₦airaland Forum

Kobojunkie:
In March, Tinubu used $1 billion to defend the Naira but that money disappeared for nothing. In August, it attempted the same With another $100 million from the same foreign reserves, and that also amounted to nothing. Do you not see that such attempts do not work?

Wait...

Do you believe 1650 is the true value of the naira?

oluayebenz:
✓ Wait...
Do you believe 1650 is the true value of the naira?

I have only given you a idea based on the much i was able to track via news reports. I didn't say the government has not or is not now shoring up the Naira as we speak.

The point is this strategy is not working for Nigeria and Nigerians since the problem remains unresolved when after so much money thrown at it, money that could have been better used elsewhere.

Kobojunkie:
I have only given you a idea based on the much i was able to track via news reports. I didn't say the government has not or is not now shoring up the Naira as we speak.

The point is this strategy is not working for Nigeria and Nigerians since the problem remains unresolved when after so much money thrown at it, money that could have been better used elsewhere.

Well you are right....

All the money used to defend the naira is vanishing but there is no way a country like Nigeria will leave it currency on a free flow, even many of the develop nation still defend their currency one way or the other.

CBN won't have choice than to defend this naira till it find it's true value

oluayebenz:
■ Well you are right....All the money used to defend the naira is vanishing but there is no way a country like Nigeria will leave it currency on a free flow, even many of the develop nation still defend their currency one way or the other.
CBN won't have choice than to defend this naira till it find it's true value

How can the money find its true value when it has nothing to really defend itself with except the money that is continually being dropped down the drain to prop it up? Nigeria has no industry or infrastructure in place to boast of and nothing to show for it being a nation as large as it is. The source of the money being used to shore up that money will eventually run out. What then?

Kobojunkie:
How can the money find its true value when it has nothing to really defend itself with except the money that is continually being dropped down the drain to prop it up? Nigeria has no industry or infrastructure in place to boast of and nothing to show for it being a nation as large as it is. The source of the money being used to shore up that money will eventually run out. What then?

Just wait and see

Remember no more importation of fuel, diesel and kerosene.

Monetary policy takes time to manifest

oluayebenz:
■ Just wait and see. Remember no more importation of fuel, diesel and kerosene. Monetary policy takes time to manifest

Nigeria's monetary policy is pegged on matters concerning just the petroleum sector, and nothing else.... that is the hail mary of a country of over 200 million people? How much time is needed for this to manifest by the way?

oluayebenz:
On point

Govt should use it gradually till naira find it's true value

That should have been the case but the so called president and leaders are stealing the money into their private pockets little spoil of war don't you get it ?

That is why the naira is growing worse each day ..
.
It he geins are not introduced into the economy so the economy will keep producing negative results and that is why naira is dying each passing day

oluayebenz:
Just wait and see

Remember no more importation of fuel, diesel and kerosene.

Monetary policy takes time to manifest

Monitary policy takes time manifest, like the Zimbabwe?

MummyIMadeIt:
Wed 16 Oct, 2024

1 USD ⇛ ₦1,693.323
1 GBP ⇛ ₦2,159.120
1 EUR ⇛ ₦1,847.939
1 CAD ⇛ ₦1,204.660
1 GHS ⇛ ₦102.45
1 ZAR ⇛ ₦92.97
1 CFA ⇛ ₦2.70

Thank you for the updates always.

i have given up on this government