₦airaland Forum

Tinubu has nothing to offer to Nigerians. He's here to steal.

Some people really need to be relief from their duty this will pave way for those who has something in their upstair. Because from ministry of finance to Central Bank Of Nigeria including coordinate economic seems not really know what is going on.

1bunne4lif:
nothing dey this my brain at all

You have sawdust in it
Don't sound so hopeless

The simple logic is this, I see naira to gain more value against the dollar. Tinubu will do anything to ensure that people believe in his government. Not because he suddenly loves the suffering Nigerians, but because the election preparation is about to start and he must prove that his policies are beginning to yield results. If Nigerians should make the same mistakes and believe him, only God knows the kind of tpain pro max that will come after.

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

Make e no go jump to N3000 per 1$, where the bullion van will be released wherever it is to shore up the defense 😭

DeLaRue:
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.

So why did this govt let naira fall abysmally and claimed it was reforms

Alliswell248:
U are wrong.
Learn to comment as a responsible person, and not a dullard

The government is not printing money like emefiele did.

When emefiele was printing did he come to tell you at home ? Even when Obaseki raised the point, didn't they debunk it? Some of una no fit ever get sense sha. I will pass.. Wait till this government can no longer keep up ,and see what will happen to the exchange rate..

Yet the naira is still trading at over #1540/$1? what a bulaba economy.

Emefiele must be laughing in prison

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.

You lack knowledge of macro economics, every country do defend their currency. Now defending naira with 8billions dollars and defending with 40 billion dollars re the the same ,? Floating the naira have dramatically reduced the amount used in defending it abnitio

chidiokay:
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

So Mr Buhari was spending $10 billion per year to keep the rate at around N650 to $1 (only people going for hajj, and highly connected politicians got dollar for N450).

Now let's assume the current government spent $4 billion in each of the past 2 years.

But so far this year (2025), more dollars have been flowing in than the Nigerian currency market can absorb.

The CBN is stepping in to buy that excess dollars.

Effectively, there has been a complete turnaround. The CBN is not currently defending the naira due to excess dollar inflow.

That means if this situation persists for most of this year, the CBN's annual intervention may fall from the claimed $4 billion to my be $1 billion - $2 billion.

Isn't that fantastic.

Remember, as I mentioned previously, during early Feb, Brazil was spending $7 billion PER DAY to defend its currency.

If Nigeria ends up spending $2 billion PER year to defend the naira this year, please let us appreciate the work of the CBN a little.

There is no perfect country in the world.

You claimed to float the exchange rate in May 2023,

In 2025, we are hearing you use $8bn to support the naira.

Funny thing is that this bastard (Tinubu) will contest in 2027 and people because of tribalism and religious affinity, will vote for him

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??

🤔🫤

This is what u see when hardened criminals are running ur economy don't be surprised if the real figure they actually spent is not even up to $2b.

Mrexcell:
This is what u see when hardened criminals are running ur economy don't be surprised if the real figure they actually spent is not even up to $2b.

Yeah bro .. it might not be up to o...

Ojuntana:
You have sawdust in it
Don't sound so hopeless

you can't understand simple economic term.

Is this guy CBN governor?

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.

Why are you unaware of T-Pain’s promise for which he borrowed billions of dollars from Afreximbank

anonimi:
World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate[

April 23, 2023

The President-elect said he would work with the Central Bank of Nigeria (CBN) to *bring down the exchange rate to N200 in his first term.*

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years, Tinubu stated.

https://www.ripplesnigeria.com/world-bank-offers-nigeria-forex-rate-advice-as-tinubu-eyes-n200-dollar-rate/?amp

mikkyangel3:
You claimed to float the exchange rate in May 2023,

In 2025, we are hearing you use $8bn to support the naira.

The exchange rate is still floated.

There are different degrees of float.

What we operate is a 'managed float", ie, the currency is floated but, IF NEED BE, the CBN can intervene to defend the naira.

This is perfectly reasonable. It is what most countries do, and what the CBN promised from the beginning.

It was mischievous 'experts' on Arise TV shouting 'float, float', all over the place without explaining to their audience what it means.

A managed float is still a float.

The CBN has been consistent.

These guys are too funny walahi
Seems they want to own up to their monumental policy failure by playing with words. 😂😂😂😂😂

Being clever by half.
Your government has failed and all you do is yan opata.

Until.you root out corruption in nearly every sector, no one takes you guys serious. Foreign investors have left and all you have are empty corporations all over the place with a few gatemen standing and gatekeeping nothing.
And such stories will make them run far more from your reach.

Economy ti baje tee tee.

From flotation of the naira to bouyancy of the naira!

If you don't understand a thing, you don't understand a thing!

Iragbiji Economist!

Ojuntana:
This is concerning
There seems to be a disconnect between the policy being propagated in the public space and the one implemented with real effects on Nigerians
The clueless government have been claiming that floating naira is one of the reforms that have been yielding fruits with the naira getting stronger
Now we're being told $8bn was used to shore up the naira and another $4bn to shore up reserves
The rebased rate was expected to reflect the new trends based on those reforms
What is obvious is that the rebased inflation rate does not reflect the market.
The former rate is more realistic
Where did the figures come from then?
Where exactly is this so-packaged reforms taking Nigeria to?
Is there any tangible benefit to be derived in the true sense and what are the benefits?

Ebilokan has been getting all the tangible benefits to be derived from borrowing money to defend the currency and from making life difficult for Nigerians with higher taxes, more inflation, greater poverty.

The tangible benefits of more luxuries for himself while dashing us palliative food since he is clueless about creating jobs for earning a living in dignity.

chisomkachy:
Nigerian President Bola Tinubu’s first supplementary budget includes a fleet of SUVs for himself and his wife, a presidential yacht and the renovation of his villa amid a cost-of-living crisis for some of the poorest people in the world.

The proposal — which seeks additional funding beyond the annual budget approved by Tinubu’s predecessor — comes as the government asks Nigerians to persevere through pain caused in part by a raft of economic reforms ushered in by the new president. Africa’s most populous country faces rampant unemployment, soaring food prices and a plummeting currency.

Federal lawmakers approved the president’s request for extra spending on Thursday, but eliminated the provision of 5 billion naira ($6.01 million) to buy a presidential yacht. Instead, they doubled the allocation to a student loan fund to 10 billion naira, according Abubakar Bichi, chairman of an appropriations committee in the House of Representatives.

The lawmakers approved 1.5 billion-naira proposed to purchase SUVs for the office of First Lady Oluremi Tinubu — an amount larger than that allocated to many individual federal colleges. The supplementary budget also proposes almost 6 billion naira to purchase SUVs for the presidency — more than the amount initially allocated to fund a student loan program for poor families.


https://www.bloomberg.com/news/articles/2023-11-02/nigeria-budgets-for-suvs-and-yachts-amid-economic-hardship

DeLaRue:
So Mr Buhari was spending $10 billion per year to keep the rate at around N650 to $1 (only people going for hajj, and highly connected politicians got dollar for N450).

Now let's assume the current government spent $4 billion in each of the past 2 years.

But so far this year (2025), more dollars have been flowing in than the Nigerian currency market can absorb.

The CBN is stepping in to buy that excess dollars.

Effectively, there has been a complete turnaround. The CBN is not currently defending the naira due to excess dollar inflow.

That means if this situation persists for most of this year, the CBN's annual intervention may fall from the claimed $4 billion to my be $1 billion - $2 billion.

Isn't that fantastic.

Remember, as I mentioned previously, during early Feb, Brazil was spending $7 billion PER DAY to defend its currency.

If Nigeria ends up spending $2 billion PER year to defend the naira this year, please let us appreciate the work of the CBN a little.

There is no perfect country in the world.

Ogbeni, you go explain tire with no evidence. The simple truth is that election is coming and you must prove that your policies are working. Where did you see the excess dollars coming in. This doesn’t have any logical meaning at all. You have excess dollars which should have reduced the dollar value without spending extra $8billion to support the naira. You people just think everyone is a fool.

Bunch of incompetent clueless fellows

DeLaRue:
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 Nigein recent weeks because it 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 you people defending the naira).

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

An economy will not grow by buying dollars paper.
Don’t forget that money is just a social construct, and it can only have value when it is exchanged for goods and services.
The economy will only grow when you produce valuable goods and services.
It is only a matter of time before lame monetary policy tricks destroy an economy beyond redemption.

DeLaRue:
The exchange rate is still floated.

There are different degrees of float.

What we operate is a 'managed float", ie, the currency is floated but, IF NEED BE, the CBN can intervene to defend the naira.

This is perfectly reasonable. It is what most countries do, and what the CBN promised from the beginning.

It was mischievous 'experts' on Arise TV shouting 'float, float', all over the place without explaining to their audience what it means.

A managed float is still a float.

The CBN has been consistent.

You guys are just a bunch of stupid liars. I remember when you claimed you had removed subsidies and fuel was being sold for N600, only to hear that your government was still paying subsidies. Only a fool will believe anything from APC. Unfortunately, Nigerians have short memories.

Zackattack:
An economy will not grow by buying dollars paper.
Don’t forget that money is just a social construct, and it can only have value when it is exchanged for goods and services.
The economy will only grow when you produce valuable goods and services.
It is only a matter of time before lame monetary policy tricks destroy an economy beyond redemption.

Thank you joor. He thinks he can fool everyone with his illogical responses.

The people in charge of Tinubu's economic policies should all be sacked. Imagine spending $8 billion ($4 billion from borrowing) to marginally raise the currency's value from 1600+ to 1500.

Then you tried to rebase inflation to control the narrative that inflation is coming down. You've not dealt with the fundamental issues that lead to inflation - high food prices and petrol prices (and high cost of running government and doing business).

He shouldn't have floated the naira in the first place. But now that they've floated it and seen the kind of hyper-inflation their stupid policy caused, they are now using weights (and borrowed weights) to push it up instead of empowering people to climb up so they can lift it up. It's a disastrous policy for the long-term.

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??

🤔🫤

Was the bolded the rate at the parallel market

I feel like knocking you head to smithereens

The FG is doing well to make sure that the naira is stable

Your observations are valid.

Watched Nairametrics podcast earlier today the panelist observed that and 3/4 of the fresh dollar ($) denominated inflows into Nigeria between Nov. 2024 -Jan. 2025 are hot PFIs (Portfolio Fund Investors) bringing in funds that will cumulatively attract over $3b in interest payable on maturity.

This further depletes the FX reserves of CBN on the medium term.

Which investment as FDI has come in since PBAT assumed Presidency ? Only promissory notes from would-be investors.

ibabz:
Ogbeni, you go explain tire with no evidence. The simple truth is that election is coming and you must prove that your policies are working. Where did you see the excess dollars coming in. This doesn’t have any logical meaning at all. You have excess dollars which should have reduced the dollar value without spending extra $8billion to support the naira. You people just think everyone is a fool.

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??

🤔🫤

Once a pack of cards don scatter, e no dey easy to re-arrange

Removing subsidy and floating the Naira at the same time is the greatest mistake of Tinubu, unfortunately. they can't take us back to where we were even if they want to, everything don scatter

Tinubu is a curse to Nigeria!

I watched the interview

Alfred Rewane likes saying nonsense. FG needs to stop the charade.

Where in Nigeria is 1kg of meat going for NGN8,400 as he alleged