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Naira To Exchange At N80 To A Dollar! - Business - Nairaland

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Naira To Exchange At N80 To A Dollar! by Sunnybobo3(m): 12:03pm On Sep 04, 2009
CBN governor, Mallam Sanusi Lamido Sanusi may have concluded plans to inflate the value of the Naria by over 120%. In a leaked memo by internal CBN officers, the governor is pursuing a two pong approach whereby once reasonable amount of the debts owed the five indicted banks has been recovered, the apex bank will introduce a shock treatment to the foreign exchange market by flooding the market with dollars. The move is intended to catch currency speculators off guard and severely hamper their ability create scarcity in the foreign currency market through hoarding as well as reduce pressure on the exchange market.

http://pointblanknews.com/os2079.html
Re: Naira To Exchange At N80 To A Dollar! by beystwin: 12:16pm On Sep 04, 2009
Funny! has this dude never heard of hoarding. He will simply create a frenzy of mallams buying dollars and saving them for later, when they will sell them for ridiculous prices.  grin grin grin
you can't satisfy the Nigerian hunger for the Dollar. lipsrsealed
Re: Naira To Exchange At N80 To A Dollar! by naso2(m): 12:20pm On Sep 04, 2009
SANUSINOMICS in action. We dey watch.
Re: Naira To Exchange At N80 To A Dollar! by CrudeOil2(m): 1:16pm On Sep 04, 2009
Is this guy joking or what?
Re: Naira To Exchange At N80 To A Dollar! by SkyBlue1: 1:38pm On Sep 04, 2009
Sunny_bobo:

CBN governor, Mallam Sanusi Lamido Sanusi may have concluded plans to inflate the value of the Naria by over 120%. In a leaked memo by internal CBN officers, the governor is pursuing a two pong approach whereby once reasonable amount of the debts owed the five indicted banks has been recovered, the apex bank will introduce a shock treatment to the foreign exchange market by flooding the market with dollars. The move is intended to catch currency speculators off guard and severely hamper their ability create scarcity in the foreign currency market through hoarding as well as reduce pressure on the exchange market. 

http://pointblanknews.com/os2079.html

hmm. Interesting approach but considering this is already in the press could the potency of the action (if true) already be jeopardised?
Re: Naira To Exchange At N80 To A Dollar! by back2back(f): 2:10pm On Sep 04, 2009
another shallow thinking from Sharia-Graduate Sanusi.
Re: Naira To Exchange At N80 To A Dollar! by freezy(m): 2:46pm On Sep 04, 2009
A mallam will always remain a mallam. This what you get placing mallams at sensitive spots. More to come in the Yar'adua series.
Re: Naira To Exchange At N80 To A Dollar! by Kobojunkie: 2:55pm On Sep 04, 2009
That would be great, if ever realized!
Re: Naira To Exchange At N80 To A Dollar! by nduchucks: 3:06pm On Sep 04, 2009
dis pointblank news people be like tabloid and gossip journalists wey dey thrive from rumours. why na only dem know about this secret memo?

de tory no make sense. if dem flood market with dollars, the dollar fit appreciate for market, but na for how long?  if i be speculator, no be say i go just sit down on top my dollar wait for naira to fall back to natural levels? i no believe de tory at all. 

But one ting wey dey surprise me be say, as naira dey depreciate per CBN rate every day for the past 2 weeks, black market rate no move and infact  e dey move closer to CBN rate.  either sanusi be magician or him don warn mallams dem say if dem mess up, na efcc go come catch dem.  smiley

Re: Naira To Exchange At N80 To A Dollar! by spoOne: 4:03pm On Sep 04, 2009
The other side of the coin might mean dollar speculators dumping their dollar stash to make a quick profit before the market is actually glutted by the feds. Thereby creating the surplus in the market the Feds sort – just a layman’s thought. undecided
Re: Naira To Exchange At N80 To A Dollar! by Seun(m): 6:09pm On Sep 04, 2009
A "shock treatment" simply won't work.  They have to consistently flood the market with dollars indefinitely to make a difference, and that doesn't seem to be possible due to the lower price of oil and the reduction in our oil production capacity due to Niger Delta crisis.  If we can't boost our oil earnings, then we need to content ourselves with the the benefits of the reduced value of the naira - it makes exportation more profitable!
Re: Naira To Exchange At N80 To A Dollar! by naijaking1: 6:14pm On Sep 04, 2009
If this news is true, then I would wonder whether the CBN governor really doesn't know all the factors that control the exchange rate?
Re: Naira To Exchange At N80 To A Dollar! by Beaf: 10:02pm On Sep 04, 2009
Flood the market when we don't manufacture anything, how's that going to work? At best, the Naira would make a wretched 1 week appreciation, before crashing abysmally. The only thing we export is oil and we have no control over its pricing, everything we consume is imported and paid for in dollars; there will be absolutely no way to keep the value of the Naira up.

I hope this story is just a rumuor, because it hasn't been done yet.
Re: Naira To Exchange At N80 To A Dollar! by blackspade(m): 4:27am On Sep 05, 2009
^ Tru talk!!
Re: Naira To Exchange At N80 To A Dollar! by naijaking1: 4:58am On Sep 05, 2009
Beaf:

Flood the market when we don't manufacture anything, how's that going to work? At best, the Naira would make a wretched 1 week appreciation, before crashing abysmally. The only thing we export is oil and we have no control over its pricing, everything we consume is imported and paid for in dollars; there will be absolutely no way to keep the value of the Naira up.

I hope this story is just a rumuor, because it hasn't been done yet.
A beg go educate Sanusi and other mallams from Katsina/Kano/Kaduna running around like Abacha saying what they don't know.
Re: Naira To Exchange At N80 To A Dollar! by Nobody: 6:34am On Sep 05, 2009
kai ! i bought like $13000 in the past two months shocked shocked shocked shocked shocked shocked shocked shocked

if this story is true ehn cry cry cry cry cry cry cry cry
Re: Naira To Exchange At N80 To A Dollar! by sjeezy8: 7:33am On Sep 05, 2009
lol is he high

like 4ril
Re: Naira To Exchange At N80 To A Dollar! by rasputinn(m): 9:51am On Sep 05, 2009
beystwin:

Funny! has this dude never heard of hoarding. He will simply create a frenzy of mallams buying dollars and saving them for later, when they will sell them for ridiculous prices. grin grin grin
you can't satisfy the Nigerian hunger for the Dollar. lipsrsealed

Mallam or no mallam,I pray he succeeds in doing this,all of us go just follow the mallams grab enough and lock our share down in dom accs for the rainy day grin grin grin
Re: Naira To Exchange At N80 To A Dollar! by jamace(m): 10:10am On Sep 05, 2009
Hmmmnnn. Naijas hard to handle. Always looking for a loophole. sad
Re: Naira To Exchange At N80 To A Dollar! by unfaded(m): 12:29pm On Sep 05, 2009
as much as i want the naira to appreciate against the dollar, its like ly to be short lived cos we dont produce just as most of the posters have said.
lets wait and see.
Re: Naira To Exchange At N80 To A Dollar! by Nobody: 4:13pm On Sep 05, 2009
The talk about naira being exchanged at 80 naira is just being used as a trojan horse in this case to achieve something else.

I doubt if this is the ultimate objective.

My sense is this is just a ploy to liberalize the dollar market, so that mallams can go back to selling dollars on the streets. The special interests who lobbied Sanusi's way to CBN Governorship. This was one thing they always wanted.

So when Sanusi wants to deliver his promise to his sponsors he should be courageous enough to say so rather disguising it to what it is not.

Everyone knows that the ratio of export goods relative to import goods is what will ultimately determine exchange rate in the long term. Everything else is cosmetic.
Its even more shameful that whoever is dropping this line thinks Nigerians will believe it.
Re: Naira To Exchange At N80 To A Dollar! by ScanLess: 6:14pm On Sep 05, 2009
he he eh ehe he !! grin grin i will take loan and buy enuff dollar whenever he does that! LOL! after the fall the rise will come grin with out manufacturing we are doomed
Re: Naira To Exchange At N80 To A Dollar! by thithi(f): 7:56pm On Sep 05, 2009
Just going to fold arms and watch.
I will like to see what he would do to make $ exchanged for 80N when the black market is still the main source of $ for the masses.
Re: Naira To Exchange At N80 To A Dollar! by yommys01(m): 11:00am On Sep 07, 2009
Where will the money be coming from? The extremely low foreign reserve? Printing more currencies? I guess Sanusi does not know the implication of what he is doing?

This will only worsen the situation. It will lead to foreign investors running from the country. Why not do the right thing instead of giving the naira a false value?

I know for sure he will not try such a thing, Must be a joke.
Re: Naira To Exchange At N80 To A Dollar! by thithi(f): 4:20pm On Sep 07, 2009
I am still waiting for this almighty exchange oh
Re: Naira To Exchange At N80 To A Dollar! by Toks2008(m): 9:54pm On Sep 07, 2009
All i know is that if a Soludo can devalue the naira,then a Sanusi should be able to inflate it. End of story.


Toks
Re: Naira To Exchange At N80 To A Dollar! by thithi(f): 2:23am On Sep 08, 2009
Soludo was just at the right place at the right time.
Nothing in the economy of Nija shows that the naira will be valued high against $$ anytime soon.

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