improve infrastructure.


If $ hit #200 this yr..... damn I'll be the happiest person in the world

Better days ahead

rinzaugustine:
And some will be buying those dollars you loaned and storing as security till you run out of that dollars you borrowed then naira will return to its normal value…mumu policy no direction

PressMyButton:
Updates- foreign reserves have risen to $37billion. While I am not particularly sure about the information of the OP, it is really ridiculous of you and your ilks to keep making spurious narratives of defending the naira with the reserves. Meanwhile, you guys are the most ignorant of basic economic policies.

misreal:
Hmmmm...
Honestly,I pray the government is not using our foreign reserve to defend the naira oh.
If they are not,then kudos to the government.

lwise:
Mumu policy?
Your eye go clear

Prince111111:
don't mind him..even in Life Economics, you use what you have to get what you want. If they are defending it then so be it. In the process of defending it, you are making the country attractive to investors and at the end of the day, the reserve continues to grow.

lwisee:
CBN is not using our foreign reserve to strengthen our currency, get that into your thick skull.

Keep hoarding the Dollars, e go shock you when a Dollar becomes N450