₦airaland Forum

RenaissanceGuy:
The correct figure is $32b. During Yar'Adua'a tenure, I remember hearing in the news that Nigeria's forex reserve was around $40b+. It's 17 years later and instead of us to be around $80b+, we're now down to $32b+.

Many things must be analysed to find out why.
Your income - oil production and price

Nature of your spending - recurrent or capital. Will it result to good capital formation? The depletion will not be bad if spent on worthy capital expenditure.

Matured obligations that were paid off.

Population factor vis-a-vis productivity.

Etc etc.

EKONGKING:
Wow India at 645 billion dollars in reserve is a surprise .

India is really marching forward .

You must compare reserve relative to population.

Gbogbowa:
Obj really try for Nigeria if not Nigeria will be no where.pls how much has Tinubu save in one Year with subsidy removal

Savings is good but savings without investment stagnates a nation or an individual. You need investment to have capital formation.

cenaman:
Country hard preek still dey rise.

Hahaha 🤣😂😂

Many people that commented do not understand the grammar. The only thing that they could do is to abuse Cardoso, Edu and tinubu

shortgun:
Lies, as long as our foreign reserves is depleted in whatever guise, they are definitely using it to defend the naira.
These are the ways to strengthen any local currency:
Massive Production
Reduced inflation
Exportation
Massive foreign investment

None of these is happening and you want us to believe Tinubu is not mortgaging our future just to save face?

Funny man. So liquidity mope up to reduce money in circulation is not it. The adjustments by the CBN in rates is not it. The high rates had no fundamentals to support them. Pure speculation. Now speculators have been caged.

socialmediaman:
Opposition that has been thriving in Nigeria since 1999, e reach Ebola's turn, he decides to use proxies and moles to destroy opposition

It shows that he is a great politician. Your victory as a warrior comes by disarming your enemies.

ZombieTAMER:


No one can run a successful government by propaganda..

Not even APc

Ask Buhari

What is propaganda? Convergence of the official and parallel market rates? Never seen for years in this country. Parallel market rates higher than official rate? No more arbitrage and roundtripping?

My friend salute brilliance so that even if you are not your children can be.

ojun50:
But why food stuff prices no dey come down

Ask the greedy traders. Diesel price has come down which means that the cost of haulage has to come down.

They were quick to increase prices when the rates were high. If government carries out price control they will say that government is anti-private enterprise.

donforeign:
deceive urself . Governors and politician throwing money everywhere, what have dey done ?

Every major cleansing starts somewhere.

donforeign:
message not passed anywhere... Go to any event n see for urself

It has started. Let the efcc sustain the effort.

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?