₦airaland Forum

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 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?

Unfortunately for you 2010 is just like yesterday, some of us here done finish Nysc sef, as at 2010 i remember changing 1 euros for 210 @ kwara hotel bureau

Even if you posit the dollar was subsidized then to keep it at a sane rate,.. thats still not a valid excuse or justification cos,

within the last 2yrs of Tinubu regime we've heard words like " Cbn intervention" they say its for shortfall ... is that not subsidy

Intervals Tinubu also subsidize lets not even fool ourselves But e still No work .. yeye people

Kukutente23:
How is DAS an opaque system? Can you clarify how exactly DAS is opaque and pegged? Is the present system more transparent? How as well?
How is a rate of 1545 official to 1570 parallel a 4% difference? Don't come here to spew lies please. Respect yourself

Between DAS and BMatch, which is more transparent? One is automated, the other aggregated. I tend to be generous with my numbers—the rates you're quoting actually show a difference of less than 2%. So, where exactly are the lies?

P.S. You might want to look up the difference between DAS and BMatch before responding. 😄

SalamRushdie:
Keep deceiving yourself with all these excuse manufactured terminologies , there is nothing like subsidized currency , if you say Jonathan subsidized the Naira , tell me how much the subsidy was in one Dollar to a naira ? You just have to agree that APC is gang of empty headed people who no nothing but love bandying terminologies 😂😂... When PDP was subsidizung Naira GDP per Capita was 3400 dollars now under APC 'managed float ' the GDPK is now below 800 dollars , inflation double digit , FDI worst ever , Growth projection worst ever , unemployment worst ever ...what do you guys know how to do well other than promoting banditry

I was hoping for a reply grounded in logic rather than mere opinion. Have a good day!

lionshare:
Between DAS and BMatch, which is more transparent? One is automated, the other aggregated. I tend to be generous with my numbers—the rates you're quoting actually show a difference of less than 2%. So, where exactly are the lies?

P.S. You might want to look up the difference between DAS and BMatch before responding. 😄

Argggh. Young man you need to stop doing this to yourself. Can you explain the difference between DAS and BMatch and how one is more transparent than the other? Are BDCs activities also captured in the Bmatch platform?
The lie is that you claimed that 122 to 150 is a 27% disparity. That's a blatant lie. The convergence you have now between parallel and official rates is because CBN sells to BDCs at the official rates and mandates them to also sell within a range. Can you explain how that aspect is market driven?

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

Since when did " stability" become the credence to evaluate currency strength or value

Even if its about stability .... we've heard multiple records of "stability"

1972 - 1980, 1989- 90, 95- 2000, 06 -08.

those are years of REAL STABILITy, so whatever you just tried to posit doesnt hold water

https://www.nairaland.com/7161648/naira-dollar-exchange-rate-history

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 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

I think the OP mistook everyone here online as kids born 2015, cos i dont know what gave him the impetus to even come up with such delusion

Kukutente23:
If you are talking of stability, fixed rates are even more stable than floating rates

Meanwhile you seem to have confused yourself by stretching the lies of subsidizing dollars as being peddled by the BAT crew. The CBN gov in 2010 was a certain Lamido Sanusi not Emefiele. The President was Jonathan and not Buhari. In 2010, Nigeria was practicing the Dutch Auction System to fix dollar rates which implied that there was nothing like dollar subsidy.
"Dollar subsidy" started under Buhari and even at then, it was not the full dollar demands that were "subsidized" but rather, for a select set of activities. So picking "dollar subsidy" in isolation without understanding the dynamics of how it worked is why a lot of you senselessly parrot the wild claim that Nigeria was borrowing $1.5bn every month under Buhari to "subsidize" the naira.

thank you ! make one kid just carry phone dey insult our intelligence online ... naa wa o

lionshare:
I was hoping for a reply grounded in logic rather than mere opinion. Have a good day!

I was also hoping you will support your statement with economic data that proves APC on the right path but all I got was renoomokrism..Have a blessed day

helinues:
Considering the amount of dollars that was wasted for the 2015 election, how did the rate manage to stay around N355? Just explain to us logically . It was after the 2015 election the global oil price dropped, take note of that in your response

Abacha regime recorded the most stable rate,

can you say dollar spent on 2015 election was more than what Abacha looted in dollars

Kukutente23:
Argggh. Young man you need to stop doing this to yourself. Can you explain the difference between DAS and BMatch and how one is more transparent than the other? Are BDCs activities also captured in the Bmatch platform?
The lie is that you claimed that 122 to 150 is a 27% disparity. That's a blatant lie. The convergence you have now between parallel and official rates is because CBN sells to BDCs at the official rates and mandates them to also sell within a range. Can you explain how that aspect is market driven?

Old man, I have given you an assignment: go look up the difference between DAS and Bmatch. As for BDCs, they are not on the Bmatch system yet—I think it’s mostly because of the nature of their small-scale retail transactions. Maybe your math calculator is faulty: 155 - 122 = 33, and if you represent 33 as a percentage of 122, it equals 27%.

Unless you’re replying with knowledge about the difference between the two systems, I won’t bother to reply any longer. Have a good day.

Some people are just born with lies in their DNA,dollars to naira rate was less than N150 in 2010, because I could remember vividly I did a job in the year 2013 And was paid N300,000 and I changed it at the black market for $2500 dollars , which I gave to my woman to start Dubai business at the rate of N120 to a dollar.that was black market rate,as at then the subsidized government rate was far below the black market rate.
I don't blame this paid lair spreading this rubbish,he knows very well Nigerians quickly forget history ,also it was N5 to 1 diram Dubai currency then,
Look at the current exchange rate in 2025 and see how battered the náírà is today

0.0024 United Arab Emirates
That's like 2.4 diram to N1000

lionshare:
Old man, I have given you an assignment: go look up the difference between DAS and Bmatch. As for BDCs, they are not on the Bmatch system yet—I think it’s mostly because of the nature of their small-scale retail transactions. Maybe your math calculator is faulty: 155 - 122 = 33, and if you represent 33 as a percentage of 122, it equals 27%.

Unless you’re replying with knowledge about the difference between the two systems, I won’t bother to reply any longer. Have a good day.

Stop writing nonsense man. You need to take yourself seriously. There is no ground for comparison between DAS and Bmatch. Bmatch is Bloomberg proprietary software to fix forex rates between banks and their firms. Both still use market rates. I challenge you to explain how Bmatch is more transparent DAS. You simply do not know what you're talking about.
If you agree now that sale of forex to BDC is not captured in Bmatch, and CBN is selling dollar to them, how do you know claim that the present system is better than DAS? You see how you are confused now?
Bottomline that you need to learn from this convo is that DAS and NAFEM are both market driven rates. Bmatch is the software used by Bloomberg to trade forex and CBN adopted it for use. There is no sensible ground for comparison of the DAS and Bmatch.
Only Buhari embraced fixed exchange rate regime since 1999. No other govt did so. Stop filling your head with APC lies that Tinubu is the first to use market rate to determine naira value

Kukutente23:
You can't blame him though
This claim of subsidised dollars was brought by the Presidency iteslf especially Bayo Onanuga
It is only natural for their followers to believe and parrot it even if out of ignorance
The blame lies at the door of the presidency on this one

Is this true?

Do you have evidence?

Kukutente23:
Stop writing nonsense man. You need to take yourself seriously. There is no ground for comparison between DAS and Bmatch. Bmatch is Bloomberg proprietary software to fix forex rates between banks and their firms. Both still use market rates. I challenge you to explain how Bmatch is more transparent DAS. You simply do not know what you're talking about.
If you agree now that sale of forex to BDC is not captured in Bmatch, and CBN is selling dollar to them, how do you know claim that the present system is better than DAS? You see how you are confused now?
Bottomline that you need to learn from this convo is that DAS and NAFEM are both market driven rates. Bmatch is the software used by Bloomberg to trade forex and CBN adopted it for use. There is no sensible ground for comparison of the DAS and Bmatch.
Only Buhari embraced fixed exchange rate regime since 1999. No other govt did so. Stop filling your head with APC lies that Tinubu is the first to use market rate to determine naira value

Finally, you did some research. Bmatch is more transparent—it operates as an automated buy/sell system similar to the NGX, requiring naira liquidity to place FX orders and vice versa. Can the same be said of DAS?

Access to Bmatch requires a Bloomberg terminal, which costs around $30K annually. How many BDCs can realistically afford that?

NAFEM has been discontinued and replaced by EFEMS (Bmatch). What you currently have is simply NFEM: https://www.cbn.gov.ng/rates/ExchRateByCurrency.html

The main point of this discussion is the disparity in exchange rates between the official and parallel markets, which, according to the data provided, has significantly narrowed to less than 2%. Since 1999, when was the last time Nigeria experienced a disparity rate below 2% between these markets? Perhaps I’m too young to recall, but could you mention the last administration since 1999 that operated a market-reflective FX rate with only a 2% price disparity?

By the way, thumbs up for your efforts—many here would rather resort to insults.

It is really sad that Nigeria has come to this

We are so divided along ridiculous lines that people have to resort to such desperation

Those people who think they must support Tinubu at any cost are not helping

On a factual level . The Naira has floated several times in the past. It kinda of stopped under Emefiele and we went back to old habits that existed under the military and Shehu Shagari.

Under Obasanjo and Jonathan there was some degree of Floating

A very important fact to put on the table is that the supply of dollars and other major currency is majorly determined by diaspora remittances and that these are sold in the parallel market which is very efficient with genuine price discovery

So if you are talking about subsidized dollars maybe you are referring to those estates Emefiele was building

On the street, the parallel market there was no subsidy



On Tinubu, This is the sad part we have two major groups those that hate him without even knowing why or maybe because Peter Obi lost

And those who support him without knowing why or maybe for ethnic jingoism

I was never a supporter of Tinubu as a candidate.

Now as president I wish him well. If he does the right thing I will support it and vice versa
I wholly support the removal of subsidy and re floating of the Naira . Unfortunately those things will hurt a lot of people for many more years

I believe even more pain will come when electricity subsidy is removed fully another measure I will endorse

It is important for people to develop the capacity to evaluate policies regardless of who brings them

Tinubu brought in a New Tax law, Student loans and consumer credit

He has opened up the electricity space to state governments and private sector. That is a big deal
Wike is doing well in Abuja
Umahi is up and doing

Performance in security has been shameful

In terms of cushioning the impact of his policies on poor Nigerians and actually showing empathy . So far there has been failure

Politicians are having the time of their lives living in luxury and he has not led by example.
It does not have to be so hard if we can improve performance in the agricultural sector and improve the logistics of distribution.
All that is needed is 2 or 3 consecutive good harvests but even farming is impacted by security

The National security adviser is not performing, The IG police is overdue for retirement, The Minister of Defence and the Minister of agriculture

I would give Tinubu 5/10 and suggest areas for improvement and how to go about it

Coming out to tell us some ridiculous story about dollar subsidy does not help Tinubu

aribisala0:
Is this true?

Do you have evidence?

Of course there is evidence
Just google it. It was Bayo Onanuga who made that claim and it made the news then

Kukutente23:
Of course there is evidence
Just google it. It was Bayo Onanuga who made that claim and it made the news then

You made the claim

Clearly you have no evidence and were just mouthing off

lionshare:
Finally, you did some research. Bmatch is more transparent—it operates as an automated buy/sell system similar to the NGX, requiring naira liquidity to place FX orders and vice versa. Can the same be said of DAS?

Access to Bmatch requires a Bloomberg terminal, which costs around $30K annually. How many BDCs can realistically afford that?

NAFEM has been discontinued and replaced by EFEMS (Bmatch). What you currently have is simply NFEM: https://www.cbn.gov.ng/rates/ExchRateByCurrency.html

The main point of this discussion is the disparity in exchange rates between the official and parallel markets, which, according to the data provided, has significantly narrowed to less than 2%. Since 1999, when was the last time Nigeria experienced a disparity rate below 2% between these markets? Perhaps I’m too young to recall, but could you mention the last administration since 1999 that operated a market-reflective FX rate with only a 2% price disparity?

By the way, thumbs up for your efforts—many here would rather resort to insults.

You're wrong on very many counts man. Let me lay it down for you in simplistic terms
1. Comparing Bmatch and DAS when discussing fx strategy is like comparing a plane and a train when discussing air transport. A plane should be compared with helicopters, jets, rockets etc in air transport. DAS is a system for selling forex in an open market. It is not a software. Bmatch is a software for implementing the FXGo system which bloomberg uses for FX trading. the FxGo system typically matches seller's asking price with a willing buyer for each transaction in a typical willing buyer, willing seller model. The Bmatch then calculates the average of the buying and selling prices at the close of day sale to determine the market price at the end of that day known as the Weighted Average moving Price. DAS on the other hand employs an open bidding model where buyers name their price and sellers respond with the price they are willing to sell at. The sum of the highest and lowest price for buying and selling resp is then divided by total transactions to arrive at market price. You will see that DAS price will change more often thatn willing buyer willing seller price implemented by Bmatch changes. I'm sure even the Bmatch can be configured to implement the DAS model as well. I hope you get the difference now why I said it does not make sense to compare the two since they are two different things. The big difference when we were using DAS and now that we are using NAFEM is that CBN was not actively supplying dollars to BDCs as at then in a bid to close the gap. Instead, CBN itself played in the BDC market by buying or selling. So you can decide which is more "transparent" between then and know when the parallel market is basically fixed.

2. There's no need for BDCs to purchase Bmatch terminal individually for access the NAFEM. Their activities can be aggregated by CBN and then pushed on the software if they need it so. NAFEM and EFEMs basically are the same thing. Autonomous and Electronic. The difference is just the software being deployed. The system is still the same.

3. If you look at the real values, the difference between the 2010 official and parallel rates and the 2025 official and parallel rates are almost the same unit of about N30. Having a 2% disparity at high rate and a 27% disparity at very low rates has almost same effect in terms of weight. The effect on the economy for high rates is however brutal as we can all see. Compare with the Buhari rates that was over 150% in difference of about N300!

The important thing is that the 2010 model did not need to massively devalue the naira before playing catchup while the present one made a mess of the naira. Like I already told you, the naira is being defended in the parallel market. That's the main point of discussion by the Op, He claimed Nigeria was defending naira in 2010.

aribisala0:
You made the claim

Clearly you have no evidence and were just mouthing off

There's evidence of course. It's all over the internet. Just google it

Even Reno repeated the same thing recently in an interview

aribisala0:
You made the claim

Clearly you have no evidence and were just mouthing off

Sorry o aribisad. Seems you allowed your emotions get the better of you. A simple google search would have saved you this journey to gaol.

Here. let me indulge you. Read while you take the time to cool of from your tantrum

For Reno: https://www.channelstv.com/2025/06/01/before-tinubu-nigeria-was-spending-monthly-1-5bn-to-subsidise-naira-reno-omokri/

For Bayo: https://nairametrics.com/2024/06/17/nigeria-was-spending-1-5-billion-monthly-to-defend-the-naira-before-tinubus-fx-reforms-presidency/

Kukutente23:
Sorry o aribisad. Seems you allowed your emotions get the better of you. A simple google search would have saved you this journey to gaol.

Here. let me indulge you. Read while you take the time to cool of from your tantrum

For Reno: https://www.channelstv.com/2025/06/01/before-tinubu-nigeria-was-spending-monthly-1-5bn-to-subsidise-naira-reno-omokri/

For Bayo: https://nairametrics.com/2024/06/17/nigeria-was-spending-1-5-billion-monthly-to-defend-the-naira-before-tinubus-fx-reforms-presidency/

These are your words by way of reminder

Kukutente23:
You can't blame him though
This claim of subsidised dollars was brought by the Presidency iteslf especially Bayo Onanuga
It is only natural for their followers to believe and parrot it even if out of ignorance
The blame lies at the door of the presidency on this one

1. Can you restrict yourself to Bayo Onanunga and leave out Reno Omokri whom you did not mention in what I quoted . Bringing him up is deflection

2. Where is your evidence that Bayo Onanuga talked about SUBSIDIZED DOLLARS


Thank you



So please answer with facts , leave out the gaslighting and accusations of emotion

Just SUBSTANTIATE YOUR CLAIM WITH EVIDENCE


Thank You

aribisala0:
These are your words by way of reminder




1. Can you restrict yourself to Bayo Onanunga and leave out Reno Omokri whom you did not mention in what I quoted . Bringing him up is deflection

2. Where is your evidence that Bayo Onanuga talked about SUBSIDIZED DOLLARS


Thank you



So please answer with facts , leave out the gaslighting and accusations of emotion

Just SUBSTANTIATE YOUR CLAIM WITH EVIDENCE


Thank You

Always learn to be calm and read through responses before putting your hands on your keypad

I already provided the link where Bayo made same claim. Go through the post you quoted once again

Kukutente23:
Always learn to be calm and read through responses before putting your hands on your keypad

I already provided the link where Bayo made same claim. Go through the post you quoted once again

No maybe you have a literacy problem
Read what you posted.............................slowly

aribisala0:
No maybe you have a literacy problem
Read what you posted.............................slowly

Read it. All well and good. You should too and stop being petulant
The facts are laid bare for you to see

Today is the talk of coalition, any other talk wont fly!

On Peter Obi's rock will the new Nigeria be built and the gates of criminality shall not prevail against him

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 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?

Kukutente23:
Read it. All well and good. You should too and stop being petulant
The facts are laid bare for you to see

Subsidized dollars your words

DO you have evidence the presidency ever said so as you claimed

Leave out the story

Evidence please

That is all I am interested in not drama

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 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?

Can you beat your chest and say that the dollar is currently not being subsidized? That fuel subsidy is truly gone?

aribisala0:
Subsidized dollars your words

DO you have evidence the presidency ever said so as you claimed

Leave out the story

Evidence please

That is all I am interested in not drama

Read the Bayo link and see for yourself
I'm getting tired of this meaningless back and forth

Kukutente23:
Read the Bayo link and see for yourself
I'm getting tired of this meaningless back and forth

All you need is evidence

Even a quote

That anyone said anything about subsidized dollars

Those were your words

SUBSIDIZED DOLLARS

Do you now admit that was a lie?

aribisala0:
All you need is evidence

Even a quote

That anyone said anything about subsidized dollars

Those were your words

SUBSIDIZED DOLLARS

Do you now admit that was a lie?

Have you read the Bayo link and you didn't see the words you're looking for
Start acting your age and stop kidding around pls

Kukutente23:
Have you read the Bayo link and you didn't see the words you're looking for
Start acting your age and stop kidding around pls

Lol

Who is being emotional now

So much explanation no evidence

Substantiate your claim about subsidized dollars

You made the claim

Where is the evidence