₦airaland Forum

unclejb2:
For how long can Tinubu sustain this? Hold your dollar closely. If the government reserve gets depleted, e go red for naira

Do you people read at all or you just feast your eyes on headlines?

Article clearly, after beating around the bush, attributes the dip to the clearance of the 7bn backlog.

Most hilarious was the final paragraph that predicted the reserves would rise again. An article that is neither here nor there.

The CBN will also be aware that new inflows from Afreximbank, the World Bank, and a possible eurobond, plus the benefit of higher oil prices and a likely return of remittances via official and semi-official channels (rather than bitcoin) will allow reserves to stabilize or rise again

santaclaws:
Haven't they supported Ukraine more than Israel? The way Zelenky talks sometimes ehn...

He sounds so entitled. Ukraine has received tens of billions in military aid and he's still making demands.

Splashme:
Oga, Naira is no longer allowed to float.

It's now regulated, defended and heavily subsidised the way Emefiele was doing.
.

It is not heavily subsidised. It is moderately subsidised at around $60m a month. The volume of fx transactions is way higher.

shoodboi2:
Joel Cauchi is not African and he's not a Muslim. If he were, they would have plastered their headlines with "Muslim man this" and "African migrant that" but he's white, so they say he has mental illness.

But now that he is a White Christian man, they are saying there's no "ideological motive" because presumably, he needs to be a Muslim or African to have an ideological motive. If he were a Muslim, they would've started mentioning Islam as if he did it because of religion and not because he's just being nasty.

And if he were an African migrant, that will even be worse. They will use it to support their removal of Africans and blacks from Australia and justify denying us visas because according to them, we are wild animals that need to be tamed.

This clearly is a clear case of the anti-African and anti-Islamic posture being spread by western media.

When has an african ever done something like this?

madridguy:
Seun continue to push the western agenda to save his forum. If I am to be in your shoe, I will also be doing the same.

Last night, Iranian missiles and drones passed several lines of US air defense systems in Jordan, zones filled with US, UK, French and Jordanian fighter jets flying in wait to shoot them down, Israel's multilayered air-defense system, including Iron Dome, Patriot, Arrow, David's Sling etc, and hit their target.

Iran used only 500 pieces, most of them drones. Iran has announced that a new wave of 2,000 drones and missiles is ready if Israel decides to retaliate.

Let be balance with our reports for once.

Ehen? So you have better information? Oya tell us, where did your Iranian sources tell you the 500 missiles and drones landed?

Are you so pressed that you have to reject reality and bask in delusions?

Quelme:
Iran is a country with balls of steel forged from the dragons breathe.

You've got both balls crammed into your cheeks for sure! Dragon's breath my arse.

seunny4lif:
Iran 3 : 1 Isreali
Mad respect for Iran abeg
Some people might said Iran did not kill any Isreali military personnel, but Iran hitting Isreali from home is a new thing.
Iran talked and did it, that’s the main point.

Never did even USA military think Iran can do it.
Isreali have been killing Iranian military men in Syria but hitting that embassy was a red line.
Russia have been hitting Ukraine but never any of the embassies located in Ukraine because embassy represent a country.

If not for Jordan, USA and UK that help Isreal overcome those Iranian drones and missiles, Isreali this morning would have look like Syria.
The USA and her allies spent over 500M dollars defending Isreal against Iran drones and missiles last night.

Let’s see what Isreali will do because if they can’t hit Iran back then the world will know that Isreali military are only great against defenceless enemies like Hamas and Syria that have been at war for over 10 years, making it too weak to fight against Israel.

Modified:- some of you carry Isreali matter for head past the Israelites themselves.
Isreal, Saudi and Iran don’t care about you especially Africans.

All that matters is that Iran show some balls by launching drones and missiles on Isreali from Iran not Syria.
Let’s see if Isreali can do the same.

But why are you hyperventilating?

You don't even realize that you are just contradicting yourself. First, you claimed Israel hitting the Iranian embassy was Israel crossing a red line in terms of direct hits - next you claimed that Israel has to prove itself by making a direct hit to match Iran's. Can't you see the contradiction since you've already said Israel was the one who crossed the red line?

You are complaining about others defending the Israelis meanwhile you've got the Iranian's cock shoved so far down your throat it's touching your rectum!

Rest!

Also, for your info, the reason the Iranians used drones is because they knew those drones would be taken down. Thus they can look as though they actually did something to simple folk like you, while avoiding the risk of a bigger retaliation by Israel since no harm was done.

You know nothing!

Ofunaofu:
What is the value?

An unthoroughly bush man

The value lies in the region of #600 - 900.

Ofunaofu:
The above title is a result of the current happenings with regard to the naira. 

In February this year, when the Naira crashed to an all-time high in it's history, exchanging at N1900 to a dollar and even approaching N2000 to a dollar at the black market, Nigerians were screaming, shouting, and telling Tinubu that his economic policies were hurting the Naira. The defense put up by Tinubu, the CBN governor, their supporters, Bulaban, Agbadorians, and minions was that the naira was finding its true value. Though the naira has regained strength, they have now turned around to accuse other Nigerians of being happy when the naira crashed. What a confused set of humans, I must say. 

They also said that the rate of N1900 to a dollar wasn't the true value of the naira. That the naira was going to crash more to reach its true value.
In fact, in the words of the CBN governor, Mr. Cardoso, the naira was undervalued at the rate it was exchanging. It was going to crash more.

They accused Emefiele of so many things, one of which was that he was illegally using our foreign exchange reserves to defend the naira to arrive at below N760 to a dollar it was exchanging at the black market during his time as CBN governor.

Today, the naira has regained strength from N1900 it was exchanging in February to between N1070 and N1120 for a dollar. With efforts being made for the naira to regain more strength

So, I ask again, what's the true value of the naira? 

Modified

You are one thoroughly bush man!

Undervalued means it is trading a t a value below its real value. Meaning it is expected to climb not fall.

Where you go school??

So these guys can be this reasonable?

lionshare:
Who’s budgeting for the subsidy? I was referring to BDC selling less than market rate with 1.5% margin not being a sustainable model for their business. If we assume CBN sold $60M to BDC last month that’s a maximum profit of $900k divided by 1500 BDC should be 660k naira monthly. I don’t think that can cover for their office expenses alone talk less of profits.

$60m is a mere fraction of the BDC's monthly fx turnover, which runs into the billions. There is no threat to their businesses.

lionshare:
Your conclusion is interestingly worded. Do you think it’s sustainable long term for the BDC rate to be lower than the official rate?

Well as long as subsidizing the naira remains a budgetary priority. But i also think it won't be necessary soon.

DMerciful:
Emefiele's policy of defending the naira!
Only thing is that the naira is foolishly being defended at a higher price that does not favour the govt nor the citizens.

How can the illegitimate president damage his presidency by himself?!

There is nothing wrong with defending the naira in order to solve the problem of sabotage. Emefiele's problem was defending the naira at CBN only, while allowing the black market to run riot. This then created a market for arbitrage, further deepening the gap between the CBN and parrellel markets.

Under this approach the parrallel market rate trended upwards with an increasing gap from the CBN rate. Under the new approach the gap has been nearly eliminated, with the both rates trended down, where they need to be.

When the rates reach the optimal level, with Nigeria's trade surplus increasing, there will be less need for a defence, as long as the CBN through the EFCC maintains control of the parrallel market.

Sorry, but things are on a firm trajectory to get much better.

Chimarto:
But what they did to Bobrisky is unfair.
They should have lessen the jail term haba mana

Thats the minimum term prescribed by law.

Kenochi:
He has stepped on the wrong toes, I keep telling people that when Government decides to have your time they will treat your case wella.. For me,whoever told him to plead guilty misadvised him. He could have dragged the case for a while after which he will enter into a plea bargain. Now he will tagged as an ex convict for the rest of his life. Anyways when one door closes another one will open,I am sure that whenever he comes out he can apply for asylum in any country abroad and he will be considered as a defender of the trans community in Nigeria

It is well,meanwhile which prison will he use? male or female

Drag what when there is enough evidence? He was never going to get a plea bargain deal.

Juliusganduje:
A big shame on you. Atiku, a man that is already made for life is defending your future, but all you could come up with is to insult him. If you are above 20 and still reason like this, then you are beyond redemption.

From 2015 - 2023, why didn't Atiku defend your future? What a great defender. Hope you voted for him in the past elections?

Floky215:
Ghana keh..?

Illiterate boko small small boys and fulani bandits with just only AK Rifles, GPMGs, RPGs and few technicals have been given your army sleepless night and bloody nose for the past thirteen years with no end in sight and you are talking about invading Ghana..!! You want us all to run away and abandon Nigeria for Ghana people?

This description fits so many armed groups:

Hamas
Hezbollah
Al Shabab
Taliban
Al Qaeda
Etc

Which one has been defeated?

Electrochemistry:
Naira exchanging at over #1000 is what some Nigerians are celebrating. Foodstuffs beyond the reach of common man too Pity!
Let everything be brought back to where they were. That is where the battle should commence.

Even if dollar goes to 100 you well never be satisfied. The dollar rose to ridiculous levels not because of bad policies but because of greed and sabotage. We all know this. That the government has figured out how to arrest the trend and reverse the trend so dramatically ought to be cause for happiness. Two months ago, your likes were salivating with excitement at the prospect of dollar hitting 2k. We are heading in the right direction as a country. But you won't be satisfied for reasons we both know. Rest.

Proserpina:
You are no where near being a smarty-pants if you do not realize that I typed figuratively. And you are being dishonest if you admit that when "send back to her father's house" does not mean she will be going to her father's house but can't apply the same logic to my comment.

No I can't feed, as nah you dey feed me Smarty-pants indeed . Get out!

You don't know the meaning of figuratively. In any case even if you had made a metaphor, which you didn't, you should understand thatyour choice of metaphor is a reflection of your state of mind.

The rest of your post is is unintelligible. Good luck.

Proserpina:
Eyah... Sorry ehn

So you want your wife to bring food stuff that she will eat from her father's house while being married to you.

May I not be unfortunate in life

Oshi len she

The problem is your mentality - there is nothing wrong with a man providing but are you helpless? Look at what you wrote up there. The alternative to a man providing for you is to return to your father's house to go and continue being a burden. What kind of mind is this? So without a man you won't eat?

vowiski:
Next week dollar will rise back , after the holiday

These are cosmetic solutions ..

Even a Pry 6 can do what CBN is doing at the moment .

I don’t know why many Nigerians are dumb..

Is this not the same thing EMIFELIE did?

The demand for dollar is low now because of government policy somersault.. once people start requesting for dollar , things will go south.


People who do business with dollar are still observing, it won’t be long before they start trading with dollar and the demand Increases.

If we don’t consume what we produce , we are going nowhere ..

Small rain, this cosmetic solution go wash off like Bobrisky face

Request for dollars to do what? 60% of dollar demand was for non productive uses. These channels have been severley undermined but when you don't understand the basics of evonomics how will you grasp this? Nigeria has a trade surplus - do you understand what this means? In addition to billions in diaspora remmittances. Let the small rain come let's see.

Local marketers cannot afford the minimum order quantity. Which, as you can see from the article, runs into the tens of millions. Not sure where you got the scam idea from but you can read again for clarity.

PresidObi:
Another 419?

alcuin:
This is why you cannot compare the male lion to any other animal. I always laugh when I read statements that a male lion is lazy. The male lion is the protector of the pride, he fights other lions and fights to the death. Aside being challenged by other lions, no other animals dares the pride. At the roar of a lion, every living creature around quivers.

Not true. There are animals that lions either live in peace with or actively avoid. These include Elephants, Rhinos, and Hippos.

MrBrownJay1:
the female version of a PEDO... and she should get the Romeo and Juliet law (aka automatic considered statutory rape if the other person is under 17yrs old). sadly, she probably wont get any jail sentence (like a man her age would if he had sex with a 14yr old teenager)

The Romeo and Juliet doctrine doesn't mean what you think. It is an exception to the law on statutory rape that excuses offenders who were in genuine proximate age to their would-be victims. For example, an 18 or 19-year-old with a 17-year-old would not be considered paedophilia under Romeo and Juliet laws.

Artscollection:
Hate it or love it, those that came up with the idea of demolition of that estate was because of their hatred and high level bigotry but what those idiots didn't realize is that their kind will be more affected by that action hence the hastiness of their findings and seven days ultimatum but it dawn on them they will be on the loosing side. Talking of huge taxes to d number of people employed n some idiots where saying other business will spring up their, on a high way some people are just wicked !!!

I believe they just did this to extort the man not because of hate. It is still unacceptable anyway.

bdon123:
Fuel oil is used by ships for power generation.who cares abt naptha.He promised petroleum products n mind u, naija cbn provided fx to fund that project to d detriment of naija.ask urself why there is no product till date.

If you have a personal problem with Dangote that's for another thread. We are talking about FX here and every single item exported from Nigeria earns FX for us. This then has an impact on the naira. That's all there is to it.

maasoap:
How? Then, teach the government the process now since the government can't detain suspect who is a flight risk before charging him to court! Where is his partner now?



Hold anyone? Government holding you? I don't think so. These committed economic crime against the nation, that's one of the most grievous crimes in USA! Economic sabotage, it's worse than embezzling or diverting. They bled the nation

I don't want to argue because I am a lawyer and I am talking from a position of subject-matter expertise. This is the last I will say on this. You cannot arrest an employee of a company and charge them individually for an act committed by the company. If you must do so, you must go after the ownership of the company, not its employees. And there is a process you must follow in doing so. It is just like th illegal renditioning of Kanu all over again. Doing the right thing in the wrong way leads to bigger problems.

advanceDNA:
U cannot dialogue without insult....I no need argue with you....is only by not importing crude oil that will significantly help the naira....we are virtually importing every other thing....

1. I did not insult you anywhere sir. You cannot know everything and from what you wrote there I know you don't understand this particular area, but you might be an expert in something else. Advising you not to comment on what you don't know is not meant to insult you, rather it is meant to protect those who have even less knowledge from being misled by half-knowledge.

2. We are not saying Dangot's refinery will solve the entire problem but by the quantity of oil import that is eliminated, and the quantiy of fx inflow that is created, with all other factors being equal, it will be a major gamechanger. Nigeria is winning already.

Donaldoni:
Nice one!
Dollar MUST be rendered completely useless within Nigeria

You spoke exactly the words in my mind. I really mean word for word! Dollars must be rendered completely useless for anything other than international trade.

advanceDNA:
Demand for naira is what will boot naira in a floating currency system....

...hope u understand that Dangote is not exporting crude oil products to other nations in naira...he's being paid in dollars for his exports ....

His business operation will not significantly boost naira as Reno claimed without the government heavily paying subsidy on the exchange rate as they are doing now......

Thats why they are saying Reno is a paid propaganda spreader.....

This is basic economics. It is not the demand for the naira that boosts the value of the naira in isolation, rather it is that the supply of dollars should match or outweigh the legitimate demand for dollars. When Dangote earns in dollars and this is repatriated into Nigeria, the supply of dollars will increase to match or outweigh demand for dollars.

I really don't know what gives you the impression that you understand what you're talking about. Avoid commenting on things you don't fully grasp!