Whether bailed or not the message has been sent. The nonsense called spraying will stop. This is the main message of CBN and efcc. This is not practiced anywhere in the world.

rinzaugustine:
How long can they sustain that policy of pumping borrowed money into the forex market to stabilize the naira? It was about $7b …about 3 weeks ago

Just watch out.

JAOS:

are nigerians buying petrol with dollar?
if naira is gaining why cant nnpcl reduced their diesel and petrol price?
sometimes i wonder how you guys survive being stup*d for some useless government

FYI the base product for petrol is priced internationally in dollar. The price has been increasing. You import all that you consume. The rate of dollar reducing in Nigeria but the price of crude increasing internationally will cancel it out. There's global inflation going on now. Every good imported has an element of imported inflation.

Your permanent solution: produce it here and consume it here.

nairalanda1:


And the APC Jokes will come and say ...HE IS NOT PAYING SUBSIDY.

There has been a subsidy since October last year, otherwise fuel would have been costing N1000 or more. The government wants to stay in power, which is why they keep the subsidy.

The funny thing is there are people who oppose tinubu, blast him for wasting money on subsidy, and lying about it, and then turn around to support the same subsidy.

If the subsidy had gone in 1993, by now we would have had more than six working refineries, and a ton of exports of petrochemicals. But Nigerians WANT CHEAP THINGS.

In any policy there will always be room for self adjustment. There's no way the government would have allowed such a sensitive product to the swings of the open market.

In principle fuel subsidy is gone but the government has allowed self adjusting mechanisms. This means that if the exchange rate adjusts then the government adjusts it from the subsidy and if the refinaries start
production then the price will be adjusted from the price of crude sold to them.

There will be no major adjustment of the open market price of the product.

predictor1:
A bigger fool will not see the convergence between the official rate and black market rate as an achievement.

This is a major achievement. No more easy wealth through round tripping. It has never happened in this country. The real people that matter are taking note. Have you heard Prof utomi speak in condemnation? He's a close friend of Yemi Cardoso. I'm sure that he's impressed by what his friend is doing.

The truth is that BAT/Edu/Yemi combination is team A to manage our economy.

Morbeta11:

https://gazettengr.com/from-cubana-brothers-to-ned-nwokos-wife-how-efcc-ignored-nigerian-elites-misuse-of-naira-to-unleash-nightmare-on-bobrisky-other-everyday-citizens/

That's why it's not advisable to follow others and do the wrong thing. You could be used to show example.

We should stop this attitude of others did wrong and went free why should I do same and be in trouble?

ivandragon:


It is always interesting to see 'you people' come up with excuses when the hypocrisy is pointed out.

BAT and Co. were at the forefront of criticising an exchange rate of 216. They took over power in 2015, so there is nothing like pre-tinubu rates.

Now, to your specific points. If the rates pre-2015 were subsidised, then why the criticism and condemnation? Why not insist that it should be raised so it can find its 'true value'? Can you see the contradiction in your position?

They never said they were condemning the 'subsidy', they said the rate was too high.

Which administration did the most abritage and round tripping? Is it not the same apc administration? During the tenure of pmb, did BAT ever criticise the balloning exchange rate?

And yes, things SEEM to be gradually easing up because some people spoke up rather than support blindly.

So, no one is even asking for 216 now, we are asking for 400-500. Consequently, we will continue to push the government to be responsive and responsible to Nigerians rather than to their own whims and caprices.

Why is it that you guys always assume that everyone has interest in parties rather than regimes. Technocrats have no interest in parties but regimes. Go through my posts my emphasy has always been on regimes.

As far as I'm concerned preBAT is preBAT irrespective of APC, PDP or LP. Can you show me where BAT personally said that the subsidized 216 to a dollar was too high?

My confidence in this regime is not because of APC but BAT. Apart from OBJ's garage leadership style, this is the first time since 1996 that someone with a good mix of sound political and economic leadership emerged as our leader. Before he came in we had evidence of his performance.

I have told people that the pains had to come because what held our growth will have to be dismantled. Of course there will be resistance.
I will be totally disappointed if BAT didn't perform.

Should BAT for any reason come in for second tenure I can bank that the nation will be restructured.

FYI I'm an Igbo but not the typical one. I repeat: I have confidence in this regime more than any before now.

mrvitalis:

Lmaooo Convert both to official exchange rate during the said period let's see something

This APC government think we are all like APC supporters are

February 2022 exchange rate official was 430

154 billion was roughly $360 million

Exchange rate as at February 2024 was about 1900 and 681 billion was roughly $360 billion

So where then is the growth ?

The dollar mentality is you guys hangover. You didn't get the import of the effort. Is it every MDA that earn its income in dollar? No wonder the rate of dollar determines the price of vegetables in Nigeria.

ivandragon:
Funny characters.

Those celebrating the exchange rate at 1,020 were the same people that condemned it at 216, yet they have the terminity to call others who complained of exchange rate at almost 2000 haters?

Talk about delusional characters.

When the rate comes down to 400-500, only then can the government be applauded.

It will never. The preTinubu rates were subsidized rates. That was why there was wide gap between the official and parallel market rates. There is convergence of the two rates now. It has never happened in this country.

No more arbitrage. Making money without work through round tripping is gone. The world is taking note of wonderful reengineering of Nigerian economy. Gradually our currency is finding it's true economic value.

We are not there but we are heading there. Let the refinaries start operation and you will see the Nigerian economy in boom.

Hahaha... look at this baby lawyer comparing tested APC with untested LP. But you were a member of APC before.

See our beautiful Owerri that KANU and ugm almost destroyed. God go shame them. Owerri man is an English man.

shortgun:
The crises in the labour party has all the hand writing of Tinubu all over it from planting a stooge in the person of Apapa who was severally disgraced by many courts to the unconstitutional arrests and persecution suffered by Abure the Labour party chairman all in a bid to scuttle the chances of his excellency Peter Obi in the 2027 presidential elections
We all know Tinubu has a penchant for disregarding competent courts of records in the country

Let's agree that you are right. Is there anything wrong with it. Anything to weaken your competitor is win win for you.

IfnobeGod20:

Most of his activities and donations are not known until now that people started saying he doesn't do those things. The man is not a man that believe in camera capture and that is why rarely can you see him commissioning project when he was a governor on a camera capture. The man will commission a project with just 5 people. He doesn't believe in frivolous spending.

Leave the defence. I'm from Owerri. Which projects did he deliver as governor except hero beer.

Hahaha.... Peter why now? It never reach like this.

SocialJustice:
Shameless country, this is enough reason for whoever has left not to return after acquiring citizenship elsewhere.

No true entry into a country that is free. The UK decided to increase all her entry fees to fund some part of their budget.

He knows what he will gain by entering Nigeria regularly and that's why he's paying.

The days of free lunch in Nigeria are over. Let immigrants value us.

IfnobeGod20:

E no dey give shishi as bribe but not donating to advance a course.
See one here that he did as far back as 2015
https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://guardian.ng/news/obi-parleys-with-pupils-doles-out-n20m-to-schools/&ved=2ahUKEwihg_eZv7WFAxU_WUEAHaaMBK4QFnoECCEQAQ&usg=AOvVaw2GDhjNvTXXX2-XgWu0MZYX

But true givers don't make noise. I'm still smelling something.

But this man no dey give shishi before. How did he suddenly wake up and become generous? I'm smelling something.

Melagros:
COMRADES and the prices of goods and services remain very high and it will remain so till infinity
For the past two weeks the media had been awashed with this news of naira appreciation, but that did not reduce the price of any commodity in Nigeria. What a shameless and incompetent government?

Nigerians are wicked by nature. When the value of naira depreciated the traders sold their old stock at the current rate then. When the value appreciated the same traders refused to sell at the current rate. Who's fault is it? Government or Nigerians?

Rexymania:
Peter Obi is really playing his cards well

Playing which card well. He thinks that going about in the north donating boreholes and sharing money will make him nationally acceptable. Those that he wants to emulate spent years building their structure.

As for elrufai.....he can never be Obi's running mate. Obi should rather be his running mate.

helinues:
Yet the rate of crime have been increasing.

Who exactly have they been preaching to?

Have you not been preached to? Have you changed? Will the pastors kill you because you refused to change?

We have been saying it: if we have been preaching and praying and the situation is like this, what would have happened if we were not preaching and praying?

LordIsaac:
Majority of whom are not born again. Don’t bother quoting me.

Are you born again?

AntiChristian:
Only Band A users tarrif is increased!

Band B-E still dey N66/KWh!

How many of Una dey band A that uses minimum of 20 hours electricity per day?

Band A are those who uses minimum of 20 hours electricity per day! Only the pricing of these people were increased! Many people in band A were downgraded to Band B.

Band B uses minimum of 16 hours electricity per day!

Band C uses minimum of 12 hours daily!

Band D uses a minimum of 8 hours daily!

Band E uses a minimum of 4 hours daily!

I dey band Z ooo

Kevineleven:
They will not come down, let me explain
We are facing a 2 headed hydra,
One is the rising of fuel prices due to the removal of fuel subsidy and the other is Naira depreciation or increase of dollar exchange rate.
The increase of fuel prices is responsible for the rising cost of food items , and dollar to naira exchange rate only affects imported goods.
So the cost of food items will not reduce unless the fuel prices reduces.

The third part is imported inflation. There's global inflation. When you import, you import the inflation in the exporting country then the inflation in your country will add to it.

Wizzy13:
i had a debate with someone and i want to bring it here money and wisdom which is the best and which rules the world

Wisdom be gets money but money can never be get wisdom. The difference is clear.

Klass99:
When I first felt the desire to be child free and not have children I was in my 20s. Several people told me the feeling would change or I would change my mind as time goes by.

As the years went by my desire didn't wane neither did my mind change. The desire only grew stronger and my mind more convinced that motherhood is not for me.

I have no regrets so far and right now I honestly can't see myself regretting the choice. Home ownership and companionship with a good man, matter to me more than biological children do.

Please don't attempt to adopt because someone else was used to produce that. It will be hypocrisy.

Bullfallo:
Not wanting to have a child isn’t a choice per say. I hate to put myself into pressure or do things just because others are doing it, my lifestyle has always be different from public opinion. In fact opposite of the popular views or majority behavior. I don’t send or give a Bleep what anyone think about me.

Example is that people live there live on public opinion. They create a life of public presentations just to please public and get validated but i am not of public views. I do my things the way it pleases before considering public.

If I have billions of dollars like dangote the choice might have been different. I don’t live a life of faith. I must have concrate evidence of things or resources before i made any vita decisions. I hate to borrow or beg. I live a life of comfort. I am rich and comfortable but not for many mouths. Because I don’t want to adjust resources from my lifestyle

Your choice, your life....why ask us?

socialmediaman:
The only difference between this government and the previous one is, this one has unprecedented levels of propaganda!

Like, you met someone who was managing to eat 4 slices of bread as their only meal of the day, cut their only meal to only 1 slice of bread, then if they're able to eat 2 slices of bread for a meal, you start celebrating the improvement on the newspapers.

Say the truth: you didn't understand the grammar. Hire someone to explain to you.

ppogba:


We assume too much on this platform.

What gives you the impression that he has a CV?
What makes you think he is not typing his comment as a boi boi from one two by two apprentice shop?

What makes you think he has more than a school cert?

I wonder ooo

jmoore:

It means interest rate has increased.
It will scare people from borrowing.
And those who borrow will have to increase their cost price which will increase the selling price, thereby making inflation higher.

No sir.

fykes:
How exactly is the naira strengthening while the price of commodities is increasing?

The volatility has abated but the decrease will not come immediately because our traders will be saying that they bought the goods at old rate.

The reduction will come most likely when they replenish stock.

MrPristine:
These clowns have clearly lost the plot, this is a time that they should be working to reduce interest rates and encouraging more people to go into productive businesses to help grow the economy. Instead the clueless charlatans are doing the exact opposite.

Clueless charlatans? Members of the bankers committee?

Your suggestion: make savings unattractive so that the economy will be awash with high volume of naira in circulation to drive up inflation and exchange rate higher.

Between you and the members of the bankers committee who is the clueless one?

Social media....

GrammarNazi1:
Will this have positive implications?

Yes.... it's a tool to fight inflation and high exchange rate because it reduces loose money in circulation.