Ofunaofu:
Tinubu is now contracting questionable international media houses, cash and carry analysts to give the impression that the economic policies imposed by his government are working.

First it was Bloomberg claiming that some phantom billions are pouring in, now some Goldman Sachs analysts saying that naira will appreciate

The Truth is that anything outside returning the Naira to dollar exchange rate to N700/a dollar and 185/liter of PMS where he met it is a total balderdash. A confirmed failure

Tinubu cannot be whitewashed. No opinion of international media house or world economic analyst can change that

chaloskyx:
my question is why are other countries and outsiders determining the value of our Naira isnt that madness? can an african or Nigerian determing the value of the USD or Euro are you Nigerians not ashamed of yourselves in 2024 neo colonialists are still dictating your economy, who becomes your leader,yhe worth of your currency the strength of your passport and how you govern yourselves omo you Afticans and Nigerians are worthless fools abeg you should not exist as a people or Nation animals have more purpose and respect than you.

Ikpunekenwa:


See nonsense story, where was this stories in 2011 to 2012.

That picture is 2014,and I know you were alive then.

Jlow2:
When ever international body like imf , world bank and sach whatever hail your policies be very suspicious of the looming havoc, these people re economic hit men.

chaloskyx:
my question is why are other countries and outsiders determining the value of our Naira isnt that madness? can an african or Nigerian determing the value of the USD or Euro are you Nigerians not ashamed of yourselves in 2024 neo colonialists are still dictating your economy, who becomes your leader,yhe worth of your currency the strength of your passport and how you govern yourselves omo you Afticans and Nigerians are worthless fools abeg you should not exist as a people or Nation animals have more purpose and respect than you.

emkz:

https://nairametrics.com/2024/03/09/naira-looks-cheap-to-appreciate-to-n1200-1-goldman-sachs/

HenryWilliams:


You want them to give us the "Libya treatment"?

Anyone that opposes the use of dollars as the global tender will be destroyed by the US

Ikpunekenwa:


Oga he said 6 months here, what is happening na, it is almost 9 years or do APC use another moon to calculate time because most of their brain is leaking.

GeneralDae:

Nigeria has just two economic problems:

1) Lack of FX reserves
2) Poor Electricity Supply.

I still think before floating, we should have focussed first on selling the Warri refinery and one or two other assets to get FX. Then with such FX you can get the black market and official rate to unite around 600.
The official rate would just be devalued from 450 to 550 and with enough reserves, we could have brought the black market down from 760 to around 550/600.

Ofunaofu:
Tinubu cannot be whitewashed. No opinion of international media house or world economic analyst can change that

frankson1:





Could this have been sustained because it all goes down to sustenance of whatever policy or policies that will be taking to defeat this weak currency 'pandemic'.

Ofunaofu:
Tinubu is now contracting questionable international media houses, cash and carry analysts to give the impression that the economic policies imposed by his government are working.

First it was Bloomberg claiming that some phantom billions are pouring in, now some Goldman Sachs analysts saying that naira will appreciate

The Truth is that anything outside returning the Naira to dollar exchange rate to N700/a dollar and 185/liter of PMS where he met it is a total balderdash. A confirmed failure

Tinubu cannot be whitewashed. No opinion of international media house or world economic analyst can change that

emkz:

https://nairametrics.com/2024/03/09/naira-looks-cheap-to-appreciate-to-n1200-1-goldman-sachs/

senatordave1:


Exactly except to the blind and senseless ones.naira was 1900 but has now decreased to 1500.does that not tell you that with more push,it will appreciate to 1000 by Dec

ElSudani:


Goldman Sachs is talking economics and one village Obidient is talking too.

GeneralDae:

The problem we have today is that our net reserves are low. For many years, Emiefele was able to hide this fact by not exposing the CBN books fully. So we only knew our Gross reserves at around 37 Billion dollars then but no one knew our net reserves.

With poor net reserves, we had no choice but to devalue as we were only postponing the rainy day. Emiefele probably hoped that the Dangote refinery would come onstream soon to provide the needed FX.

When Asiwaju came on board and he devalued fast, there was only a little hike in interest rate and Tinubu gave the idea that a lower interest rate was more preferable. This may have sent mixed signals to foreign portfolio investors and so from July, they didn't bring in the dollars like they used to. Add to that the revelation of the CBN books as well as the report by JP Morgan that our net reserves were just a mere 3 Billion dollars. This 3 Billion dollars makes sense and shows why we couldn't pay a 7 Billion dollars backlog.

Markets hate uncertainty and so investments continued to reduce. Speculators also now began to suspect the CBN was powerless to defend the naira. Added to that, the CBN was not settled and only had an interim leader. With all of these, the naira was definitely bound to fall further throughout 2023.

All of what Cardoso is doing now, if he had began with them December, maybe the naira would not have gone past 1300. But again, Cardoso is focused on clearing the backlogs and MPC meeting was going to hold so late (in February).

So to answer your question, I would say I agree that it may not have been sustainable.

Ofunaofu:
Tinubu is now contracting questionable international media houses, cash and carry analysts to give the impression that the economic policies imposed by his government are working.

First it was Bloomberg claiming that some phantom billions are pouring in, now some Goldman Sachs analysts saying that naira will appreciate

The Truth is that anything outside returning the Naira to dollar exchange rate to[b] N700/a dolla[/b]r and 185/liter of PMS where he met it is a total balderdash. A confirmed failure

Tinubu cannot be whitewashed. No opinion of international media house or world economic analyst can change that

emkz:

https://nairametrics.com/2024/03/09/naira-looks-cheap-to-appreciate-to-n1200-1-goldman-sachs/

senatordave1:


Goldman Sachs an international firm with repute is now questionable?

commoditiesnig:

Excellent analysis.

senatordave1:


Exactly except to the blind and senseless ones.naira was 1900 but has now decreased to 1500.does that not tell you that with more push,it will appreciate to 1000 by Dec

successmatters:
Goldman Sachs are now the people running the exchange rate, after they noticed that the Nigerians in power are illiterates

senatordave1:


Goldman Sachs an international firm with repute is now questionable?

Blackfire:
1200



Multiply it by 2

successmatters:
Goldman Sachs are now the people running the exchange rate, after they noticed that the Nigerians in power are illiterates

Blakjewelry:

Lol it is not a nonsense story because even they who were protesting knows the truth and when we tried to explain, they call us name. Its their herds who were deceived that were to be blame because they were used by the politicians, some of us are not blind to the truth. I told those who refused to listen back then that we were just postponing the inevitable.

Population is expanding so is the demand we will all enjoy the benefits at the long run, that doesn't mean the president is not to be blame because if we had done it back then, the effect would been lesser.