₦airaland Forum

pointblank247:
Reno omokirikiri no-go hear this one

U dey mind that nuisance

Toor . Dear God my sustenance is always in you. This man has really bastardized the economy and hm go dey shout "I built Lagos up and down during election.. Olodo.

This thread is riddled with haters.

IPOBs. Losers.

If your earning In dollars now ur a champion 😉

Someone's gotta rescue this currency urgently.

So floating the country abi naira didn't work

Thank God for Tinubu oo, if na obi naw e for Don sale the country to China or Atiku for son sale the country to Dubai people

pointblank247:
Reno omokirikiri no-go hear this one

He is not aware of this one

WHAT IS YOUR JUBILATION, WHERE ARE YOUR PRODUCTION LINE, TO STRENGTHEN YOUR NAIRA, STOP BEHAVING LIKE ALIEN 👽👽

You cant be an illegitimate president and expect to do excellently. Nature is fighting back the criminal unfortunately na the masses go still bear the blunt of his illegitimacy

Reno omokirikiridiot Will never comment on this one he is just waiting for peter OBI to talk about the dollar first useless buffalo

Do your fellow Nigerians care about media chat?

Tribal and religious sentiment always take the center stage when we're talking about politics.

OriOko88:
If u are smart,you would see how media chat is shaping the US election. people like u deserve the kind of leaders we have in Nigeria.

It's only when Nigeria is a producing economy and nigerians valuing, patronize what we have in this our own country that is when the naira will start appreciating and have value against the dollars

Another bull 🐂 run sighted.

Oh,u no hear say person climb mast for katampe to commit suicide via za hardship and u think naira wont cast in za market report.

Somebody saddled with the responsibility of leadership, who claimed he was a "strategist" should have asked this question from those who advised him to devalue the currency, before accepting to do so in a bid to attract foreign investments.

Buhari asked them these questions, hence he refused to devalue further. Same Buhari that we all agreed is not educated.

This makes me doubt whether the Tinunbu is educated at all.

Chetas81:
WHAT IS YOUR JUBILATION, WHERE ARE YOUR PRODUCTION LINE, TO STRENGTHEN YOUR NAIRA, STOP BEHAVING LIKE ALIEN 👽👽

Malcolm21:
It's binance fault

..and bereau de change fault 🙄

naira is not feeling well but doctor bat is here.everyone should thank God for doctor

What did you expect from a president like Tinubu that the only thing he could tell nigerians during his presidential campaign that..it's my turn

So you mean after raiding zone 4 countless number of time and arresting BDC operators, the naira no still go down, no be juju be dat..

As politicians that don't import anything have mopped up the available dollar for abroad spending, now those who want to import rice and other grains will pay massively for the remaining dollar in the hand of the criminals. Nigeria is a crime scene.

oz4real83:
Apart from fighting bureau d change operators, the govt has done nothing significant to improve the naira, we still use the little dollar we earn to import fuel, generators, pay foreign debts, pay foreign medical bills of top govt officials and foreign companies are leaving en masse, all our sources of foreign exchange are getting smaller by the minute

The government has done something joor.

We borrowed billions of dollars from Afreximbank at almost 12% to defend the Naira.
Is that not enough

Omooba77:
The Federal Government on Friday received a $2.25b foreign exchange support facility from the African Import-Export Bank.

The Minister of Finance, Wale Edun, confirmed this to Arise TV, said it is the first tranche of the $3.3bn facility from the bank. He noted that the loan was aimed at resolving the acute FX shortage that has hampered the economy.

According to the report monitored by our correspondent, the balance of $1.05bn will be received in the first week of January.

Afreximbank supports Parallex Bank with trade-financing facility
Edun stated that work has commenced for solutions to Nigeria’s economic challenges.

In August, the Nigerian National Petroleum Company Limited announced that it had secured a $3bn emergency loan from the Afrexim Bank to stabilise the country’s volatile foreign exchange market.


https://punchng.com/fg-receives-2-25bn-afrexim-bank-loan/

10 of my guys just entered usa...hundreds abi thousands I don't know and you expect the dollar to survive make nigeria work and see if ppl running to other countries are not going to run back fix
Power
Transport
Housing
Security
Food security
Education
Human rights

allthingsgood:
Jokers. Who chat ep
Nigerian leaders are a reflection of the people. So rest

Clôwn... So after voting APC and Tinubu, u now want to blame the imaginary people??

Less than 2% is what you call massive depreciation? Some people clearly crave negative news about the country.

This too much

Check our profile for super clean cars and original electronics

It’s better you buy the electronics now before the price go up oo

LOL!!! ....Silver bullet indeed!(not sure you know the true meaning though). The one that has killed the economy and doomed his administration.

Nigerians and their victim mentality. Who are the "opportunists" that pounced?? Whenever things go awry after a stupid and thoughtless gamble, Nigerians begin to look for villains to blame. They never admit they were wrong. It is in our psyche.


The subsidy is back and bigger, surreptitiously, and the government is not denying that, it has only kept mum. What is worse, the current government is borrowing at very terrible terms to sustain the subsidy.

On the devaluation, as mentioned several times by the Finance minister it was done to attract foreign investors, their expectations were that it would bounce back within a few months and settled around 700/800(both the Finance Minister and CBN Governor said this several times). It is obvious that was a gamble went awry. It was not a well thought out plan.

These are not reforms, these are kalokalo economics with the hindsight of wanting to claim reformer without studying what was really on ground. For instance, which serious government decides to devalue(they called it "floating" but that had been debunked) without putting in adequate measures to de-dollarise local transactions. In an economy where the local currency plays a second fiddle to the dollar only an idiot will attempt to float its currency against such...the demand for the dollar will outstrip the local currency in one month if both are left to fight it out without protecting the local currency through monetary policies first, especially when there was so much naira in circulation because of excessive printing(ways and means) .

Currently, a lot of transactions in Nigeria are conducted in USD despite all the noise by CBN. Not even a fresh university economics gradauate as an adviser will dare attempt to stake against the dollar that without clearing the mess in the econmic ecosystems first. ? All the high rise buildings owned by foreign investors around ikoyi, where Tinubu's private residence is, are all billed and leased in USD and nothing will be done. School fees are demanded in USD in Nigeria and nothing can be done to stop that...yet you decided to"float" your currency against such a system?..you are doomed from day 1.

Isn't it funny that the current governemnet is doing the same thing or about to do the same thing that you accused Buhari of doing?

a. Overloading foreign and domestic debts: The current government is doing worse. It has pushed Nigeria's Debt to GDP to 52% from 38% in just one year and the Debt to Revenue from 68% to 78% in one year(Source: DMO)...and this is rising

b. Borrowing against future oil production: Recent publications shows that NNPL is going to borrow another $2bn from IMF/World Bank against future oil production at very terrible terms, much worse than under Buhari(Source: IMF/https://www.nairaland.com/8150331/rising-appetite-oil-cash-loans)

c. Ways and Means: CBN report showed that Tinubu's administration has borrowed from CBN to finance its 2024 budget. Borrowing from CBN can only be through ways and means(Source: CBN Report for year end 2023/https://saharareporters.com/2024/04/27/how-tinubu-government-borrowed-over-n38trillion-nigerian-central-bank-six-months-report)

d. Delay in Salaries: The retention of current minimum wage in the face of 200% inflation in prices of staples is criminal to put it mildly.

e: Emefiele: The current CBN governor is worse. I dare say Emefiele was far better in managing the economy if not for his misadventure into politics to contest for presidency or being tricked to attempt to. He is paying for that now. The current Governor has no policy direction. He is lost.

So, what else??


Those changes are eventually needed but not without deliberate steps and thoughtfulness...and certainly not hurriedly too...something Buhari realised but the "strategist" never did.

His administration is doomed right from the start

...and Yes!!...Buhari was a hero as a president, compared to this one... no matter how odd that sounds. The streets will tell you so.

......"bravery is not the absence of fear...but in knowing when to strike without missing"...anonymous

HomoDroid:
Before you start idol-worshipping the ex-President, remember he spent his last nine months declaring that he could barely wait to handover and return to Daura! He knew fully well he had lost the ablity to cope with Nigeria's challenges!

Buhari barely managed to keep the naira exchange rate steady through juju economics - borrowing massively to defend the naira! He even conjoured all the tricks in the books and outside. Borrowing against future crude production; ways and means far beyond the authorized limits; overloaded Foreign and domestic debts; delays in Salary payments; Emefailuriasis; etcetera, etcetera, etceterum!

On the contrary, the Present Government fired the silver bullet from day 1 and removed both fuel subsidy and floated the exchange rate in one fell swoop. Although I personally believe it was an error to move too soon as well as combine the two recipes together - it is the reason for our economic constipation we are battling with today. Each policy was good and necessary, but it become an overdose when administered concurrently instead of consecutively. The crooked Nigerian opportunists pounced on the circumstances to hold everyone to ransome!

Nigeria should stop importing pms. Pms account of 60% Forex depletion. I don't just know why the federal government cannot order nnpc to supply dangote and other modular refinary oil.

Forumites:
Na statistics we go chop?

Wittyness

I really looked for dollar well well yesterday. Like it was so hard to find. And even when I manage to find, the price went up by additional twenty naira