Nigeria is burning through foreign-exchange reserves at a rate not seen in four years, raising concerns that the central bank is depleting its dollar holdings to support the naira

whatisthetruth:


https://twitter.com/BloombergAfrica/status/1780224897534325150

SpatialKing:
What has Tinubu achieved as a president?

FreeStuffsNG:
Most of the funds was used to pay back the billions in forex backlog debts incurred more than 4 years ago.

You can support your national currency in the short run to ensure that others see that you have a teeth in the game. That decision of paying back international airlines alone has led to drastic fall in airfares.

Ofunaofu:
We know that the reserve is being depleted, but N216 to a dollar should be their target because that's where the APC met it in 2015.

Raskimonojendor:

Even if it turns out to be true since this report is still based on guess work and zero evidence , isn't that what you people want i.e. for naira to return to it's previous rate of exchange? They float you complain, they return to previous government style of subsidizing the dollars, you still complain.

Goodvibes007:
News or report is not Factual or based on fact

The report says: "raising concern".

The mods should fix the headline as it's misinformation as it is right now.

Raskimonojendor:

Where is your proof?

Kukutenla:

Na so the thing hit you reach you had to change moniker @Raskimonojendor

Raskimonojendor:

Where is your proof?

Raskimonojendor:

Even if it turns out to be true since this report is still based on guess work and zero evidence , isn't that what you people want i.e. for naira to return to it's previous rate of exchange? They float you complain, they return to previous government style of subsidizing the dollars, you still complain.

Raskimonojendor:

He is not even up to one year. He is no magician.

Kukutenla:

Suddenly you need proof to believe bloomberg
You didn't ask for proof when same bloomberg declared naira most improved currency sha

SpatialKing:


Same way you guys defended Buhari for 8yrs

Donaldoni:
A piiiigg is behind that report for sure

All I know is that there is a convergence of the official and black market rates.

Also, the dollars is not being subsidised to the extent that the import duty is now a function of the current exchange rate.

Raskimonojendor:

Yes proof is required. I have gone to read the post. That's all there is to it are the screenshot below.

If you have any proof as per the topic title suggests, bring it out and stop being emotional like a toddler.

Kukutenla:

But the opening says "Nigeria is burning through foreign reserves at a rate not seen four years ago".
That statement requires proof no?

whatisthetruth:


https://twitter.com/BloombergAfrica/status/1780224897534325150

Racoon:
Every sane person should be able to decipher that startling fact.Just as they are doing with the fraudulent fuel subsidy case. This is because the price of goods and services are not on a commensurate downward trend as the dollar is allegedly doing.

The lie and propaganda government is simply subsidising the dollar. This is why Reno Omokri propaganda of recent is only focused on this issue.

Ofunaofu:


Did you have proofs before making the below comment?

Aren't you supposed to counter my submissions with proofs? 

michlins:
if that's what it will take to reign in speculators and not allow the economy to go to the dogs, Nigeria will do it double.


If you don't like it, migrate to Mozambique. Waiting for the economy to go to tatters so you will rejoice and mock the country.


Before you mention me, I supported and still supporting Obi but I don't have another country. I will rather have a progressive nation than have my candidate win. Tinubu is the president and I will support him. The destinies of millions depends on the success of his administration

Raskimonojendor:

Check out freestuff NG's post above.
So in your little mind, burning through means and concludes that it is being used to subsidize the dollars...