₦airaland Forum

surgical:
Nigerians need to kick this people out ASAP ,they are confused and just doing trial and error while the country keep going through hardship at the end of the day all the sacrifices will go to waste because no tangible results will come out of this their rigmarole,
In one breath the float the naira, in another they are defending the naira, the same defence they blamed buhari for and called unrealistic
These people are confused

you're angry about this one, fuel subsidy regime nko ?

So we are still spending $8 billion to support a currency that you claim you've floated.

That's alright

This means they did not float the naira rather it's devalued, they are just confused

The discombobulated, dumb, doomed, directionless govt of self serving thieves is all shades of useless!😒🤣🤣😅😅

This man deserves a chilled bottle of beer. Completely unbiased and straight to the point with his analysis.
How can inflation drop 10% within a three-month-span without visible positive changes in the day-to-day life of the populace? Propaganda does not a government make.
Also, Tinubu's continuous enactment of incongruent policies never ceases to amaze me—especially for a supposedly brilliant Deloitte accountant. How do you free-fall the naira, only to turnaround and further defend it with 8 billion dollars—taking up more debt in the process—when you were so adamant about drastically reducing our debt burdens prior to mounting office?

Tinubu just came to destroy the country. He removed subsidy on petroleum, hiked the price by 300% but ends up paying much more subsidy than has ever been paid. Removed subsidy on electricity, hiked the price but is paying much more subsidy than has ever been paid. Floated the naira, make it lose 4x its value but using much more dollars to defend the naira - can someone tell me what floating of currency means again?

Jokerman:
What I don't understand is Buhari spent $10Billion to keep Naira at $448/$450 by the end of 2022.

However, $8 Billion of Tinubu's subsidy cannot move the naira to at least $1000??

🤔🫤

Because he made the mistake of floating it first.

To make naira get to around 450/$ again he will have to spend double of what Buhari spent without any guarantee because the market might even swallow it all and not shake because confidence in the naira has eroded. If naira drops to 500/$ be honest, won’t you buy more $$?

There is a ripple effect to these things, his biggest mistake was floating the naira without a sound economic team to advise him or help plan it out.

He should have waited till Dangote refinery becomes operational and we no longer need so much $$ for fuel importation then start floating it little by little and watch the market reaction.

NothingDoMe:
They don't lie about it and tell tales of moonlight.

No government in the world directly releases information about how much it is spending to defend its currency.

If a central bank gives a running commentary about how much it is spending, that will give ammunition for currency speculators to attack the currency even further.

That is why Central Banks around the world speak in codes, like '...if it is necessary to do so, we will step into the market'.

Whether it is Japan, Brazil, India, that's what a Central bank will say.

You don't go to war by disclosing your strategy. Instead, you keep your opponents guessing.

Even Mr Rewane is only guessing by looking at how much dollars Nigeria has borrowed and how much we have left.

It's just guess work. Only the CBN knows the correct figure. It may be significantly less than Mr Rewane has claimed.

MadamExcellency:
The Government has started doing what should have been done after the refineries started working. There is no reason the dollar shouldn't fall to N500. Our refineries are working. Let's stabilize foreign exchange and see multinationals come back to invest in Nigeria.

Talk is cheap

surgical:
Nigerians need to kick this people out ASAP ,they are confused and just doing trial and error while the country keep going through hardship at the end of the day all the sacrifices will go to waste because no tangible results will come out of this their rigmarole,
In one breath the float the naira, in another they are defending the naira, the same defence they blamed buhari for and called unrealistic
These people are confused

My brother, I'm a Yoruba man, but to say the truth, Tinubu was sent from the pit of hell ( the western imperialists ) to deal with Nigeria and destroy her completely.

If not, how can you float the naira and at the same time borrowing dollars to defend it, is this not insane

You devalued the naira by floating it, people and businesses are suffering from the negative effects, then you're still defending it with the same foreign currency 💲,

Pls what's Tinubu doing exactly 🙏?

Is he aware that people are dying as a result of his daredevil approach to the economy?

Something that the previous administrations like Obj, Gej, even Pmb, avoided, even when they were pressured to do so by the satanic world Bank.

I think people may need to talk to Mr president to have a rethink about his daredevil economic policies and his tendencies to please the foreign imperialists who had wanted to put Nigeria on it knees for a long time, bcs they see her as a threat to their imperialistic agenda for the Africa.........

Mr president needs to know that he's there to serve Nigeria not to pls the slave masters. Bsc all I see here is someone dancing to the tunes of foreign dictatorship in order not to offend them. Only the wise will understand! 😭😭😭😭

Legendhero
Seunmg


This is it

Una Yoruba government..

On this kind topic una go hide .. dey look for propaganda and tribal thread
While thinking 400 tribe in Nigeria are fools

Una go wake late

Insha Allah

DeLaRue:
No government in the world directly releases information about how much it is spending to defend its currency.

If a cental bank gives a running commentary about how much it is spending, that will give ammunition for currency speculators to attack the currency even further.

That is Central Banks around the world speak in codes, like '...if it is necessary to do so, we will step into the market'.

Whether it is Japan, Brazil, India, that's what a Central bank will say.

You don't go to war by disclosing your strategy. Instead, you keep your opponents guessing.

Even Mr Rewane is only guessing by looking at how much dollars Nigeria has borrowed and how much we have left.

It's just guess work. Only the CBN knows the correct figure.

They don't lie about it.

If they did you wouldn't know that the countries you mentioned were defending their currency.

Ojuntana:
December rate was 36%
January rate was 24%
That's a 12% drop abi no be so

It is not a matter of dropping but having a realistic rate. Prices somehow have stabilised, but food inflation seems unbeatable.

The question is when will food prices come down, being a significant contributor to Nigeria's inflation.

Incomes need to rise to ensure Nigerians live a life!

Ojuntana:
December rate was 36%
January rate was 24%
That's a 12% drop abi no be so

nothing dey this your brain at all

Jokerman:
But Tinubu told us he has stopped subsidizing the Naira, hence it's floatation.. why go back to his vomit??

Well, let's waits for the APC Social media soldiers WhatsApp group message

😂😂😂😂😂

NothingDoMe:
They don't lie about it.

The CBN has never said they are not or will never defend the naira.

No Central bank in the world will say that.

I think you have been listening too much to 'experts' on Arise who say things like the Naira is on a free float.

Have you ever heard of those words directly from the mouth of the CBN Governor.

Switzerland has one of the strongest and most stable currencies in the world. Yet, its Central bank does defend the Swiss Francs if they need to.

Every central bank steps in to defend its currency. They just don't announce it. It is one of the priority tasks of every Central bank.

Nigerias just get worked up over the most basic things.

MadamExcellency:
The Government has started doing what should have been done after the refineries started working. There is no reason the dollar shouldn't fall to N500. Our refineries are working. Let's stabilize foreign exchange and see multinationals come back to invest in Nigeria.

Using $8billion dollars to support a currency that has been floated😳
Does that make sense to you?
You might as well just keep supporting it when it was 400Naira/$.
This administration keeps surprising me everyday.

MadamExcellency:
The Government has started doing what should have been done after the refineries started RN25F1. There is no reason the dollar shouldn't fall to N500. Our refineries are working. Let's stabilize foreign exchange and see multinationals come back to invest in Nigeria.

Refineries you say, where are the evidences, they told you Ph and warri refinery is back yet report shows Nnpc is the largest importer of pms into the country

The same Nnpc that claimed Ph and warri refinery are working retorted they are taking PMS from dangote in desperation to save face from alleged inferior fuel importation.

Economics is not rocket science, garbage in equals garbage out, impact is nonexistence cos these govt are not sincere one bit, they are just fooling around and looting money

Instead of wasting funds subsidizing forex, why can the govt take measures that will reduce cost of production .. high tax, high power tariff, high interest rate and ridiculous import levies are counter productive measures govt can rectify asap
Dangote + Ph and warri refineries can meet our daily demand exceedingly, why cant govt place a import ban on Pms @least for a short term lets see if there is any ripple effect or not .. instead of doing the same thing and expecting different results

I strongly doubt if the Federal Government will allow the exchange rate against the dollar drop that low.

1, Revenues like the Petroleum Tax, Royalties and Levies (Import) are received in $ (Dollars) or dollars benchmarked equivalent.

2, At the current FX regime of btw N1,400-N1,500 to $1, there is a windfall of Naira revenue.

3, The reason most revenue generating agencies exceeded their targets for FY2024 and improvement in FAAC allocations.

Once the exchange rate to the dollars reduces to $1-N500, the FAAC allocation will be affected and the humongous revenues generated in FY 2024 will drop significantly.

MadamExcellency:
The Government has started doing what should have been done after the refineries started working. There is no reason the dollar shouldn't fall to N500. Our refineries are working. Let's stabilize foreign exchange and see multinationals come back to invest in Nigeria.

DeLaRue:
Nothing new.

Every country steps in to support their currency.

In late January 2025 (last month), Brazil was spending about $7 billion dollars PER DAY! to support its currency against the dollar.

Around the same period, India spent over $20 billion dollars within 3 days to support the Indian Rupee.

Japan spent over $60 billion to defend the Yen against the dollar last year, yet the Yen has lost so much value against the dollar in the past 2 years.

If Nigeria spends $8 billion in 2 years, that's still reasonable, compared to when we were spending about that amount every year under Mr Buhari.

Truth is, the dollar is just too powerful against most currencies. Many governments have to defend their currencies, otherwise...

But it was N400/$ on the official market when Buhari left power.
How did it get to N1600 per $ if the naira is still being supported?

The moment dey can't continue, exchange rate will double up. Nigeria is sitting on a keg of gun power

Paraman:
Is there a time the NBS said inflation drop by 10%?

Old Method: Inflation stands at 34.8%
New Method (Rebased Data): Inflation drops to 24.4%
Market Survey (Real Inflation): Inflation is closer to 33%

if you subtract 24.4 from 34.8%, what will you get?

NothingDoMe:
FX reserves stands at $38.73 billion as at 20th February 2025.

At this rate it's $1bn every month.

Tinubu Agbado Media Team(TAMT) is coming to say that they have commitments that cannot be met except they deplete the FX reserves.

Sore losers.
Monday holiday lovers.

The government services all external obligations that include debt servicing with the fx reserve.
It's goes up and down.
No country does not support his currency with it's fx reserve.

Counter the fact with a superior one.

I don't think fuel subsidy of 10 years is up to the dollar subsidy of 1 year (agbadonomics)....First day of inauguration, fuel subsidy is gone but replaced by a BIGGER SUBSIDY

Myrepublic:
The moment dey can't continue, exchange rate will double up. Nigeria is sitting on a keg of gun power

U are wrong.
Learn to comment as a responsible person, and not a dullard

The government is not printing money like emefiele did.

Zackattack:
Using $8billion dollars to support a currency that has been floated😳
Does that make sense to you?
You might as well just keep supporting it when it was 400Naira/$.
This administration keeps surprising me everyday.

Most people just don't understand how currency markets work. That's fine.

Do you know that the CBN has been buying excess dollars that's been coming into Nigeria in recent weeks because the dollars comin in has been more than the market can absorb?

Remember the problem has always been too little dollars coming into Nigeria, which meant the CBN had to release dollars into the market (what people refer to as defending the naira).

In the past few weeks, the reverse has been the case. The amount of dollars coming in has been too much than the market can absorb. The CBN is now stepping in to buy the excess dollars. So, instead of defending the Naira, the CBN has in a funny way been 'defending the dollar.'

The first 18 months or so of the administration saw a very volatile naira. It made sense for the government to spend dollars to stabilise the naira.

However, in the past couple of months, the naira has stabilised, so no.need for the government to routinely defend the naira for now.

The CBN has done an excellent job.

DeLaRue:
Nothing new.

Every country steps in to support their currency.

In late January 2025 (last month), Brazil was spending about $7 billion dollars PER DAY! to support its currency against the dollar.

Around the same period, India spent over $20 billion dollars within 3 days to support the Indian Rupee.

Japan spent over $60 billion to defend the Yen against the dollar last year, yet the Yen has lost so much value against the dollar in the past 2 years.

If Nigeria spends $8 billion in 2 years, that's still reasonable, compared to when we were spending about that amount every year under Mr Buhari.

Truth is, the dollar is just too powerful against most currencies. Many governments have to defend their currencies, otherwise...

You are not okay, you need checkup asap

Buhari spent 10billion to keep forex at $1/480, and you think spending 8billion in 2yrs to keep $1 @ 1500+ is better

Where do you people crawl out from, is these all about the 30k monthly allowance from Apc. do you have the slighiest implication of a $1/1500 even cotonou people no longer regard nigeria, your currency is next to useless

Ome would have thought the president taking out subsidies will mean investing heavily on locally made services, at least this would have kept hope in the interim

But baba and his team just dey run abracadabra dey go😄

NothingDoMe:
They don't lie about it.

If they did you wouldn't know that the countries you mentioned were defending their currency.

Common sense which the man obviously threw away

And this man is not ashamed saying this.

Ojuntana:
https://nairametrics.com/2025/02/22/fg-has-spent-8-billion-to-support-the-naira-rewane/

Using Dollar to support Naira... How foolish that sounds...

You people will pay the price of all this your foolishness... One day is One day...

A Nation as Big as Nigeria... Dancing to the tune of dollar exchanges because of greedy people are beneficiaries...

God will expose and disgrace you people..