₦airaland Forum

That lies have been flying around for some time whenever some people want to question why the dollar rate currently is above N1500.

The truth is, during the time of naira to dollar N150, it was subsidized dollar as the then president didn't want the rate to go unnecessary higher during his time, they kept subsidizing while the then CBN governor and his cronies were reselling to other countries. It even got to a time we were borrowing just to meet up with the fake N150 rate.

Buhari stopped the borrowing, even though there were still subsidizing, we started seeing N355 rate, as the subsidizing money was reducing, the rate continue going up

President Tinubu came, he said we are not going to subsidized the dollar again, let the real price show it's face and the market will take care of the rest.

Without borrowing, without subsidy, the real actual Dollar rate as from 2023 when president Tinubu took over was N1500. As at this time last year, Naira to dollar rate was around N1535. As at today's rate it's around N1560

Naira to dollar rate 2024 N1535
Naira to dollar rate 2025 N1560

Can we see the stability in the naira to dollar rate under this government?

Uhm? So the government should never subsidise commodities for its citizens? You do understand that's part of the government's reasonable duties?

To be cntd

KaLuCh:
Uhm? So the government should never subsidise commodities for its citizens? You do understand that's part of the government's reasonable duties?

To be cntd

One year naira to dollar difference is just N25. Bro that's real stability in currency. You can also confirm it by searching for the rate of dollar in 2024 and as at today, the Google always give average rate.

This government should be commended for thst

You have come to embarrass yourself self again on the altar of needless sycophancy, since dollars wasn't 150 in 2010 why do t you tell us what it was and and how much was being used to subsidized one dollar ? There is nothing like currency subsidy , Central banks have a mandate to manage the demand and supply of foreign currency, it's called currency defense , even the Tinubu govt is heavily doing it today if not the the price of the Naira should be 1950 as we speak ... if Jonathan was subsidizing the Naira was he also subsidizing the GDP per Capita which was 3400 dollars ? But today under Tinubu it's a miserable $800..Was Jonathan also subsidized FDI which was the highest is Africa through our his tenure but today Tinubu can't even attract 1.2 billion dollars..

If Tinubu had his policies right . the naira will be nowhere near 1600 it is now ..the man in a bid to rapidly enhance Oando made a huge miscalculation of moving Petro price to 590 not realizing that would trigger attendant inflation and also affect the demand for forex ...The man knows nothing about economics and even you will agree at the end of his tenure because he will have no result anywhere

KaLuCh:
Uhm? So the government should never subsidise commodities for its citizens? You do understand that's part of the government's reasonable duties?

To be cntd

Leave the guy..He knows Tinubu is not doing well
They are now afraid of coalition

People supporting this government we see them as people with mental health problem

helinues:
That lies have been flying around for some time whenever some people want to question why the dollar rate currently is above N1500.

The truth is, during the time of naira to dollar N150, it was subsidized dollar as the then president didn't want the rate to go unnecessary higher during his time, they kept subsidizing while Emefiele and his cronies were reselling to other countries. It even got to a time we were borrowing just to meet up with the fake N150 rate.

Buhari stopped the borrowing, even though there were still subsidizing, we started seeing N355 rate, as the subsidizing money was reducing, the rate continue going up

President Tinubu came, he said we are not going to subsidized the dollar again, let the real price show it's face and the market will take care of the rest.

Without borrowing, without subsidy, the real actual Dollar rate as from 2023 when president Tinubu took over was N1500. As at this time last year, Naira to dollar rate was around N1535. As at today's rate it's around N1560

Naira to dollar rate 2024 N1535
Naira to dollar rate 2025 N1560

Can we see the stability in the naira to dollar rate under this government?

SalamRushdie:
You have come to embarrass yourself self again on the altar of needless sycophancy, since dollars wasn't 150 in 2010 why do t you tell us what it was and and how much was being used to subsidized one dollar ? There is nothing like currency subsidy , Central banks have a mandate to manage the demand and supply of foreign currency, it's called currency defense , even the Tinubu govt is heavily doing it today if not the the price of the Naira should be 1950 as we speak ... if Jonathan was subsidizing the Naira was he also subsidizing the GDP per Capita which was 3400 dollars ? But today under Tinubu it's a miserable $800..Was Jonathan also subsidized FDI which was the highest is Africa through our his tenure but today Tinubu can't even attract 1.2 billion dollars..

If Tinubu had his policies right . the naira will be nowhere near 1600 it is now ..the man in a bid to rapidly enhance Oando made a huge miscalculation of moving Petro price to 590 not realizing that would trigger attendant inflation and also affect the demand for forex ...The man knows nothing about economics and even you will agree at the end of his tenure because he will have no result anywhere

The question you are not asking is, what was the subsidized dollar used for? GEJ presidency claim to be one of the best economy in Africa back then with nothing to show for it on ground in terms of projects.

The then CBN governor was just cooking figures just to make the president look good. Or did Apc demolish any projects done by Pdp that we still have large gaps in terms of development in Nigeria.

If within one year, the difference with the rate is just N25, then it means Naira have been gaining strength and remain stable

Hehehehehe:
People supporting this government we see them as people with mental health problem

Show me video where Buhari said he would make naira to dollar to 1..

Those are banners by the Apc supporters which do not align with the then Apc manifesto.

Also let that one too rest as it's fake. Apc never promised $1 to naira

I remember how this op was chanting 'e go favor me - e go favor me' hehehe 😂🤣


Today he is opening threads upandan trying to justify why the favor has not yet reached him yet even after 2 whole years of his 'preferred' candidate winning RIGGING the 2023 elections 🤡

SeeWahala:
I remember how this op was chanting 'e go favor me - e go favor me' hehehe 😂🤣


Today he is opening threads upandan trying to justify why the favor has not yet reached him yet even after 2 whole years of his 'preferred' candidate winning RIGGING the 2023 elections 🤡

The curiosity is, why is it you guys most especially in the Obidients camp are not interested in discussing issue and possibly find solutions. You only want to make joke out of it.

A known Pdp members has commented on this thread which correlate with the topic of discussion, but whenever it comes to you Obidients, off topic, derailing, unseriousness is what we always read from you people.

How much was naira to dollar rate in 2024

How much is the same rate as at today?

Let's discuss things we might have not known, misled before and find the way out

helinues:
Emefiele was just cooking figures just to make the president look good. Or did Apc demolish any projects done by Pdp that we still have large gaps in terms of development in Nigeria.

Hmmm 🤔 so you knew the CBN governor under buhari was actively 'cooking figures' YET you supported him wholeheartedly for a good 8 years against your better judgement all because of . . . hmmm 🤔

Truly, these APC e-thugs are the most wicked set of Nigerians we have ever birthed in the history of our country

SeeWahala:
Hmmm 🤔 so you knew the CBN governor under buhari was actively 'cooking figures' YET you supported him wholeheartedly for a good 8 years against your better judgement all because of . . . hmmm 🤔

Truly, these APC e-thugs are the most wicked set of Nigerians we have ever birthed in the history of our country

I guess Emefiele only served under Buhari. Perhaps from my write up, it was under Buhari we were borrowing to subsidized dollar.

helinues:
That lies have been flying around for some time whenever some people want to question why the dollar rate currently is above N1500.

The truth is, during the time of naira to dollar N150, it was subsidized dollar as the then president didn't want the rate to go unnecessary higher during his time, they kept subsidizing while Emefiele and his cronies were reselling to other countries. It even got to a time we were borrowing just to meet up with the fake N150 rate.

Buhari stopped the borrowing, even though there were still subsidizing, we started seeing N355 rate, as the subsidizing money was reducing, the rate continue going up

President Tinubu came, he said we are not going to subsidized the dollar again, let the real price show it's face and the market will take care of the rest.

Without borrowing, without subsidy, the real actual Dollar rate as from 2023 when president Tinubu took over was N1500. As at this time last year, Naira to dollar rate was around N1535. As at today's rate it's around N1560

Naira to dollar rate 2024 N1535
Naira to dollar rate 2025 N1560

Can we see the stability in the naira to dollar rate under this government?

Not everything is politics
I really do not know what you mean by subsidized dollar
Maybe you can define that and also state clearly the extent or percentage subsidy

My understanding is that the The Forex market is one of the most efficient with price discovery governed by demand and supply
By Forex market I am referring to what Nigerians call black market i.e Aboki/ BDC


The main discrepancy is the spread between the official rate i.e what the CBN sold at and what was happening on the street

A large spread is more indicative of what you might be referring to as SUBSIDY though Subsidy is not an accurate description

That spread widened under Buhari

Now at the time when it was 1 to 150 Emefiele was not in office
He came into office in June 2014 by which time the cracks had started to appear it was about 165 and on the the street it was approaching 200

Your claim that WE WERE BORROWING to sustain exchange rate is ridiculous.

What does that mean in practice ? That we were borrowing dollars and then underselling?

FIrst of all who was the WE that was doing that? The Federal Government or the CBN. That is a fundamental question you need to answer to demonstrate you have a clue what you are talking about

For the record this business of "FLOATING" the Naira is not new
The dollar was very stable at 80 Naira under Abacha it was the REAL rate

The reason is simple He was able to Stifle DEMAND for imports

The exchange rate ultimately depends on the balance between imports and exports

Again between 1999 and 2014 . The exchange rate was very stable at close to 150

This was based on very healthy Foreign reserves, higher oil prices

And the fact that Obasanjo had been able to clear debt



Much of the borrowing that happened after that purportedly for rail and other infrastructure projects,as well as for balancing the budget put pressure on the exchange rate because the ability to repay and service debt as well as consume imports at the same rate became more difficult when oil prices crashed in 2014

After Buhari came in it was clear the Naira needed to be devalued and this happened but it did not go far enough, was not transparent and then corruption set in at the CBN leading to a widening of the spread between street and official rate

This is not new we have seen this several times before in the late 80s and 90s


SO Whilst I agree with the decision to let the Naira find its value. It is not new we have done that before also your understanding and analysis is wrong.

There never was any borrowing to support the Naira . That is silly honestly

The use of the word subsidy is wrong.

The CBN is not the only player in the the Forex market. Over $20 billion of diasporan remittance enter the market each year and that money is traded VERY EFFICIENTLY . There is nothing like subsidy there. There is genuine price discovery

helinues:
One year naira to dollar difference is just N25. Bro that's real stability in currency. You can also confirm it by searching for the rate of dollar in 2024 and as at today, the Google always give average rate.

This government should be commended for thst

stable at N1500.
Let's commend the govt.
The dollar price is not my problem sef, my dream is to see Wike get destroyed politically.
Coalition Isha Alla

aribisala0:
Not everything is politics
I really do not know what you mean by subsidized dollar
Maybe you can define that and also state clearly the extent or percentage subsidy

My understanding is that the The Forex market is one of the most efficient with price discovery governed by demand and supply
By Forex market I am referring to what Nigerians call black market i.e Aboli/ BDC


The main discrepancy is the spread between the official rate i.e what the CBN sold at and what was happening on the street

A large spread is more indicative of what you might be referring to as SUBSIDY though Subsidy is not an accurate description

That spread widened under Buhari

Now at the time when it was 1 to 150 Emefiele was not in office
He came into office in June 2014 by which time the cracks had started to appear it was about 165 and on the the street it was approaching 200

Your claim that WE WERE BORROWING to sustain exchange rate is ridiculous.

What does that mean in practice ? That we were borrowing dollars and then underselling?

FIrst of all who was the WE that was doing that? The Federal Government or the CBN. That is a fundamental question you need to answer to demonstrate you have a clue what you are talking about

For the record this business of "FLOATING" the Naira is not new
The dollar was very stable at 80 Naira under Abacha it was the REAL rate

The reason is simple He was able to Stifle DEMAND for imports

The exchange rate ultimately depends on the balance between imports and exports

Again between 1999 and 2014 . The exchange rate was very stable at close to 150

This was based on very healthy Foreign reserves, higher oil prices

And the fact that Obasanjo had been able to clear debt



Much of the borrowing that happened after that purportedly for rail and other infrastructure projects,as well as for balancing the budget put pressure on the exchange rate because the ability to repay and service debt as well as consume imports at the same rate became more difficult when oil prices crashed in 2014

After Buhari came in it was clear the Naira needed to be devalued and this happened but it did not go far enough, was not transparent and then corruption set in at the CBN leading to a widening of the spread between street and official rate

This is not new we have seen this several times before in the late 80s and 90s


SO Whilst I agree with the decision to let the Naira find its value. It is not new we have donde that before also your understanding and analysis is wrong.

There never was any borrowing to support the Naira . That is silly honestly

The use of the word subsidy is wrong.

The CBN is not the only player in the the Forex market. Over $20 billion of diasporan remittance enter the market each year and that money is traded VERY EFFICIENTLY . There is nothing like subsidy there. There is genuine price discovery

Didn't we borrow to subsidize fuel in Nigeria before? Didn't we borrow to pay workers salary before?

If you haven't heard about subsidized dollar before, just say it. The then CBN claimed there was shortage of dollars because there was high demand while in reality, the dollar was sold to the CBN cronies which they resell to another country.

How did we get new set of dollar during the shortage without government pumping money to make that happen . That's subsidizing

helinues:
Didn't we borrow to subsidize fuel in Nigeria before? Didn't we borrow to pay workers salary before?

If you haven't heard about subsidized dollar before, just say it. The then CBN claimed there was shortage of dollars because there was high demand while in reality, the dollar was sold to the CBN cronies which they resell to another country.

How did we get new set of dollar during the shortage without government pumping money to make that happen . That's subsidizing

I want to start by saying I do not want to get into politics or talk about Tinubu

Who is WE

I always insist on precise use of language

Are we talking about the Federal Government of the Central Bank

You said WE borrowed to subsidize the Naira who is the WE that borrowed

Throwing up a hundred questions is deflection not debate

I encourage you to reflect on my final point that
over 20 billion dollars entered the country from diaspora and was not sold through the CBN it went into the market on a willing seller willing buyer basis into a FOREX market that was efficient in genuine price discovery
Surely you are not saying those people were selling their dollars at subsidized rates are you

You are talking emotionally and ignorantly

You are not really helping Tinubu with this because this is a matter that you have weak understanding of

aribisala0:
I want to start by saying I do not want to get into politics or talk about Tinubu

Who is WE

I always insist on precise use of language

Are we talking about the Federal Government of the Central Bank

You said WE borrowed to subsidize the Naira who is the WE that borrowed

Throwing up a hundred questions is deflection not debate

I encourage you to reflect on my final point that
over 20 billion dollars entered the country from diaspora and was not sold through the CBN it went into the market on a willing seller willing buyer basis into a FOREX market that was efficient in genuine price discovery
Surely you are not saying those people were selling their dollars at subsidized rates are you

You are talking emotionally and ignorantly

You are not really helping Tinubu with this because this is a matter that you have weak understanding of

I like arguing with facts.

In preparation for the 2015 election, the dollar that was used for that election by both Pdp and Apc could drained one's foreign reserve. There is no way with such shortages plus the diversion by those who are in CBN for dollar to move from N155 to N355, it should have been anything from N700 rate.

For the dollar to maintain N300+ rate then , it was subsidized by sourcing for dollars in other countries . Those who collected the dollars didn't invest it in Nigeria

helinues:
I like arguing with facts.

In preparation for the 2015 election, the dollar that was used for that election by both Pdp and Apc could drained one's foreign reserve. There is no way with such shortages plus the diversion by those who are in CBN for dollar to move from N155 to N355, it should have been anything from N700 rate.

For the dollar to maintain N300+ rate then , it was subsidized by sourcing for dollars in other countries . Those who collected the dollars didn't invest it in Nigeria

Argue with facts

Who is the we that borrowed to subsidize the Naira

Was it the FG or CBN


How much did they borrow

Don't bring PDP or APC into it

Just substantiate your claim

helinues:
That lies have been flying around for some time whenever some people want to question why the dollar rate currently is above N1500.

The truth is, during the time of naira to dollar N150, it was subsidized dollar as the then president didn't want the rate to go unnecessary higher during his time, they kept subsidizing while Emefiele and his cronies were reselling to other countries. It even got to a time we were borrowing just to meet up with the fake N150 rate.

Buhari stopped the borrowing, even though there were still subsidizing, we started seeing N355 rate, as the subsidizing money was reducing, the rate continue going up

President Tinubu came, he said we are not going to subsidized the dollar again, let the real price show it's face and the market will take care of the rest.

Without borrowing, without subsidy, the real actual Dollar rate as from 2023 when president Tinubu took over was N1500. As at this time last year, Naira to dollar rate was around N1535. As at today's rate it's around N1560

Naira to dollar rate 2024 N1535
Naira to dollar rate 2025 N1560

Can we see the stability in the naira to dollar rate under this government?

Is this the new update from WhatsApp admin this new month?

Do you even know the dynamics behind the economics of forex and subsidy?

aribisala0:
Argue with facts

Who is the we that borrowed to subsidize the Naira

Was it the FG or CBN


How much did they borrow

Don't bring PDP or APC into it

Just substantiate your claim

Who was the first minister of Finance to Buhari after the election, Kemi Adeosun. She resigned because of forged NYSC certificate, so we read.

Connect the dots. As for the figure, you can direct your enquiry to CBN and office of the Accountant General to get that

helinues:
That lies have been flying around for some time whenever some people want to question why the dollar rate currently is above N1500.

The truth is, during the time of naira to dollar N150, it was subsidized dollar as the then president didn't want the rate to go unnecessary higher during his time, they kept subsidizing while Emefiele and his cronies were reselling to other countries. It even got to a time we were borrowing just to meet up with the fake N150 rate.

Buhari stopped the borrowing, even though there were still subsidizing, we started seeing N355 rate, as the subsidizing money was reducing, the rate continue going up

President Tinubu came, he said we are not going to subsidized the dollar again, let the real price show it's face and the market will take care of the rest.

Without borrowing, without subsidy, the real actual Dollar rate as from 2023 when president Tinubu took over was N1500. As at this time last year, Naira to dollar rate was around N1535. As at today's rate it's around N1560

Naira to dollar rate 2024 N1535
Naira to dollar rate 2025 N1560

Can we see the stability in the naira to dollar rate under this government?

Oga shut it and find work.

Xxxxxxxxxxxxxxxxxxxx

helinues:
Who was the first minister of Finance to Buhari after the election, Kemi Adeosun. She resigned because of forged NYSC certificate, so we read.

Connect the dots. As for the figure, you can direct your enquiry to CBN and office of the Accountant General to get that

Who is the we that borrowed to subsidize the Naira

Was it the FG or CBN


How much did they borrow

aribisala0:
Who is the we that borrowed to subsidize the Naira

Was it the FG or CBN


How much did they borrow

Would CBN borrow money without FG knowing?

Don't ask me how much was borrowed. This is my opinion which I supported with some facts. It's not a must you accept it.

helinues:
Who was the first minister of Finance to Buhari after the election, Kemi Adeosun. She resigned because of forged NYSC certificate, so we read.

Connect the dots. As for the figure, you can direct your enquiry to CBN and office of the Accountant General to get that

With due respect you do not know what you are talking about

Diaspora remittances are significantly more that what the CBN contributes to the overall market

In such a scenario to suggest that there is a subsidy is wrong. The only place there would be an artificial price is at the CBN window not at the street level

Now the 150 rate which you premised your thread on is the street level NOT the CBN window


When people Arrive at Murtala Muhammad Airport and sell their dollars

The rate they get is the so called Floated rate. that has been the case for DECADES .

It is only within the CBN circles that there is this distortion and it accounts for less than 50% of the market

helinues:
That lies have been flying around for some time whenever some people want to question why the dollar rate currently is above N1500.

The truth is, during the time of naira to dollar N150, it was subsidized dollar as the then president didn't want the rate to go unnecessary higher during his time, they kept subsidizing while Emefiele and his cronies were reselling to other countries. It even got to a time we were borrowing just to meet up with the fake N150 rate.

Buhari stopped the borrowing, even though there were still subsidizing, we started seeing N355 rate, as the subsidizing money was reducing, the rate continue going up

President Tinubu came, he said we are not going to subsidized the dollar again, let the real price show it's face and the market will take care of the rest.

Without borrowing, without subsidy, the real actual Dollar rate as from 2023 when president Tinubu took over was N1500. As at this time last year, Naira to dollar rate was around N1535. As at today's rate it's around N1560

Naira to dollar rate 2024 N1535
Naira to dollar rate 2025 N1560

Can we see the stability in the naira to dollar rate under this government?

You have come again with your "CLOWNdestine" posts.

It is not easy being a licker of whatever.

I pray for every human being today, may GOD Almighty no allow our live to be eternal mixtures of shamelessness, brainlessness, senselessness, and hopelessness.

helinues:
Would CBN borrow money without FG knowing?

Don't ask me how much was borrowed. This is my opinion which I supported with some facts. It's not a must you accept it.

So you don't know and are just blabbing

You have no idea what you are talking about

You are the one that told us that WE borrowed to subsidize the Naira but cannot tell exactly who it was that borrowed or how much

helinues:
That lies have been flying around for some time whenever some people want to question why the dollar rate currently is above N1500.

The truth is, during the time of naira to dollar N150, it was subsidized dollar as the then president didn't want the rate to go unnecessary higher during his time, they kept subsidizing while Emefiele and his cronies were reselling to other countries. It even got to a time we were borrowing just to meet up with the fake N150 rate.

Buhari stopped the borrowing, even though there were still subsidizing, we started seeing N355 rate, as the subsidizing money was reducing, the rate continue going up

President Tinubu came, he said we are not going to subsidized the dollar again, let the real price show it's face and the market will take care of the rest.

Without borrowing, without subsidy, the real actual Dollar rate as from 2023 when president Tinubu took over was N1500. As at this time last year, Naira to dollar rate was around N1535. As at today's rate it's around N1560

Naira to dollar rate 2024 N1535
Naira to dollar rate 2025 N1560

Can we see the stability in the naira to dollar rate under this government?

You are just catching cruise, dollar was even actually N135 in 2010, I changed dollars regularly then. APC sunk Nigeria and Tinubu doing burial of this great nation

Even if Tinubu Subsidy the naira today it cant come down below 1k so what is your point.

helinues:
That lies have been flying around for some time whenever some people want to question why the dollar rate currently is above N1500.

The truth is, during the time of naira to dollar N150, it was subsidized dollar as the then president didn't want the rate to go unnecessary higher during his time, they kept subsidizing while Emefiele and his cronies were reselling to other countries. It even got to a time we were borrowing just to meet up with the fake N150 rate.

Buhari stopped the borrowing, even though there were still subsidizing, we started seeing N355 rate, as the subsidizing money was reducing, the rate continue going up

President Tinubu came, he said we are not going to subsidized the dollar again, let the real price show it's face and the market will take care of the rest.

Without borrowing, without subsidy, the real actual Dollar rate as from 2023 when president Tinubu took over was N1500. As at this time last year, Naira to dollar rate was around N1535. As at today's rate it's around N1560

Naira to dollar rate 2024 N1535
Naira to dollar rate 2025 N1560

Can we see the stability in the naira to dollar rate under this government?

Alaye, This your job is hard oooo.. . You go explain,explain tire..

Oniyeye

KaLuCh:
Uhm? So the government should never subsidise commodities for its citizens? You do understand that's part of the government's reasonable duties?

To be cntd

Governments should subsidise commodities definitely but where it has turned to a cartel and a few goons are milking the country dry from it such that the country couldn't afford to finance it again, it had to be looked into.

What I think should be heavily subsidised now is food but not as usual. The Federal, states, local governments and wards should establish centres for purchase of food crops and sale at subsidised rate. But before then, a law should be promulgated to make corruption in that area a felony.

denko:
Even if Tinubu Subsidy the naira today it cant come down below 1k so what is your point.

N25 difference within a year show stability in the naira to dollar rate