Nigeria’s Forex Reserves Exceed $35bn — CBN

[Charles-Tim]

https://www.channelstv.com/2024/07/11/nigerias-forex-reserves-exceed-35bn-cbn/

CBN and government had finished their manipulations. It is good they know that one dollar can not stay below 1000 naira. It is above $1560 now but the Nigerian foreign reserves have increased, unlike when the naira became the best performing currency that disrupted the Nigerian economy because the CBN was forcing it to be like that with manipulations when it was supposed to be one of the worst performing currency.

[iBaba]

https://www.channelstv.com/2024/07/11/nigerias-forex-reserves-exceed-35bn-cbn/

CBN and government had finished their manipulations. It is good they know that one dollar can not stay below 1000 naira. It is above $1560 now but the Nigerian foreign reserves have increased, unlike when the naira became the best performing currency that disrupted the Nigerian economy because the CBN was forcing it to be like that with manipulations when it was supposed to be one of the worst performing currency.

But will this really solve the problem when the inflation of the country is still facing its peak with the prices of commodities experiencing their all highs and the poverty rate isn't reducing yet. The life of a common man in the country is hell to the point that the former senate president Ahmad Lawan rose in the chamber to draw the attention of the house to the worsening situation of things in the country. I think the government must take proactive measures to fixing this economic downturn and more importantly, the government needs to work with realistic targets and figures. The government needs to have a workable road map that everyone can see and anticipate. None of these things are happening now.

[Spaceman1000$]

https://www.channelstv.com/2024/07/11/nigerias-forex-reserves-exceed-35bn-cbn/

CBN and government had finished their manipulations. It is good they know that one dollar can not stay below 1000 naira. It is above $1560 now but the Nigerian foreign reserves have increased, unlike when the naira became the best performing currency that disrupted the Nigerian economy because the CBN was forcing it to be like that with manipulations when it was supposed to be one of the worst performing currency.

Even with this announcement the CBN has made and it's making it look like there is enough dollar or Forex reserve in the system, just take your time and walk into any Nigerian commercial Bank and ask them to give you as little as $50, they will tell you they don't have. travellers that needs dollars will have to sort it out from the black market dealers at high rate, some times the difference between the black market and the CBN rate is close to 300N.
Every now and then the CBN will just wake up with one gaslighting headline or the other just to make us believe they've been working, when the reality is telling on the faces of Nigerians.