Dollar is scarce

LordAdam16:


Who are you telling that nonsense?

Gwadabe said the BDCs including himself received their $10k each (total of $31m) so what are you talking about?

The CBN sold $150m as forwards (to be released in the future), and $90m to the banks for invisibles and then told banks to hand cash to their customers.

Stop smoking whatever it is you are smoking. It is not good for your health.

Whoever is telling you the CBN has not delivered the dollars is part of the crew who spread the false information that EFCC arrested CBN directors, which Okorafor denied. As I told you, the currency war is not fought on NL. The same way CBN tries to use propaganda and panic to crash the rate is the same way institutional speculators use media antics to combat CBN propaganda.

CBN sold dollars on Monday, that's why rate fell on Tuesday. Unsurprisingly, FX dealers bought everything they offered. They may even sell their usual extra dollars (at least $100m) for forwards before this week runs out (they've even sold during the weekend in the past).

This your foolish antic is DOA. So that when the rate falls, you'll say CBN released dollars the previous day.

If you say CBN sold dollars to the banks and the banks refuse to sell to end users, that's one thing. Saying CBN collected their money and did not deliver dollars is a different thing altogether.

I hope you are not confusing the forward/invisibles/BDC sales with the recent 60 days forward pledge by the CBN for manufacturers, airlines, and fuel importers? That is the dollar sales that has not been delivered because it is a 60-days forward.

CBN only had to sell $90m from their coffers early this week. The $150m forwards will be cleared in 30 days, while the $31m is from IMTOs. So, there is ZERO reason why the CBN will not be able to deliver common $90m when oil price has started increasing and it's reflecting in the reserves. Same CBN that sold over $1b cash in less than 5 weeks.

Try another line. This beer parlor gossip is SILLY and ANNOYING!

-Lord

Ok instead of giving me your newspaper essay...tell me what rate did they give the BDC mumu?

LordAdam16:


EXPENDABLE COCKROACH!

You said rate will crash on Monday, it did not crash! You're here making a F**L of yourself.

Answer the simple question, is yesterday Monday?

Because that prediction was the basis for your use of expletives to me initially.

Answer the damn question. Stop typing this trash that is an eye sore.

Answer a simple question!

GOAT!

Can you prove the nonsense you wrote in bold?

CBN sold $240m to banks on Monday (http://www.vanguardngr.com/2017/04/cbn-injects-another-240m-fx-market/), and sold $31m to BDCs on Tuesday (https://abokifx.com/news/naira-gains-as-cbn-sells-313-5m-to-bdcs-businessday).

IDIOT.

This is how you type rubbish every time. UNINFORMED ILLITERATE.

-Lord

Idiot mumu on Paper and news the CBN said they sold...the accounts have been debited...but the money has not come in yet...idiot slowpoke mumu...if they indeed sold them..at what rate was it sold Ehhh idiot? The CBN has debited their accounts at rate of 360 and told them they will either refund or debit the balance based on the new rates the CBN actually uses...

LordAdam16:


Daft Deplorable!

You can't educate yourself to format posts appropriately and you want to educate someone else.

You've seen today's rate, now you're saying good bye. Reserve is fluctuating and you're still bold enough to say you stand by your word that it is unchanged. STUPID ILLITERATE!

Why can't you answer the simple question, if yesterday is Monday? MAD APE!

B*STARD!

-Lord

- How many questions did you answer idiot? Mumu Mumu Mumu...When I predict something it is based on certain actions that are expected to happen...for example mor*n when I say the rate will crash on Monday it is based on the CBN selling on Friday, if the CBN now delays the selling till Monday that doesn't mean my prediction was false idi*t...now the rate is back up because till now neither the banks nor the BDCs have been sold their dollars (I am giving a mumu like you inside information)...like a mumu like you said the speculators will try to exploit the situation and depreciate the Naira...when the sales goes through it will again crash like your brains...So Reserve is now fluctuating eh? I thought you said the reserves were going down maggot?

LordAdam16:
@southpawy2k3,

Just look at how you've made a mess of the thread. Incoherent trash everywhere.

Au revoir!

FOWL!

-Lord

Good bye and Good riddance mumu...like I said write down what I say to educate yourself

LordAdam16:


The only person eating his words is you. You said rate would fall on Monday, it didn't! Simple st*pid failed prediction. Nothing more.

Even 989900 wouldn't have made that kind of stupid prediction nor would he have made the multiple errors you shared.

First you believed that a simple $2k increase in sales to BDCs would change the direction of the market, when the major thing that has upended the market every time there was a crash since Feb 20th was excessive sales to banks not BDCs.

The CBN sold $240m yesterday ($150m for forwards when they normally sold $100m and $90m for invisibles when they normally sold an average of $80m, which is in the same pattern with the way they sold heavily on Feb 20th for example) and rate fell today. Your magical extra $2k per BDC the CBN sold today (note that they changed their mind from twice a week to once a week) had nothing to do with the fall today.

Then you didn't notice that any sales by the CBN affected the market the next business day. Which means the only way rate could have fallen on Monday was if the CBN sold excessive dollars TO THE BANKS on Friday.

These are very simple observations that any body who follows the market knows, but it was clearly lost on you.

Every speculator worth his salt understands the recent volatility of the market and profits from it. CBN didn't update their reserve homepage last week, which was a sign that there's fire on the mountain and all sales was below $100m. That was a buy signal (rate was 360-370). CBN selling $240m yesterday was a sell signal (rate was 390-400). A smart speculator who purchased $10,000 made at least 200k within 6 days. You can't make that kind of profit buying bonds or T-bills or our current fluffy stock market. That's the big reveal and draw of the parallel market and why speculators are going no where.

While you're here foaming in the mouth.

The CBN would slow down again, which will present another opportunity that'll be exploited again.

Speculators are not your average dumb people (plain hoarders may be).

Listen to the person you quoted. There is much volatility now, so study the market very well before making predictions.

The CBN said it wanted to push rates down to 306 last week, then said they'll announce a new BDC rate on Monday. They did neither in close proximity to their announcements. The market reacted in kind. The speculators are watching intently at these gaffes. Yet you're placing all your misplaced hope on the CBN that's simply on the leash of politicians who only protect their interest.

Why do you think the CBN said they aren't going below N306 when some uninformed mofos think it'll go to 250 or less? Three words: Budget exchange rate. Rate goes below 305. Less money to share in Abuja, upheaval follows. Then you'd know that all of this intervention is about 2019 not about the wellbeing of some claw-faced degenerate called southpawy2k3 on Nairaland or any of the other 160m gullibles like you.

Even in the EGRP Buhari is to flag-off tomorrow, there's a timeline for a full float to happen. Read it or dig harder to find out (I'm not going to share that valuable information with you although I've shared it in the past here on NL). I think the date they pegged is too far away and I've continually advocated for a free float now to end the speculation.

But you keep having this pie in the sky dream that you are a Knight in shining armor trying to upend speculators... On Nairaland. How laughable. Speculators are out there making it large. They have no time to read the 2nd or 3rd page of a forgotten thread on NL. They are wolves with hands in many pies.

First I made 989900 look stupid with his remittance argument, then I made you look stupid with your Monday prediction.

You two mofos have no deep-down knowledge about how the market or economics works and are effectively government soundboards. Knowing the CBN website does not make you an economic expert.

You don't know how to type or even express yourself clearly. Instead of saying I expect the rate to fall next week, you said it'll fall on Monday. Even Emefiele wouldn't have been so authoritative. Instead of saying the reserve has only been slightly affected by recent intervention, you said the reserve had been unchanged. Simple use of English.

I could keep sampling all the copious errors you made and keep making. Having another loser prop you up doesn't make you a winner. It makes you a bitter loser.

I've gone on long enough. I don't expect you to learn anything. That's like pouring water on a stone expecting it to be soaked.

Now compare this exposition to the trash you've been writing (not even being able to format text properly).

-Lord

The only person eating his words is you. You said rate would fall on Monday, it didn't! Simple st*pid failed prediction. Nothing more.
-Look at how moronic you sound.

Even 989900 wouldn't have made that kind of stupid prediction nor would he have made the multiple errors you shared.

First you believed that a simple $2k increase in sales to BDCs would change the direction of the market, when the major thing that has upended the market every time there was a crash since Feb 20th was excessive sales to banks not BDCs.
- Mumu I never said the $2k increase on its own would crash the rate, slowpoke, the $2k increase is in addition to all existing interventions that are going to crash the rate. And try to think outside the box Mumu, the issue here isn't the $2k increase, it's a message being sent by the CBN to the BDCs and to the market, to the BDC's it is telling them if they help in stabilizing or appreciating the Naira, they will increase their allocations, and the message to the market, is that our interventions are "HERE TO STAY AND WILL BE SUSTAINED", thank God the market is not full of mumus like you.

The CBN sold $240m yesterday ($150m for forwards when they normally sold $100m and $90m for invisibles when they normally sold an average of $80m, which is in the same pattern with the way they sold heavily on Feb 20th for example) and rate fell today. Your magical extra $2k per BDC the CBN sold today (note that they changed their mind from twice a week to once a week) had nothing to do with the fall today.

Then you didn't notice that any sales by the CBN affected the market the next business day. Which means the only way rate could have fallen on Monday was if the CBN sold excessive dollars TO THE BANKS on Friday.

These are very simple observations that any body who follows the market knows, but it was clearly lost on you.

Every speculator worth his salt understands the recent volatility of the market and profits from it. CBN didn't update their reserve homepage last week, which was a sign that there's fire on the mountain and all sales was below $100m. That was a buy signal (rate was 360-370). CBN selling $240m yesterday was a sell signal (rate was 390-400). A smart speculator who purchased $10,000 made at least 200k within 6 days. You can't make that kind of profit buying bonds or T-bills or our current fluffy stock market. That's the big reveal and draw of the parallel market and why speculators are going no where.
-Are these the same "Smart Speculators" who bought for 500 and sold for 400?? HAHAHA!! You see your problem mumu?? You think everything is black and white, who told you that these "Smart Speculators" that bought at a rate of 360-370, are going to find someone to sell to at 390? Which mumu (other than you) would take a risk of buying at 390 from a Speculator when the rate can again anytime crash below 390?? You see how you show how much of an amateur you are? Or do you think people are waiting in line to buy Dollars at high rates?? There is no longer any guarantee that any Speculator can buy low and sell high, the CBN has instilled fear in the parallel market segment and created a huge risk to anybody who wants to speculate and hoard. Do you know how much money Speculators lost from the Dollar crash from 520 to 370??

While you're here foaming in the mouth.

The CBN would slow down again, which will present another opportunity that'll be exploited again.
- So you admit that there is no scarcity but manipulation?? You see how you contradict yourself mumu, The CBN will not slow down again unless some disaster occurs, and even if it does, I will refer you mumu to the same comment above, the same way the Hoarder or Speculator will want to increase the Dollar rate to take advantage, people would want to wait till the CBN does another intervention and the rate crashes before they buy again. Don't forget Mumu Dollar is not Fuel or Food, where people need to buy immediately and urgently. Most People are always willing to wait to buy their dollars if they know after a week or two the rate will crash, and this is exactly what the CBN is doing. Ok mumu? If the dollar keeps going up and down, what will happen is that people will buy less when the dollar is Up, and people will buy more when the dollar is down, and before you know it, the volatility will reduce and confidence will be restored.

Speculators are not your average dumb people (plain hoarders may be).
-They are not as dumb as you are that is for sure, but they are dumb to be in this business in the first place, this business has a weak structure, no real fundamentals, and cannot be predicted. Mumus like you were saying the Naira was going to 1000 look at today.

Listen to the person you quoted. There is much volatility now, so study the market very well before making predictions.
- It is exactly because of this Volatility that I said the dollar may even get back to 450, the market is still adjusting,but ultimately, on the medium to long run there is only one direction for the dollar to go, and that is down, like your brains. Hoarding and Speculation is no longer as rewarding as it once was.

The CBN said it wanted to push rates down to 306 last week, then said they'll announce a new BDC rate on Monday. They did neither in close proximity to their announcements. The market reacted in kind. The speculators are watching intently at these gaffes. Yet you're placing all your misplaced hope on the CBN that's simply on the leash of politicians who only protect their interest.
-The speculators can watch all they like, I refer you to my above comments mumu.

Why do you think the CBN said they aren't going below N306 when some uninformed mofos think it'll go to 250 or less? Three words: Budget exchange rate. Rate goes below 305. Less money to share in Abuja, upheaval follows. Then you'd know that all of this intervention is about 2019 not about the wellbeing of some claw-faced degenerate called southpawy2k3 on Nairaland or any of the other 160m gullibles like you.
- Who said they aren't going to to go below N306?? Eh mumu? My guy if everybody reads and understands the way you do we are in deep trouble. They said their objective is to bring it down to N306, i.e. Reduce or completely eliminate the Spread between the Official and Parallel market, they are setting a target after that target is achieved, they can then set a new target. One step at a time Mumu. So all 160m people are gullible except you abi? Do you see how you show how retarded and arrogant you are?

Even in the EGRP Buhari is to flag-off tomorrow, there's a timeline for a full float to happen. Read it or dig harder to find out (I'm not going to share that valuable information with you although I've shared it in the past here on NL). I think the date they pegged is too far away and I've continually advocated for a free float now to end the speculation.
[b]-You see you are a mumu? Free float? Only someone that is either a mumu (like you) and has no clue about the Nigerian market or wants to destroy the Naira will suggest a free float. The reason is simple, a free float relies on basic market fundamentals i.e. Demand/Supply, in Nigeria that fundamental would never work because a lot of the Supply and Demand is being manipulated. Let me explain it to you in another way Mumu, so much of our Foreign exchange enters the market unofficially or illegally, and as such these traders are greedy and would want to get more Naira for their dollars, and as such they will also hoard and create artificial scarcity to induce a massive depreciation of the Naira. This will also encourage all people that have dollars, whether Nigerians in Diaspora, or exporters etc... to sell their dollars in the parallel market because the parallel market is again offering more naira for their dollars, we will then be back to square one,The only way a free float would work is if all our Foreign exchange enters the Market officially and in a fully transparent way, until that happens, a free float would be suicidal. It really pains me when I hear slowpoke suggesting a free float.[/b]

But you keep having this pie in the sky dream that you are a Knight in shining armor trying to upend speculators... On Nairaland. How laughable. Speculators are out there making it large. They have no time to read the 2nd or 3rd page of a forgotten thread on NL. They are wolves with hands in many pies.
-Yes I am sure they are making it large, especially when they bought for 500 and sold for 370

First I made 989900 look stupid with his remittance argument, then I made you look stupid with your Monday prediction.
-You are only making yourself look stupid

You two mofos have no deep-down knowledge about how the market or economics works and are effectively government soundboards. Knowing the CBN website does not make you an economic expert.
-And you do? I may not be an economic expert, but I have common sense, you on the other hand are a retarded arrogant bloated mumu that knows a zero as big as your head

You don't know how to type or even express yourself clearly. Instead of saying I expect the rate to fall next week, you said it'll fall on Monday. Even Emefiele wouldn't have been so authoritative. Instead of saying the reserve has only been slightly affected by recent intervention, you said the reserve had been unchanged. Simple use of English.
- Since you are talking about reserves, here is the latest break down of our updated reserves mumu, so do you still think it is unsustainable mumu? but I still stand by my position that the reserve is unchanged


I could keep sampling all the copious errors you made and keep making. Having another loser prop you up doesn't make you a winner. It makes you a bitter loser.


I've gone on long enough. I don't expect you to learn anything. That's like pouring water on a stone expecting it to be soaked.
- I told you, you should write down what I say and keep it for reference mumu

Now compare this exposition to the trash you've been writing (not even being able to format text properly).
- You aren't worth the effort of formatting text properly mumu

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989900:


The situation is fluid at the moment . . . fingers crossed.

P.S. Brent is above $50 again for some few days now, and for those who are conversant with Forex trading, Fridays and Mondays are higher demand days (and other logistics) = higher prices.

Quit wasting time with 'Lord', he is just gon' waste your time running around in circles, he is better at exchanging insults, shifting goal posts, and dwelling on trivialities than ideas.

Bless you my brother...somebody that has common sense...ordinarily I would ignore idiots like this Lord...but it's these same people that go around Speculating against our Naira...that's why I just like people like this idiot to eat their words

LordAdam16:


Today is Monday nobeso GOAT?

Shameless cow!

-Lord

So on Monday is scarce but on Tuesday is not scarce?hahahaha...

LordAdam16:


MTSCHEEEW!!!

Ekpa!

-Lord

See it continue crashing like your brains...Dollar is scarce nobeso mumu?

LordAdam16:


Say today is Monday na.

UNINTELLIGENT MOFO! AMOEBA!

You're quoting Tuesday rate for a Monday prediction.

And I even offered you a chance to apologize, but stupidity is flowing in you like blood.

New rate was not announced on Monday.

Dollars was not sold to BDCs on Monday.

Rate did not fall on Monday.

And you have the guts to quote me. MAD turkey!

-Lord

See it continue crashing like your brains

LordAdam16:


You are a BASTARD.

Is today MONDAY?

STUPID, ARROGANT, DAFT, MORONIC F**L!

-Lord

hahahaha...what a coward!!!! I swear you are retarde*...oya go and write 1 page of insults...Jobless man

LordAdam16:


Let me just call you the name once.

STUPID, ARROGANT, DAFT, MORONIC, F**L!

It is not civil to kick someone that is already down.

What I want from you is a simple apology for using expletives when it was needless.

Never in your useless life, attempt to go up against me again.

-Lord

Are you ready? Spring is coming moro*...now watch as the Dollar comes crashing like that brain of yours..I told you, you should write down what I say to educate yourself,you talk about civility, you are anything but civil.

LordAdam16:


Is that all you could come up with?

Irredeemable fagg*t.

Belligerent ass-wipe.

Recalcitrant arthropod.

I think say your mouth b dey run like tap. Pitiful chicken! See as u don coil enter fetal position like pikin wen dem born new. U don see alpha male, ur aggression don turn to meekness.

Next time look the moniker well before you start dey craze.

Extraneous nematode.

You're dead meat.

STUPID, ARROGANT, DAFT, MORONIC, F**L!

-Lord

slowpoke I will not talk to arrogant pissants
unpatriotic speculators like you who talk as if they have something up their a**...I will let the Naira rate as of Monday speak for itself

LordAdam16:


You don mellow down now.

When I dey warn you, you no gree hear word.

With your head wen b lyk dinning table, and that your ear wen b lyk speaker back.

F**lish goat.

I dey wait that day wen u go don tire for lyf u go mk that mistake quote me for matter wen I no put mouth. You go no say madness get level.

Mad cow!

I leave you, u dey form boss. Small riff raff like you. I go run enter ur life. Ur head no real correct.

Okpo!

-Lord

You sound like an ashawu who hasn't been paid her money

LordAdam16:


Keep somersaulting.

Definition of unchanged



There is a world of difference between slight reduction and unchanged. Next time use the correct term.

You are saying it'll crash on Monday. If it doesn't crash on Monday, SOLELY because of the BDC sales (note the word in capitals, because from all available information, CBN will sell dollars to BDCs on Tuesday (5k) and Thursday (5k)), what should I address you as going forward?

An idiot?

Because that will even be too generous. Another option is stupid, arrogant, daft, moronic f**l. Take your pick (na you start dey throw expletives).

An utter buffoon who cannot read nor communicate properly is saying CBN will start selling dollars to CBN next week Monday, when even the CBN says it will start on Tuesday. And would only sell $5k on Tuesday. It would then sell the other $5k on Thursday. You are a complete unintelligent bast*rd.

In fact, I will not wait until Monday, you are a stupid, arrogant, daft, moronic, f**l for your multiple errors.

Idiotic IDIOT! Foolish F**L!

You think you alone have the monopoly of using vituperations? I've allowed you walk all over and warned you to back down, you're feeling fly. You're toast.

Mental And Deranged (M.A.D) incorrigible oaf! If I wanted to kill myself I'd climb to your ego and jump to your IQ!

Don't even know the meaning of the words scarce and unchanged. Your English teachers should be hanged. Waste of space. I'd apologize to the trees for going through the labor of recycling the oxygen that keeps you alive. Your parents should receive plaques for doing their best to raise a no-holds-barred nutjob like you. And to imagine that a simple rubber tube could have saved the world from your stupidity that is infinite like the Universe.

You'll explain to me, why despite me not directing any insult at you initially and repeatedly asking you to stand down and keep your opinion, you decided to continue throwing shades.

You cretinous f*cktard!

Beastly git!

Contemptible nitwit!

You'll learn the hard way why it is preferable to argue your points in a civilized manner and not like a loudmouthed barbarian with uncouth verbal utterances, who cannot even put spaces in your text.

Typing like an underaged, uneducated MAGGOT!

I'm waiting for when next I'll be on my own, then you'll quote me. IMB*CILE. I will so insult your life, your entire family, and your future generation. Na craze dey do u! ANIMAL!

ASSHOLE!

-Lord

Hahahaha...this guy is crazy...Bros you have way too much time...

LordAdam16:




Sentences in bold to prove Statement 1





Sentence in bold to prove sentence 2.



Now you've moved on to "it might even crash to 450 before it will crash again."



Sentence in bold to prove sentence 3



You disgust me.

-Lord

I know that the things I said are too complicated for your brains to comprehend, so I will repeat it to you in a simpler way in CAPS:

- TILL THE CBN ANNOUNCES NEW RATES TO BDCS AND START SELLING BDCS ON MONDAY AND BANKS NEXT WEEK...NAIRA WILL CRASH BECAUSE BLACK MARKET DEALERS WANT TO TAKE ADVANTAGE....THEREFORE I WOULD NOT BE SURPRISED IF IT CRASHES TO EVEN 450 BY MONDAY BEFORE IT BEGINS MAJOR RECOVERY

- 40 MILLION DOLLARS OUT OF 30.4 BILLION IS EQUAL TO 0.0013% REDUCTION YOU CANNOT CALL THIS A REDUCTION slowpoke...THE REDUCTION IS TOO MINISCULE...THEREFORE FOREIGN RESERVES ARE UNCHANGED

THAT BEING SAID slowpoke...YOU HAVE BEEN TELLING ME THIS WILL BE YOUR LAST REPLY ON EVERY POST...TELL YOU WHAT...I WILL REMEMBER YOUR NAME ON NAIRALAND AND I AM GOING TO COME BACK TO YOU WHEN THE RATE GOES DOWN DOWN DOWN...I WANT TO SEE HOW STUPID YOU WOULD LOOK AND WHAT FOOLISH STATEMENTS YOU WILL BE GIVING


Take Care TB JOSHUA

LordAdam16:




Don't make me repeat myself again. Just tell yourself whatever you like to sleep well at night. Neither of us work in CBN, so holding differing opinions is perfectly okay.

If you want to have the last word, so be it.

But please understand that I ain't replying you again.

You've moved from rates are crashing on Monday SOLELY because of an additional $6.5m that wouldn't be sold on Monday but on Thursday (look up the schedule). Then you said, reserves haven't reduced even with current intervention. Now you've moved on to "it might even crash to 450 before it will crash again."

Now read back your replies and mine (including the screenshots), and answer this question, if you're in my shoes would you keep discussing with you right now, after so many fallacies and somersaults?

You don't want to learn, you just want to keep arguing to desperately prove to yourself that you aren't wrong. And quite frankly, I'm not interested.

It's a classic waste of time.

Again, please understand that I ain't replying you again.

-Lord

Here....

this is from your nairametrics page :

CBN Inflows

Data from the CBN shows oil inflows for January and February was $615 million and $842 million respectively.
Non-oil inflows is currently at $1.9 billion and $1.5 billion for January and February respectively.
Both oil and non-oil inflows pass through the CBN.
Total cash inflows from autonomous sources was $2.1 billion and $2,9 billion for January and February respectively. It was about $4.2 billion in December 2016.
Total cash inflows from autonomous sources was $2.1 billion and $2,9 billion for January and February respectively. It was about $4.2 billion in December 2016.
Total cash inflows into domiciliaroy accounts (which is a major portion of inflows into autonomous sources) about $1.2 billion and $1.7 billion for January and February respectively.

http://nairametrics.com/external-reserves-for-march-remain-steady-at-30-billion/

Now please cross check these values the CBN recorded as inflows on Jan and Feb 2017 versus what it intervened with and ask yourself whether you truly believe that this is unsustainable

LordAdam16:




Don't make me repeat myself again. Just tell yourself whatever you like to sleep well at night. Neither of us work in CBN, so holding differing opinions is perfectly okay.

If you want to have the last word, so be it.

But please understand that I ain't replying you again.

You've moved from rates are crashing on Monday SOLELY because of an additional $6.5m that wouldn't be sold on Monday but on Thursday (look up the schedule). Then you said, reserves haven't reduced even with current intervention. Now you've moved on to "it might even crash to 450 before it will crash again."

Now read back your replies and mine (including the screenshots), and answer this question, if you're in my shoes would you keep discussing with you right now, after so many fallacies and somersaults?

You don't want to learn, you just want to keep arguing to desperately prove to yourself that you aren't wrong. And quite frankly, I'm not interested.

It's a classic waste of time.

Again, please understand that I ain't replying you again.

-Lord

Jesus!!!! My man you are either very daft or very confused...go and reread what I said

LordAdam16:




If you don't even know the implications of that $40m drop in reserve, then yes, I'm justified in not exchanging banter with you.

Look at the screenshot.

This is my last reply to you.

The CBN can sell cheap dollars all year round. But when their party ends, the gains will be eroded. Like sand in the wind.

-Lord

It might even get to 450 before it will crash again....what's your point? I won't repeat myself...go and read how I tried to educate you for the reason it is depreciating again...so 370 to a dollar is now cheap abi??

Please educate me...what does a 40 million dollar drop in reserve out of 30.4 billion dollars mean?? Please I want to learn

PS I just spoke to one mallam he told me the rate is 392 but they aren't selling...so I just have two questions for you...1) Is not selling the same as scarcity? 2) what will happen to the rate when Mallams start selling again??

LordAdam16:




Winter is coming.

Look at the screenshot.

PS: As I said, exchanging a banter with you is a useless endeavor. Make what you want of the signals that are so glaring. It changes nothing.

-Lord

Is this guy for real What you just sent even strengthens my statements...a mere 40 million dollar drop on our foreign reserves when we have injected 2 billion dollars? Thank you for making my day...now I am sure the CBN can really fight to save the naira...What you just sent means squat...it only means the CBN is comfortable with our foreign reserves at 30 billion dollars and would no longer focus on building on our foreign reserves in the short run and rather focus all its dollar inflows on crashing the dollar...imagine CBN was able to build our foreign reserves by 7 billion dollars in 4 months...and yet you are foolishly sending me a 40 million dollar drop? Look man....like I said Mr. Game of thrones try with your limited brains to think outside the box...go ahead and hoard and buy dollars and sleep next to them I am tired of talking to you

LordAdam16:


CBN pumped $2b and rate crashed. It stopped excessive pumping (excessive is the keyword) for two days and rates have started rising.

You can continue the propaganda, but we'll be here on Monday, and watch the rate continue going up even with a measly $6.5m added in the week. Dollar is scarce already. $6.5m is like a drop in the ocean. $6.5m is not $2b.

BDC operators are asking for $50k per week, and CBN is offering a measly $10k, and you're here dreaming about rate crashing solely because of a poor $2k increase.

I'm not exchanging banter with someone who thinks $6.5m will depreciate rates at the parallel market. That's beyond silly. The market wouldn't even feel it.

-Lord

dollar is scarce already? hahaha you people are funny...how can something that was in abundance two days ago suddenly become scarce? use your brains...there is no logic in that statement...it is not scarce...the hoarders and speculators for the second time are not selling their dollars in the hope that the naira will depreciate...that is manipulation...that is not scarcity!! BDCs off course will say they need 50k per week...and if they don't get it....they will try and depreciate the naira the way they are doing now...For God's sake the World bank reported in the year 2015 Nigeria received 26 billion dollars from Nigerians in Diaspora..in 2016 35 billion dollars..and this is all without oil money and exporters dollars and international loans...and you are here blowing grammar and telling me dollars are scarce...most of Nigerians in Diaspora send their money through illegal IMTOs operated by BDCs...it is very simple...a BDC opens an account in UK and account here...a Nigerian pays the BDC in pound to send to his family and the BDC in return gives the family here in Naira (this is how one of my friends in the UK sends his money to his family in Nigeria and there are millions like that)....the reason Nigerians in diaspora would patronize them is because they can get more naira for their dollars on the parallel market rate...when the CBN crashes the Parallel market rate, and the difference between the parallel market rate and BDC rate are minimal then Nigerians in diaspora will send to their families on the official market thereby triggering mass inflows of foreign exchange into the official market...the BDCs/Hoarders/Speculators are trying to depreciate the Naira so that Nigerians in Diaspora will patronize them again...do not forget that three days ago the parallel market rate became cheaper than the BDC rate...but the problem with this is that the BDCs might get into another mess if they depreciate the Naira and the CBN does another intervention...then they would again be left with dollars that they bought at a high price and nobody wants to buy....they are simply arm twisting the CBN so that it increase their weekly allocations...so that we can be under the mercy of BDC crooks...they operate the same way oil marketers do...always creating artificial scarcity...what is happening right now is simply a war between the CBN and BDCs..either the CBN has the ability to fight them....or it will concede to their demands in the interest of the naira appreciating....whichever way..continue dreaming...the CBN intervention has sent a strong message...to all hoarder and speculators..it is no longer business as usual...where you buy low and sell high...today there is no guarantee to anyone that if they buy low they can sell high...the risk is too high...this on its own will deter them and make them think twice...they pumped 2 billion dollars yet our foreign reserves remain unchanged...what does that say? When the CBN keeps repeating like a broken record so that confused people like you can get it through their heads..they are SUSTAINING IT!!!
It is only normal when the market has been starved of Foreign exchange for months that the first intervention will be a massive 2 billion dollars...there is a massive backlog..and as a result the first intervention has to be massive...yes 6.5 million dollars per week is measly...but when you add that to the 25 million dollars already that the BDCs get that is 31.5 million dollars weekly and 120 million dollars monthly...add to that 100 million dollars weekly interventions on the interbank...Write down what I am saying so that it can be a source of information for you in the future...try and think outside the box and read the market signals...things aren't always black and white

CBN pumped $2b and rate crashed. It stopped excessive pumping (excessive is the keyword) for two days and rates have started rising.

You can continue the propaganda, but we'll be here on Monday, and watch the rate continue going up even with a measly $6.5m added in the week. Dollar is scarce already. $6.5m is like a drop in the ocean. $6.5m is not $2b.

BDC operators are asking for $50k per week, and CBN is offering a measly $10k, and you're here dreaming about rate crashing solely because of a poor $2k increase.

I'm not exchanging banter with someone who thinks $6.5m will depreciate rates at the parallel market. That's beyond silly. The market wouldn't even feel it.

-Lord[/quote]

dollar is scarce already? hahaha you people are funny...how can something that was in abundance two days ago suddenly become scarce? use your brains...there is no logic in that statement...it is not scarce...the hoarders and speculators for the second time are not selling their dollars in the hope that the naira will depreciate...that is manipulation...that is not scarcity!! BDCs off course will say they need 50k per week...and if they don't get it....they will try and depreciate the naira the way they are doing now...For God's sake the World bank reported in the year 2015 Nigeria received 26 billion dollars from Nigerians in Diaspora..in 2016 35 billion dollars..and this is all without oil money and exporters dollars and international loans...and you are here blowing grammar and telling me dollars are scarce...most of Nigerians in Diaspora send their money through illegal IMTOs operated by BDCs...it is very simple...a BDC opens an account in UK and account here...a Nigerian pays the BDC in pound to send to his family and the BDC in return gives the family here in Naira (this is how one of my friends in the UK sends his money to his family in Nigeria and there are millions like that)....the reason Nigerians in diaspora would patronize them is because they can get more naira for their dollars on the parallel market rate...when the CBN crashes the Parallel market rate, and the difference between the parallel market rate and BDC rate are minimal then Nigerians in diaspora will send to their families on the official market thereby triggering mass inflows of foreign exchange into the official market...the BDCs/Hoarders/Speculators are trying to depreciate the Naira so that Nigerians in Diaspora will patronize them again...do not forget that three days ago the parallel market rate became cheaper than the BDC rate...but the problem with this is that the BDCs might get into another mess if they depreciate the Naira and the CBN does another intervention...then they would again be left with dollars that they bought at a high price and nobody wants to buy....they are simply arm twisting the CBN so that it increase their weekly allocations...so that we can be under the mercy of BDC crooks...they operate the same way oil marketers do...always creating artificial scarcity...what is happening right now is simply a war between the CBN and BDCs..either the CBN has the ability to fight them....or it will concede to their demands in the interest of the naira appreciating....whichever way..continue dreaming...the CBN intervention has sent a strong message...to all hoarder and speculators..it is no longer business as usual...where you buy low and sell high...today there is no guarantee to anyone that if they buy low they can sell high...the risk is too high...this on its own will deter them and make them think twice...they pumped 2 billion dollars yet our foreign reserves remain unchanged...what does that say? When the CBN keeps repeating like a broken record so that confused people like you can get it through their heads..they are SUSTAINING IT!!!
It is only normal when the market has been starved of Foreign exchange for months that the first intervention will be a massive 2 billion dollars...there is a massive backlog..and as a result the first intervention has to be massive...yes 6.5 million dollars per week is measly...but when you add that to the 25 million dollars already that the BDCs get that is 31.5 million dollars weekly and 120 million dollars monthly...add to that 100 million dollars weekly interventions on the interbank...Write down what I am saying so that it can be a source of information for you in the future...try and think outside the box and read the market signals...things aren't always black and white