pressplay411:


I understand you're just a pessimist. Even worse anti-progress, an epitome of a consummate saboteur, a true Wailer's role model. But to advice people to keep buying and hoarding the dollar (obviously for forex trading) at the expense of the naira, further depreciating it's value makes absolutely no sense.

How will Nigeria ever grow with such mentality? With anti-progress negative business ideas like this?
You're no better than a common political brute frustrating the nation's Electricity just to keep his Generator and Oil businesses thriving.

We need help and reorientation in this country. Our sense of patriotism has gone extinct.

you've said it all. God bless you

deflover:
Last week we saw one of the greatest drop in the value of the dollar with a sharp gain of the naira in the black market. How was this achieved. Who made this happen. Who is the smart ass.
Anyway this move made a lot of people poorer i.e currency speculators who kept buying the dollar putting a demand on the dollar while the naira suffered from low demand till it hit the high of 2016 and just then the CBN intervention came in with a mad flood of much more dollars and the mopping up of naira so that there was a scarcity of naira.
And wholla the dollar came crashing down while the more the naira was mopped out of the system.

This brilliant intervention means the CBN is using our reserves to fight the dollar war
How sustainable is this ....will the CBN be willing to continue this.

As a forex trader with 10years experience I watched with my mouth open as it happened and shook my head as the internet was glowing with news how osinbanjo is the man
How he tamed the dollar in one swing of the magic wand.I saw panic selling going on as many turned in thier dollar. While smart investors bought all these dollars for keeps.
Now the dollar fall has stopped
Why did it stop
I thought it will fall for ever as we are made to believe.
Just yesterday while watching ARISE TV the news came out of the economy contracting by -1.4% for the first time in 20years.
Meaning for the first time in 20years the economy stopped growing
Now the real bad news was from the PMI ( producers manufacturing index) saying it fell
What does this mean
It mean the real people who needs the dollars are not getting it
But osinbanjo gave dollars for school fees payment
While the manufacturers who need dollars are not getting it

Even the economy according to the news saw major improvement from the oil sector because militants have stopped bombing
So the non oil sector fell even the most holy agriculture.

Osinbanjo has stated in the last FED meeting he favours a devaluation of the naira.
Right now the naira is 405naira to 1 dollar
Let's assume he goes ahead to devalue to let's say 20 basic points
That would be 425naira to 1 dollar
Now imagine what the black market will do
We will be looking at 550-600naira to 1 dollar
Already JP Morgan is worried that Nigeria is not attracting FDIs ( foreign direct investments)
What does that leave us
It leaves us with an economy that will keep shrinking and a dollar war we can't win as fear will make more people demand for dollars as naira will keep falling.
My advice to you
Keep buying the dollar for keeps
Keep your bulk money in dollars
The trip to hell is about to get nasty
God save our soul

Bringing your attention to the emboldened;

Osinbanjo only took reigns on the affairs of the country about a month ago which is in the first quarter of this year. The economic indices you wrote are for last year, how then are you blaming Osinbanjo for the so-called decline in the manufacturing sector of last year's output.?

deflover:
Last week we saw one of the greatest drop in the value of the dollar with a sharp gain of the naira in the black market. How was this achieved. Who made this happen. Who is the smart ass.
Anyway this move made a lot of people poorer i.e currency speculators who kept buying the dollar putting a demand on the dollar while the naira suffered from low demand till it hit the high of 2016 and just then the CBN intervention came in with a mad flood of much more dollars and the mopping up of naira so that there was a scarcity of naira.
And wholla the dollar came crashing down while the more the naira was mopped out of the system.

This brilliant intervention means the CBN is using our reserves to fight the dollar war
How sustainable is this ....will the CBN be willing to continue this.

As a forex trader with 10years experience I watched with my mouth open as it happened and shook my head as the internet was glowing with news how osinbanjo is the man
How he tamed the dollar in one swing of the magic wand.I saw panic selling going on as many turned in thier dollar. While smart investors bought all these dollars for keeps.
Now the dollar fall has stopped
Why did it stop
I thought it will fall for ever as we are made to believe.
Just yesterday while watching ARISE TV the news came out of the economy contracting by -1.4% for the first time in 20years.
Meaning for the first time in 20years the economy stopped growing
Now the real bad news was from the PMI ( producers manufacturing index) saying it fell
What does this mean
It mean the real people who needs the dollars are not getting it
But osinbanjo gave dollars for school fees payment
While the manufacturers who need dollars are not getting it

Even the economy according to the news saw major improvement from the oil sector because militants have stopped bombing
So the non oil sector fell even the most holy agriculture.

Osinbanjo has stated in the last FED meeting he favours a devaluation of the naira.
Right now the naira is 405naira to 1 dollar
Let's assume he goes ahead to devalue to let's say 20 basic points
That would be 425naira to 1 dollar
Now imagine what the black market will do
We will be looking at 550-600naira to 1 dollar
Already JP Morgan is worried that Nigeria is not attracting FDIs ( foreign direct investments)
What does that leave us
It leaves us with an economy that will keep shrinking and a dollar war we can't win as fear will make more people demand for dollars as naira will keep falling.
My advice to you
Keep buying the dollar for keeps
Keep your bulk money in dollars
The trip to hell is about to get nasty
God save our soul

You don't know a thing.
Remember Nigeria is one of the leading oil producing countries in the world with varsity natural resources. The govt is getting it right. Forget all this your jargons. Corruption is one of the major problem in Nigeria.

I Dont Believe What The OP Have To Say

bodejohn:
@OP, God bless you for this summary of my thoughts. I'm in agreement with you 100% except where you suggested that speculators should buy dollar for keeps.

Nigerians are known for early celebrations and in this Era where you can easily be labeled a wailer, fewer people are saying it exactly the way it is.

I don't think the policy is sustainable in the long run and the biggest question as was echoed by you is why is this dollar going to pta/bta and school fees? Medical is a bit understandable.

The poltical class is still subsidizing the rich at the expense of the poor. If we have dollar supply from renewed crude oil sales...we should be giving same to manufacturers to buy raw materials and machinery. The government needs to stimulate the economy as soon as possible...before it becomes a little too late...

To me, the fact that a policy is unsustenable on the long run does not mean it is not needed near term. Also, the talk of government needing to stimulate the economy still depend largely on if the government itself has funds to embark on such exercise.

The dude's write up is thoughtful but I feel he is overtly negative and proferred no alternate idea on way forward.

Jiang:
Lol, op pls tell me how much did you lose, i am absolutely sure beyond reasonably doubt you are a dollar hoarder who was beaten at his own game by CBN, therefore you want People to Buy dollarHord dollar so you can recoup ur loses

Exactly what he is trying to do.

Seriously we are just blaming the government for the instability of the country's economy. The problem is with us. Until we stop being greedy and selfish, things will continue get worse.

I see no difference between the OP and those thieving politicians, i pray God put them all to shame.

Nigeria shall rise again.

OP has made some many wrong assumptions and gave bad advice.

First of all, the whole direction of the new forex policy is this "make the dollar freely available BUT limit what people in Nigeria can buy with the dollar". It is likely that FG is going to increase import duty on so many items and out-rightly ban some items from being imported.

The new policy is to stabilize the Naira.

The OP advises people to hoard dollars... seriously, that is a bad advice no matter the situation... it would cause the Naira to crash further and would cause serious economic problems... dollars is not the legal tender in Nigeria.

Instead the OP should have advised Nigerians to use their Naira to export more commodities and services so that we can earn more dollars to make up for the dollar shortfall.

The OP is just a currency trader that profits from panic buying of dollars and other foreign currencies.

mykelmeezy:



mentality like this is why nigeria is stagnant


op had some flaws in his post but was he wrong??


no


how long can we sustain it thats the

million dollar question

mykelmeezy:
no he hasn't


once buhari comes back it'll go back up



this government is doing the

make a necessity scarce
and the people will consider you(who took it away to begin with) a hero when you decide to provide it







Nigerians have and are being scammed by this government

.....u sed it all.sometimes I wonder if the initial rise of dollar or depreciation of the naira wasn't an intentional plan so dt wen dey finally mk it drop,people wee say the government is woorking/worked

bayulll011:



I wonder what will make you people happy in this country,if you have profer solution instead of your myopic view I would av give you some accolades but instead you just show the whole wide world how idiotic and sillly you are.

Let me tell you even those that called themselves manufacturer you says they never got the dollar refuse to buy raw material instead they sell at black market which is more favorbale than their products.

he doesnt need to sustain it,interventions like this is needed at this time since most of the big guy decides to keep stock dollar and sell in d black markets.

Nigerian we are our Enemy no one love this nation's we 're all funny human and yet we are the most religion,my advice for you Always reason Analytically before you open a thread

Read the quote oga with your daft analysis. I simply asked the OP to check his spellings and defend his opinion, what had that got to do with your epistle?

pressplay411:


I understand you're just a pessimist. Even worse anti-progress, an epitome of a consummate saboteur, a true Wailer's role model. But to advice people to keep buying and hoarding the dollar (obviously for forex trading) at the expense of the naira, further depreciating it's value makes absolutely no sense.

How will Nigeria ever grow with such mentality? With anti-progress negative business ideas like this?
You're no better than a common political brute frustrating the nation's Electricity just to keep his Generator and Oil businesses thriving.

We need help and reorientation in this country. Our sense of patriotism has gone extinct.

you've said it all. I don't why some people are so wicked. Imagine someone advising Nigerians to hoard dollars to the detriment of Naira. This is satanic.

ephi123:


It is during times like these you know people who actually have the best interest of the country at heart or NOT.

Few weeks back, some guy created a thread proudly explaining how he had been round tripping forex but yet will be the first to abuse government when inflation goes up.

Killing the naira daily yet pointing fingers at govt.
Same goes for importers.
Govt has a major part to play too.

NubiLove:
OP has made some many wrong assumptions and gave bad advice.

First of all, the whole direction of the new forex policy is this "make the dollar freely available BUT limit what people in Nigeria can buy with the dollar". It is likely that FG is going to increase import duty on so many items and out-rightly ban some items from being imported.

The new policy is to stabilize the Naira.

The OP advises people to hoard dollars... seriously, that is a bad advice no matter the situation... it would cause the Naira to crash further and would cause serious economic problems... dollars is not the legal tender in Nigeria.

Instead the OP should have advised Nigerians to use their Naira to export more commodities and services so that we can earn more dollars to make up for the dollar shortfall.

The OP is just a currency trader that profits from panic buying of dollars and other foreign currencies.

Like I said

op had some flaws

but the gold bar in the poo he dropped remains


how long is it sustainable??

considering the playing ground aint the same as in gej or previous governments

NubiLove:
OP has made some many wrong assumptions and gave bad advice.

First of all, the whole direction of the new forex policy is this "make the dollar freely available BUT limit what people in Nigeria can buy with the dollar". It is likely that FG is going to increase import duty on so many items and out-rightly ban some items from being imported.

The new policy is to stabilize the Naira.

The OP advises people to hoard dollars... seriously, that is a bad advice no matter the situation... it would cause the Naira to crash further and would cause serious economic problems... dollars is not the legal tender in Nigeria.

Instead the OP should have advised Nigerians to use their Naira to export more commodities and services so that we can earn more dollars to make up for the dollar shortfall.

The OP is just a currency trader that profits from panic buying of dollars and other foreign currencies.

Well said. This makes more sense.

Which way Nigeria?

Asking Nigerians to start buying dollars just to hoard it would crash our currency and economy! It is not sustainable even in the next 6 months!

The new forex policy is 100 times more sustainable (once FG increases import duties on some items and bans some items from being imported) than the OP telling Nigerians to start buying dollars just to HOARD IT!

NOTE: This new policy is not going to take us out of recession... it is only meant to stabilize the Naira!

mykelmeezy:



Like I said

op had some flaws

but the gold bar in the poo he dropped remains


how long is it sustainable??

considering the playing ground aint the same as in gej or previous governments

Rolings:


Even if the OP made some points should he lie and mislead people? Dollar is nowhere near 400 naira officially. The Op Is a forex trader and any appreciation of the naira is bad news to him hence this write up.
For so long people like the Op and other speculators have held the whole country to ransom but that will end soon.

check the meaning of flaw


i don't fully agree with the op certainly not


but he asked a meaningful question we are all ignoring


sustainability



first off I believe the dollar crisis was man made


the government brought out the policy n scored a political point



but on the long run..(worst case scenario)


is it sustainable


if the reserves start falling?
if the militant starts bombing?
are we willing to continue the policy or


there will be the sudden but this time more excruciating rise in dollar price?

NubiLove:
Asking Nigerians to start buying dollars just to hoard it would crash our currency and economy! It is not sustainable even in the next 6 months!

The new forex policy is 100 times more sustainable (once FG increases import duties on some items and bans some items from being imported) than the OP telling Nigerians to start buying dollars just to HOARD IT!

ok since your brain wont leave defensive mode till i say it


op gave a magnanimous foolish advice


a useless one at that


hoarding will ony make it worse




but do you realize the banks were previously and are still hoarding

OP has made some many wrong assumptions and gave bad advice.

First of all, the whole direction of the new forex policy is this "make the dollar freely available BUT limit what people in Nigeria can buy with the dollar". It is likely that FG is going to increase import duty on so many items and out-rightly ban some items from being imported.

The new policy is to stabilize the Naira.

The OP advises people to hoard dollars... seriously, that is a bad advice no matter the situation... it would cause the Naira to crash further and would cause serious economic problems... dollars is not the legal tender in Nigeria.

Instead the OP should have advised Nigerians to use their Naira to export more commodities and services so that we can earn more dollars to make up for the dollar shortfall.

Basically, FG wants to make it easy for you to get dollars BUT what you can use it to buy is going to be limited!

The OP is just a currency trader that profits from panic buying of dollars and other foreign currencies.

mykelmeezy:





check the meaning of flaw


i don't fully agree with the op certainly not


but he asked a meaningful question we are all ignoring


sustainability



first off I believe the dollar crisis was man made


the government brought out the policy n scored a political point



but on the long run..(worst case scenario)


is it sustainable


if the reserves start falling?
if the militant starts bombing?
are we willing to continue the policy or


there will be the sudden but this time more excruciating rise in dollar price?

mykelmeezy:



Like I said

op had some flaws

but the gold bar in the poo he dropped remains


how long is it sustainable??

considering the playing ground aint the same as in gej or previous governments

What playing ground? You should stop commenting on issues that are way above your pay grade. The OP's sole intention for creating this thread is to encourage currency speculation. The way he twisted the recently released GDP figures to mean bad news instead of good, gave him away. Bad news about Nigeria is good news for forex speculators. The OP has grown impatient waiting for bad news for Nigeria and has now opted to create some himself.

unclezuma:


Read the quote oga with your daft analysis. I simply asked the OP to check his spellings and defend his opinion, what had that got to do with your epistle?

mofo the quote was directed to the Op not u;who 're u re u significant

pressplay411:


Killing the naira daily yet pointing fingers at govt.
Same goes for importers.
Govt has a major part to play too.

Yes totally agree. Govt has a major part to play, Nigerians too need to stop sabotaging the economy. The same thing applies to those who have tripled the prices of food items which have nothing to do with the dollar.

icon8:
No, sire!

Sustainability is a totally different kettle of fish.

The OP wrote as a pained businessman who is losing money as a result of this belated move.

That said, I refuse to join issues with you!

i get your point mister


but m pretty sure we both know aside the op who is a small puppet

there are some high-powered potbellied fools in AC offices somewhere in abuja who are the main people against it


take sanusi statement

if a politician gets at 199 or even 250 from cbn n sells at 400+ to black market ...that is 250 or 200 naira instant gain



those are the real enemies of progress


zenith Bank hasnt processed my friends school fees all in the name of clearing backlogs


yet a bdc he bought bm from had dollars from same bank



connection to high places is the real issue here


sustainability in context of how long will those legal thieves go b4 they find a way to sabotage the policy

SBG04:

What playing ground? You should stop commenting on issues that are way above your pay grade. The OP's sole intention for creating this thread is to encourage currency speculation. The way he twisted the recently released GDP figures to mean bad news instead of good, gave him away. Bad news about Nigeria is good news for forex speculators. The OP has grown impatient waiting for bad news for Nigeria and has now opted to create some himself.

look im not in support of the op

hell he deserves 8whip koboko



but call a spade a spade


he said some sensible things in the wrong way



hoarding is a no no
dollar is still 450 n not 400 at bm


n stfu abt paygrade...coz the dollar issue affects me directly.....

bayulll011:



mofo the quote was directed to the Op not u;who 're u re u significant

So why quote me in it...you move along and look before you quote.

Nice comment from the OP but not succinctly explained hence the criticism. I agree with the OP and as always we address problems using the wrong solutions. The new FX policy is neither a short term or long term solution because it cater for a fraction of people, the privileged ones. It is not a policy that is aimed to address production, which definitely will get the economy going, but one to address the concerns of the rich so that they can embark on their vacations and pay school fees for their kids without stress.

I was thinking that exactly the same way the CBN used exchange controls to restrict the provision of FX to about 41 products, that can be done to education too because our educational system is dead and the CBN do not need to provide FX to people who choose to school outside the country. The resource is scarce and should mainly be used to address manufacturing activities.

Let's not forget that the CBN also provides FX for independent market suppliers to bring in refined fuel into the country - another consumption activity. Apparently, the Policy is addressing consumption activities rather than production activities and IT WILL NEVER BE SUSTAINABLE.

According to the OP, the acting president supports a further devaluation of the naira. This will only bring more suffering to Nigerians. All our devaluation policies have never been successfully right from 1985. Devaluation is expected to entice foreign investors to pump more money since their currency is now stronger than the naira, but these investors are not responding likewise, maybe because in Nigeria, we have 4 exchange rates and they cannot actually forecast the future value of their money/investment.

Also, I think it is harsh to criticize the OP when he said buy more dollars. I don't think he meant hoard more dollars, rather keep most of your savings in dollars. It is a wise thing to do. The naira is falling and losing its value. In 2014, N1m was roughly $5,000 now N1m is $2,000. That is a loss in value of over 60%. What is means is that Nigerians are getting poorer that even cleaners abroad now earn better than professionals in Nigeria.

Solution - Nigeria must PRODUCE, PRODUCE, PRODUCE. We are not producing enough. We should produce about 80% of our demand locally. Our reliance and preference for foreign products must drastically reduced. If we cannot do that, then let's woo these foreign manufacturers to come and produce it here in Nigeria. The CBN MUST allocate FX to manufacturers and focus on the production segment of the country. Provision of FX to consumption activities should be discontinued. Rather than destroy make-shift refineries in the Niger Delta, give them licenses so that they can build modular refineries, get the SON to regulate the standard of the fuel being produced and stop provided subsidized FX to independent oil marketers. The modular refineries will also create jobs, give the FG government revenue in the form of tax such as VAT and Corporation tax.

Also, FX should not be provided for education. We will kill our educational sector if we continue to promote educational tourism. If you must study abroad, go and fund it yourself. Develop our education system, so that we can have the next genius think-tanks. The FG should also develop the healthcare sector which is also dead to stop medical tourism, another area that puts pressure on the naira.

The CBN should also include more goods into its restrictive products list. Without this, we are only using palliatives to solve a rotten wound and the naira will lose more of its value in the future whether we like it or not.

This is the problem. A lot of people dont know what they want. The naira rises, everyone starts blaming the govt. The naira drops temporarily, they praise.

People are asking, is this a sustainable act? It's a good question if you ask me. How long can the govt continue to pump dollars (which they don't have much of) into the economy?

The manufacturers also hoard the dollars and sell to the black market for more profit. Everyone is a financial trader.

If you don't reduce the over-reliance on dollar in this country, we are going in circles. For now, no ignorant praises to anyone.

deflower is one of this country saboteur , how could u advice ur fellow Nigerian to start hoarding dollar n bringing wrong idéa to mislead people. ï know u were among of bad people .

You say banks are hoarding right... look at where the Naira is?

Now, think of the multiplier effect if every Nigerian decides to start using their Naira to buy dollars just to hoard it.

Question: What happens to manufacturers that truly need dollars to import the inputs of production (machinery and raw materials)?

Answer: Because of everybody is buying dollar just to hoard it, the exchange rates becomes like $1 = N2000... now guess what? It would show in the prices of goods and services... now we would start having double digit inflation every month.

How long do you think it can go on before the house of cards crumbles?

Hoarding dollars just to keep would negatively affect the hoarders, Naira currency and Nigerian Economy.

OP is asking salary earners and local business men to go and change their Naira to Dollars just to keep it in a safe at home. If it was in a domiciliary bank account, then it is NOT really hoarding.

Seriously a lot of Nigerians cannot remember the last time they held dollars in their hand... 99% of their transactions are Naira based and OP is advising them to take their Naira to exchange for dollars and hoard it... dollars that would be doing nothing in their houses?

mykelmeezy:




ok since your brain wont leave defensive mode till i say it


op gave a magnanimous foolish advice


a useless one at that


hoarding will ony make it worse




but do you realize the banks were previously and are still hoarding

bayulll011:



I wonder what will make you people happy in this country,if you have profer solution instead of your myopic view I would av give you some accolades but instead you just show the whole wide world how idiotic and sillly you are.

Let me tell you even those that called themselves manufacturer you says they never got the dollar refuse to buy raw material instead they sell at black market which is more favorbale than their products.

he doesnt need to sustain it,interventions like this is needed at this time since most of the big guy decides to keep stock dollar and sell in d black markets.

Nigerian we are our Enemy no one love this nation's we 're all funny human and yet we are the most religion,my advice for you Always reason Analytically before you open a thread

Best post ever. I created a topic regarding the black market of a thing. Right before the drop of the forex it never come on front page. Buut a negative topic against Nigeria progress, Lalasticlala and seun will rush to move it on front page. Sometime I weep for my country. Mtchew

NubiLove:
You say banks are hoarding right... look at where the Naira is?

Now, think of the multiplier effect if every Nigerian decides to start using their Naira to buy dollars just to hoard it.

Question: What happens to manufacturers that truly need dollars to import the inputs of production (machinery and raw materials)?

Answer: Because of everybody is buying dollar just to hoard it, the exchange rates becomes like $1 = N2000... now guess what? It would show in the prices of goods and services... now we would start having double digit inflation every month.

How long do you think it can go on before the house of cards crumbles?

Hoarding dollars just to keep would negatively affect the hoarders, Naira currency and Nigerian Economy.

OP is asking salary earners and local business men to go and change their Naira to Dollars just to keep it in a safe at home. If it was in a domiciliary bank account, then it is NOT really hoarding.

common sense they say isn't common



what part of the THE OP SAYING PEOPLE SHOULD BUY DOLLAR TO HOARD is a foolish idea don't you understand




okay fine you are right n m wrong

dabraska:
This is the problem. A lot of people dont know what they want. The naira rises, everyone starts blaming the govt. The naira drops temporarily, they praise.

People are asking, is this a sustainable act? It's a good question if you ask me. How long can the govt continue to pump dollars (which they don't have much of) into the economy?

The manufacturers also hoard the dollars and sell to the black market for more profit. Everyone is a financial trader.

If you don't reduce the over-reliance on dollar in this country, we are going in circles. For now, no ignorant praises to anyone.

The problem with this is that we are a cash dominated economy. Nigerians love cash. It is a crime in foreign countries to move about with large volume of cash. The police can take it from you. The CBN tried to do something about it, but the generally public screamed. Why should people keep money in foreign currencies in Banks - it is absurd. Are you a BDC? Almost everyone has domicillary accounts with foreign currencies.

The CBN should apply more harsh terms to drive down the volume of cash in this country. Except multinationals, people should not keep FXs in their account. If you want Fx apply for it and use it immediately and not save it in your bank account

omorttee4u:


Best post ever. I created a topic regarding the black market of a thing. Right before the drop of the forex it never come on front page. Buut a negative topic against Nigeria progress, Lalasticlala and seun will rush to move it on front page. Sometime I weep for my country. Mtchew

Dont mind those one they always want sensational headline that will drive traffic, do u blame them no prifeasionalism