CallmeLucy:
The drop in reserves isn't significant to what has been achieved in trying to peg the exchange rate to the CBNs.

I think the government is doing a great job with this in my opinion. Don't know why you all don't want the value of Naira to rise and make life easier for the citizens.

If what you are going to do is "emotional blackmail," you can at least stop the fake posturing of trying to explain away the drop in reserve.

The drop in reserve is not significant yet, because it just happened. It will be significant in two weeks time if CBN continues the heavy intervention. Check the official CBN Reserve Management page for yourself and compare the increase of first two weeks of this month and last week. We were adding roughly $60-$100m per day as late as last two weeks. Since last week, increases have grown smaller, and now we've had a decrease.

Nigeria did not just fall into recession, it had slow growth first, before recession.

Nobody wants CBN to fail. The government just likes playing politics with sensitive national issues.

Why play into the hands of speculators every time. And then turnaround to cry foul. Speculators are only patriotic to their pocket. The question they always ask their accusers is "who u epp?"

-Lord

CallmeLucy:
The drop in reserves isn't significant to what has been achieved in trying to peg the exchange rate to the CBNs.

I think the government is doing a great job with this in my opinion. Don't know why you all don't want the value of Naira to rise and make life easier for the citizens.

A strong naira is bad for the Nigeria economy,because to the market size of Nigeria it makes the nation an importation based and dependent one. Secondly , the cbn and buhari had been working hard to raise the foreign reserve of the nation to the least required level of 30billion which is still very very very poor for a nation of over 180 million ppl.they did this despite criticisms from all quarters only for osinbajo to throw it away within 1month of acting as president. Now over 1 billion dollars of the nation reserves has been spent to push up the naira,only for the dollars to leave the nation again to china and other countries so what is the point? The fx that should have been used to develop the nation production infrastructure has been given to abokiss and bdc to sell,now there is dollars everywhere with little increase in production activities. The dollars been released will only aid more importation of finished goods thereby destroying the economy. When the rate was 500,exportation of non oil products had increased and ppl were beginning to come to Nigeria and buy Nigeria goods because it was cheaper.now that the nation naira has temporarily risen ,there will definitely be a shortfall in exportation activities

onatisi:

A strong naira is bad for the Nigeria economy,because to the market size of Nigeria it makes the nation an importation based and dependent one. Secondly , the cbn and buhari had been working hard to raise the foreign reserve of the nation to the least required level of 30billion which is still very very very poor for a nation of over 180 million ppl.they did this despite criticisms from all quarters only for osinbajo to throw it away within 1month of acting as president. Now over 1 billion dollars of the nation reserves has been spent to push up the naira,only for the dollars to leave the nation again to china and other countries so what is the point? The fx that should have been used to develop the nation production infrastructure has been given to abokiss and bdc to sell,now there is dollars everywhere with little increase in production activities. The dollars been released will only aid more importation of finished goods thereby destroying the economy. When the rate was 500,exportation of non oil products had increased and ppl were beginning to come to Nigeria and buy Nigeria goods because it was cheaper.now that the nation naira has temporarily risen ,there will definitely be a shortfall in exportation activities

I think we need to come to a compromise, Nigeria is not there yet, we are too concerned about now, an import based economy is one that is headed for disaster, Venezuela comes to mind

In other news $300 needed @400

LordAdam16:


If what you are going to do is "emotional blackmail," you can at least stop the fake posturing of trying to explain away the drop in reserve.

The drop in reserve is not significant yet, because it just happened. It will be significant in two weeks time if CBN continues the heavy intervention. Check the official CBN Reserve Management page for yourself and compare the increase of first two weeks of this month and last week. We were adding roughly $60-$100m per day as late as last two weeks. Since last week, increases have grown smaller, and now we've had a decrease.

Nigeria did not just fall into recession, it had slow growth first, before recession.

Nobody wants CBN to fail. The government just likes playing politics with sensitive national issues.

Why play into the hands of speculators every time. And then turnaround to cry foul. Speculators are only patriotic to their pocket. The question they always ask their accusers is "who u epp?"

-Lord

Thank you bro. Pls tell them,ppl think we are raising false alarm,at the end of the day. The nation will have 3 options 1) print more naira note(which will kill off the economy totally) ,2) borrow like mad and even if possible sell the nation just to keep things moving . Already they have started by borrowmg 500million dollars ,a nation that is borrowing 500 million dollars initial to finance a 12 month budget but has spent over 1 billion dollars just to give the bdc and money exchangers some cheap dollars to sell,buhari economics. The last option is to allow the ppl to starve it out (this will finish off apc at the polls and therefore they wont allow it to happen)

$53 BTC available

LaconicINC:
your last statement is the koko, otherwise it's all hogwash

If the naira fall is sustained, there will be a decrease.

But the issue is that the government is not pursuing a sustainable method to deal with the naira fall.

If a trader buys goods at 450, he'd want to sell the goods at same price. If before his stock finishes he orders for restocking at 420, when his 450 stocks finish, he'll sell at 420 unto new market things (thanks to competition, he'll have to sell at 420 even if he is greedy).

But if between when he orders at 420 and when his old stocks finish, the rate increases back to 450 or even higher than 450, he would sell the new stock at the same price of the old stock or higher. You may call it greed, but that is business.

So if price of goods in the market will decrease depends on the stability of the exchange rate. Unfortunately, na the government hate Nigerians pass because while they say they want stability, their actions do the opposite.

-Lord

LordAdam16:


If the naira fall is sustained, there will be a decrease.

But the issue is that the government is not pursuing a sustainable method to deal with the naira fall.

If a trader buys goods at 450, he'd want to sell the goods at same price. If before his stock finishes he orders for restocking at 420, when his 450 stocks finish, he'll sell at 420 unto new market things (thanks to competition, he'll have to sell at 420 even if he is greedy).

But if between when he orders at 420 and when his old stocks finish, the rate increases back to 450 or even higher than 450, he would sell the new stock at the same price of the old stock or higher. You may call it greed, but that is business.

So if price of goods in the market will decrease depends on the stability of the exchange rate. Unfortunately, na the government hate Nigerians pass because while they say they want stability, their actions do the opposite.

-Lord

I understand the logic, but do you think they can sustain all these dollar injection with the present state of our external reserves

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Everyone has been shouting "sustainability" since the first intervention. The simple question is: has this intervention yielded any good result? My answer to that is yes....because 520 and 400 ain't the same.

So let's put sentiment aside. Sometime we are right and sometimes we're wrong. Presently NGN is soaring high!!!! When the policy starts to fail ....then you are the winner....

In the mean time, who will buy my 500btc @410?

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LaconicINC:
I think we need to come to a compromise, Nigeria is not there yet, we are too concerned about now, an import based economy is one that is headed for disaster, Venezuela comes to mind

The question is what is the FG doing with fiscal policies to transform Nigeria from an import-based economy to an export-based economy. I don't want to bring politics to a purely economic discussion, but the two are intertwined.

Instead of Madam Queens to be formulating fiscal policies that'd encourage investors to come back and invest in the real sector, all she is concerned is fighting the CBN (by asking the Nat'l Assembly to reduce CBN powers, a very stupid idea which comes as no surprise since she is daft), and looking for who to borrow from by offering mouth-watering interest rates.

As a result you will hear that international investors oversubscribe our bonds (simply because our interest rates are too enticing to resist), whereas investors don't want to increase their investment in the real sector (because we have almost non-existent fiscal policies).

Even only a naira float cannot magically achieve stability. The fiscal people (FG) should complement the monetary policies of the CBN.

The FG is only good at blaming not working. Emefiele is between the devil and the deep blue sea. I don't envy him right now.

-Lord

LordAdam16:



-Lord

There is one question I have been pondering on for some time. Who is using all these dollars they are pumping? The intervention started at the beginning of this month --march--when most international students were done paying their fees. So where has the money been going to? They have pumped almost 1 billion USD already in just march when no one is requesting for Form A to pay school fees. What happens by August when virtually all Students in the diaspora start requesting for Form A for school fees and Accommodation fees? That means if they keep up with this by the end of October it's cockroaches and rats that will be left in our reserves.

LordAdam16:


The question is what is the FG doing with fiscal policies to transform Nigeria from an import-based economy to an export-based economy. I don't want to bring politics to a purely economic discussion, but the two are intertwined.

Instead of Madam Queens to be formulating fiscal policies that'd encourage investors to come back and invest in the real sector, all she is concerned is fighting the CBN (by asking the Nat'l Assembly to reduce CBN powers, a very stupid idea which comes as no surprise since she is daft), and looking for who to borrow from by offering mouth-watering interest rates.

As a result you will hear that international investors oversubscribe our bonds (simply because our interest rates are too enticing to resist), whereas investors don't want to increase their investment in the real sector (because we have almost non-existent fiscal policies).

Even only a naira float cannot magically achieve stability. The fiscal people (FG) should complement the monetary policies of the CBN.

The FG is only good at blaming not working. Emefiele is between the devil and the deep blue sea. I don't envy him right now.

-Lord

Simple question for you:

Who will invest in an economy with an unstable, multiple and scarce FX?

MonsieurCoder:


There is one question I have been pondering on for some time. Who is using all these dollars they are pumping? The intervention started at the beginning of this month --march--when most international students were done paying their fees. So where has the money been going to? They have pumped almost 1 billion USD already in just march when no one is requesting for Form A to pay school fees. What happens by August when virtually all Students in the diaspora start requesting for Form A for school fees and Accommodation fees? That means if they keep up with this by the end of October it's cockroaches and rats that will be left in our reserves.

very good question, your first sentence that is, who is using all the dollars

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calebaffluence:
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LaconicINC:
I understand the logic, but do you think they can sustain all these dollar injection with the present state of our external reserves

Please what's the state of our external reserve ?

LaconicINC:
I understand the logic, but do you think they can sustain all these dollar injection with the present state of our external reserves

If they don't mind the reserves falling, they can sustain the dollar injection.

But I doubt they'd want to, because they have been using the increasing dollar reserves as a political and propaganda tool.

The same Nigerians cheering them now to keep using dollars to prop the naira because it appears reserves are still rising, will almost immediately turn against them that why are they using scarce dollars to prop the naira when reserves are falling.

The CBN have always been injecting dollar into the market since the peg in 2015, but the parallel market thrives on speculation. If speculators (like predators) sense weakness in the CBN posturing, rate will fall, whether the CBN pumps millions or not. 180 million Buharis cannot stop that.

-Lord

Politicians are converting their looted naira tondollar to save in water tanks at home.

Fewer notes yunoee

MonsieurCoder:


There is one question I have been pondering on for some time. Who is using all these dollars they are pumping? The intervention started at the beginning of this month --march--when most international students were done paying their fees. So where has the money been going to? They have pumped almost 1 billion USD already in just march when no one is requesting for Form A to pay school fees. What happens by August when virtually all Students in the diaspora start requesting for Form A for school fees and Accommodation fees? That means if they keep up with this by the end of October it's cockroaches and rats that will be left in our reserves.

Until the price of rice and beans in the market drop, all this big grammar abt dollar doesnt concern everyday people.
What is a 350 exchange rate in black market when the price of fish in the market is stikk d same
E go better

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ANBAKO:
Everyone has been shouting "sustainability" since the first intervention. The simple question is: has this intervention yielded any good result? My answer to that is yes....because 520 and 400 ain't the same.

So let's put sentiment aside. Sometime we are right and sometimes we're wrong. Presently NGN is soaring high!!!! When the policy starts to fail ....then you are the winner....

In the mean time, who will buy my 500btc @410?

Oga, nobody is putting sentiments here. I still have relatives who earn based on 18k salary (based on N150/$1 exchange rate) but buy things in the market based on N500/$1 (things never come down yet). In fact, even if I earn in dollars and get more naira with high exchange rate, na still the same market I go buy things at high exchange rate.

As long as you are at the bottom of the ladder, you are a loser. You and I are losers. Those higher up (politicians, religious leaders, and their cohorts, and international speculators. All of them be the speculators) are the winners.

They are the ones that will mop up millions/billions of dollars now that it is 400 and then wait until it increases to 450 or 520 to sell to the importers that will import things you and I will buy.

So waiting till the policy fails doesn't make you or I winners or losers based on our opinions. As long as the policy is not sustainable from the get go, we are all losers regardless of opinions. Because when the parallel rate fall, you will not force importers that imported now that dollar is 400 to sell based on N400/$1. They'll sell based on whatever rate it falls to.

Don't play to the whims of the politicians. Short gains benefits them and hurts you.

-Lord

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CallmeLucy:
The drop in reserves isn't significant to what has been achieved in trying to peg the exchange rate to the CBNs.

I think the government is doing a great job with this in my opinion. Don't know why you all don't want the value of Naira to rise and make life easier for the citizens.

They have come for you ohh.

Because you support a policy that threatens their business and such a policy is for the greater good.

They'll bring their beer parlour analysis to counter every good initiative or argument you have, not because they want a constructive debate or discussion but as the usual Nigerian style, destroy, destroy and destroy.

Even some who have no "stake" in the future of our country.. ..havr a day.. .a destructive say for that matter... .imagine...

It's okay.. .

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