₦airaland Forum

PlanetZero:
Slow and steady from 120 where apc met it. Is that going dorward or backward? Anyway I pray for you may your life be slow and steady the way apc is taking Nigeria. Since you see that as an achievement Kindly say Amen. Then I will take u serious

Kobojunkie:
While at the same time, Nigeria's foreign reserves lost approximately $1.3 Billion. Does anyone else see something here? 🙄🙄🙄

By the way, why is there still a black market when almost 18 months ago we were promised that all forex windows would be collapsed into just the one by the CBN? 🙄🙄🙄🙄

zero8zero:
Gradually firming up.. The decision to approve CFA and Yuan currency swap will further improve the naira.

zero8zero:
is this one okay upstairs?.

zero8zero:
You guys are now sounding like a broken record. You suffering from amnesia the FX subsidy that was spent to keep it that low every month.

internationalman:
Few days a go 1 dollar was about 1480, so what do you mean by Naira strengthens..

OkCornel:
Good news!

However, 200 naira to the USD is the goal.

Blazetrailer:
Lol.... expected.

I only asked for an intellrctual debate from you to debunk a lot of lies and propaganda Tinubu's government is draping over your eyes. I want to prove to you that contrary to what you have been reading in the dailies and other outlets, Nigeria was not engaging in FX subsidy. Not at all. You could call it dual exhange rate system but nothing near subsidy,by its standard definition. They sell a lot of dummy to you guys, knowing your limited thinking capacities.

However, you did not disappoint too, by resorting to personal attack, it confirmed what I had long known of anybody supporting this current government which has now be found to be the most incompetent and clueless since 1999.

allthingsgood:
Sai baba

Kobojunkie:
While at the same time, Nigeria's foreign reserves lost approximately $1.3 Billion. Does anyone else see something here? 🙄🙄🙄

By the way, why is there still a black market when almost 18 months ago we were promised that all forex windows would be collapsed into just the one by the CBN? 🙄🙄🙄🙄

Acidosis:
Yes. Jonathan spent on subsidy to keep it that low. What's Tinubu spending on??

Spending on FX subsidy is the least any government can do in a country where citizens provide their own water and electricity (generators and inverters).

So, I ask again, what is Tinubu spending on? He has removed everything the Jonathan administration gave you without adding any value, and you're rejoicing? Do you have better roads now? Better electricity? Do you have better education? Better security? All NO.

We the citizens are actually s t u p i d for allowing Tinubu to remove FX, electricity, and petrol subsidy without giving anything back. All you got were promises. Any hope of getting anything by 2027? Yes, more promises.

Kobojunkie:
While at the same time, Nigeria's foreign reserves lost approximately $1.3 Billion. Does anyone else see something here? 🙄🙄🙄

By the way, why is there still a black market when almost 18 months ago we were promised that all forex windows would be collapsed into just the one by the CBN? 🙄🙄🙄🙄

Blazetrailer:
Lol...I can relate...forex reserves depleting, naira appreciating


Lol again....were you ever or did you ever think that this government knew exactly what they were doing doing when they sold those lies to the people? The same time was when Wale Edun(Finance Minister) came out boldly that if the forex market was liberalised, the true value of the Naira was 750=800 and that he was sure it would settle there within a month once they liberalise it. This is almost two years and the value is 1600/1700ish

Kobojunkie:
While at the same time, Nigeria's foreign reserves lost approximately $1.3 Billion. Does anyone else see something here? 🙄🙄🙄

By the way, why is there still a black market when almost 18 months ago we were promised that all forex windows would be collapsed into just the one by the CBN? 🙄🙄🙄🙄

zero8zero:
You're a slowpoke. Using $1.5billion every month to defend the naira is called what?. When you pay for the differential to keep the official rate lower, that is called what?.

zero8zero:
Gradually firming up.. The decision to approve CFA and Yuan currency swap will further improve the naira.

Astrid4:
Nobody is helping you to see the rubbish you’re seeing there are three major way exchange rate is been controlled we have fixed system, this is when govt intervene in the market to keep the currency pegged at a certain amount, we have the floating system which Nigeria is currently practicing, this expose the market rate to market forces I.e supply and demand, this often makes the currency so volatile due to external shock or global issues especially in a complex and multifaceted global where there are tons of activities going on in milli seconds, it makes it worst for a oil-dependent country like nigeria where a change in global oil prices can affect our currency ASAP and there’s no monetary policy introduced by Cardozo can save us for this economic woes that’s why sometimes most govt that practice this floating system sometimes used the managed floating system where the govt intervene once in a blue moon in order to buffer against external shocks or global issues. These are global economic standards
The issue of depleting foreign reserves you raised has nothing to do with exchange rate, its most largely attributed to meeting international payment obligations/debt service and also managing economic shock e.g the present tariff raised by the USA
It is instructive for you to know that presently all forex window are collapsed to be one since, as both the parallel market and the black market rate are also the same all thanks to the clampdown on BDCs and aboki, the currency is now getting stable, dollar/NGN is now at 1600 for more 3 weeks now
The breaking below the 1600 is a result of an effect monetary policy by the CBN for all BDC to give a daily account of their transaction with this you’re preventing the unnecessary proliferation of dollars by some individuals.

kelvindj98:
Cbn rate is different from black market rate

Factcheck0001:
u these ibos self

If the agulu fraud does one thing u go haywire but if jagaban does 50 good things u talk down on it

olisaokere:
Na everytime una dey do trial and error?

Astrid4:
Nobody is helping you to see the rubbish you’re seeing there are three major way exchange rate is been controlled we have fixed system, this is when govt intervene in the market to keep the currency pegged at a certain amount, we have the floating system which Nigeria is currently practicing, this expose the market rate to market forces I.e supply and demand, this often makes the currency so volatile due to external shock or global issues especially in a complex and multifaceted global system where there are tons of activities going on in milli seconds, it makes it worst for a oil-dependent country like nigeria where a change in global oil prices can affect our currency ASAP and there’s no monetary policy introduced by Cardozo can save us from this economic woes that’s why sometimes most govt that practice this floating system sometimes used the managed floating system where the govt intervene once in a blue moon in order to buffer against external shocks or global issues. These are global economic standards
The issue of depleting foreign reserves you raised has nothing to do with exchange rate, its most largely attributed to meeting international payment obligations/debt service and also managing economic shock e.g the present tariff raised by the USA
It is instructive for you to know that presently all forex window are collapsed to be one since, as both the parallel market and the black market rate are also the same all thanks to the clampdown on BDCs and aboki, the currency is now getting stable, dollar/NGN is now at 1600 for more 3 weeks now
The breaking below the 1600 is a result of the effective monetary policy by the CBN for all BDC to give a daily account of their transaction with this you’re preventing the unnecessary proliferation of dollars by some individuals.

Astrid4:
Nobody is helping you to see the rubbish you’re seeing there are three major way exchange rate is been controlled we have fixed system, this is when govt intervene in the market to keep the currency pegged at a certain amount, we have the floating system which Nigeria is currently practicing, this expose the market rate to market forces I.e supply and demand, this often makes the currency so volatile due to external shock or global issues especially in a complex and multifaceted global system where there are tons of activities going on in milli seconds, it makes it worst for a oil-dependent country like nigeria where a change in global oil prices can affect our currency ASAP and there’s no monetary policy introduced by Cardozo can save us from this economic woes that’s why sometimes most govt that practice this floating system sometimes used the managed floating system where the govt intervene once in a blue moon in order to buffer against external shocks or global issues. These are global economic standards
The issue of depleting foreign reserves you raised has nothing to do with exchange rate, its most largely attributed to meeting international payment obligations/debt service and also managing economic shock e.g the present tariff raised by the USA
It is instructive for you to know that presently all forex window are collapsed to be one since, as both the parallel market and the black market rate are also the same all thanks to the clampdown on BDCs and aboki, the currency is now getting stable, dollar/NGN is now at 1600 for more 3 weeks now
The breaking below the 1600 is a result of the effective monetary policy by the CBN for all BDC to give a daily account of their transaction with this you’re preventing the unnecessary proliferation of dollars by some individuals.

zero8zero:
So, if you were appointment a new CEO and you met 97% revenue was used to service debt plus the company borrowing for subsidy, while 3% is left for recurrent and capital expenditure. Will you continue to engage in the same policy that had wrecked the company's revenue?. You armchair Critics just sit down to open mouth ignorantly. It is easy for a child to drive a car with his mouth.

zero8zero:
Thanks for the breakdown, folks like Kobojunkie, Blazetrailer, Acidosis abound on this platform, loudest noisemakers with nothing upstairs. I shared one of the international obligations the CBN had to fulfill a few days back in the link below which the reserves would have been used for.

https://www.google.com/amp/s/punchng.com/naira-appreciates-as-govt-clears-7bn-fx-backlog/%3famp

zero8zero:
Gradually firming up.. The decision to approve CFA and Yuan currency swap will further improve the naira.

Blazetrailer:
Lol...that was the lie they told Did you bother to validate this? I can see that you lack the capaciry to engage intellectual devoid of insults.

However, to help you, do a quick internet check ans ask if there is anything lije forex subsidy(not the gibberish Wale Edun and the World Bank chief Economist for Nigeria were spouting in October 2024), you will see that there was nothing like subsiding forex) They sold a lie to you guys because they knew quite well your limited thinking capacity.

If you care to read further(if you dare stretch your capacity to do so or imagine that you can) you would see that the biggest benefit of the liberalised forex exchage system was more naira revenue for Nigerian govt.(as confirmed by World Bank itself) and nothing more. This was because all givernment firex revenue was being cinverted at the official rates and they were advised by Wirld Bank that they could increase the govt revenues in naira if they exhange rates were left more opened. They were so daft not to understand the inflationary implications.

The government knew that if they mentioned subsidy,given the negative narratives around the fuel subsidy, a lot of you would buy into that lie, hence they coined the word forex subsidy. In actual fact, there is nothing like that in economics or internstional finance.

zero8zero:
Gradually firming up.. The decision to approve CFA and Yuan currency swap will further improve the naira.

Blazetrailer:
Lol...You call this justxaposed attempt at knowledge and a bag of contradictions a "breakdown"

I am now more convinced you are intellectually handicapped. Otherwise, you would have picked holes in all the guy wrote right from the first paragraph if you had some thinking capacity.

Lol...it is easy to onow those who copied/dubbed to scale throug school...harping on other people's ideas to bail them out because they are intellectually incapable themselves