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Nairaland Forum / Nairaland / General / Business / Currency Speculators ‘to Lose N700m (20393 Views)
Speculators Get Their Fingers Burnt, Naira Strengthens To N310/$(2016) / Speculators Lose N100m As CBN Pumps Dollars Into Interbank / I See Speculators Losing Billions Of Naira To New FX Policy – BDC Chief (2) (3) (4)
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Re: Currency Speculators ‘to Lose N700m by Earth2Metahuman: 10:33am On Mar 21, 2017 |
If dollar is not 1usd-100 by 2019 I'm voting apc out insha jesus 2 Likes |
Re: Currency Speculators ‘to Lose N700m by XendersPride(f): 10:34am On Mar 21, 2017 |
rozayx5:Yea |
Re: Currency Speculators ‘to Lose N700m by chukzyfcbb: 10:36am On Mar 21, 2017 |
JustinSlayer69:Mr man don't count your chickens before they are hatched. if you think naira is on the road to an everlasting recovery, you are a joker!!! all these one CBN is doing na initial gra gra, from now till next year, don't expect the exchange rate to hit $1-250naira otherwise u are sick 1 Like |
Re: Currency Speculators ‘to Lose N700m by Nobody: 10:37am On Mar 21, 2017 |
Twallace:Don't do yourself harm, by attempting to hoard the dollar at this stage as it protends a great danger. This has got nothing to do with a particular political party. It's the reality on ground I advised my bureau de change to stop heaping up USD last month when the naira rose to 530 but he told me it's going to depreciate further. He went and bought USD for 495/497 hoping to sell at 550. A week later, I called him cos I needed USD. He said he's in hot soup as USD had crashed due to cbn intervention. The benchmark is 280 at interbank mkt and the cbn is poised to achieving that,even lower, as crude per barrel remains as it is for the next quarter. Unfortunately, nigerians are not good speculators 5 Likes |
Re: Currency Speculators ‘to Lose N700m by Nobody: 10:41am On Mar 21, 2017 |
vizkiz: I concur . |
Re: Currency Speculators ‘to Lose N700m by obailala(m): 10:42am On Mar 21, 2017 |
olapluto:hope u know oil price has been above $50 for several months now and Nigeria's production has risen up to 2million bpd? Hope you also know that despite the release of over a billion dollars by CBN in the last 3 weeks, the reserves rose a tiny bit above $30billion? You can keep hoarding, except you got plans to blow up one or 2 major pipelines 2 Likes |
Re: Currency Speculators ‘to Lose N700m by famosh: 10:43am On Mar 21, 2017 |
XendersPride:You're way too pretty, sis! Haba! |
Re: Currency Speculators ‘to Lose N700m by Nobody: 10:43am On Mar 21, 2017 |
chukzyfcbb: I have advice for you: 1. Get reading glasses. 2. Flog your English teacher, no where did i mention Naira is even recovering at all. Where did i even say it would fall? 3. Pray to God... your IQ is very low. There wasn't an iota of sense in what you wrote. 4. Go and change your diapers. Have a nice day. 2 Likes 1 Share |
Re: Currency Speculators ‘to Lose N700m by PBundles(m): 10:43am On Mar 21, 2017 |
Thing is this is not sustainable and the CBN knows this. Their aim is to try and hold out as long as possible while trying to ringfence the selling of $ via the black market, but Im sorry to say this wont last. Its like someone with leaks in his roof saying, no problem I know where to buy buckets for the leaks. Yes initially its cheaper if you plan to eventually fix the roof, if you dont, it will collapse. Look this is economics its not magic or witchcraft. Yes the CBN has intervened in the past, but then the naira was floating freely which is a BIG difference. As the SWISS they tried it against the EURO and after 2 years came to the same conclusion. This is a short term solution. Personally, we need to free float the Naira. The market is already telling its worth. JustinSlayer69: |
Re: Currency Speculators ‘to Lose N700m by id4sho(m): 10:45am On Mar 21, 2017 |
yourexcellency:u get bad mouth . SMH sha. Good for them |
Re: Currency Speculators ‘to Lose N700m by Jesusloveyou: 10:47am On Mar 21, 2017 |
habex005:430 1 Like |
Re: Currency Speculators ‘to Lose N700m by smartty68(m): 10:48am On Mar 21, 2017 |
olapluto:Now is the best time to auction your dollars at cheaper rates. Speculators be calling my line since 4days now to buy their dollars. Another one just called me 5mins ago. The fear of CBN. Lol |
Re: Currency Speculators ‘to Lose N700m by Nobody: 10:50am On Mar 21, 2017 |
PBundles: Economics isn't magic or witchcraft. PLEASE i have just one question for you.... Was Naira actually worth 150 Naira to 1 Dollar during the 2008 global recession Sorry, couldn't resist the temptation to ask another... Why did the Naira to Dollar value remain fairly constant between 2009 - 2014? It was because we were exporting goods or because the global oil prices were high and we were propping up the Naira with our reserves. You are very funny 1 Like 1 Share |
Re: Currency Speculators ‘to Lose N700m by SuperS1Panther: 10:51am On Mar 21, 2017 |
smartty68: As long as we are selling crude oil, it is very sustainable. Appeasing the Niger Delta militants before going on onslaught against the speculators was very strategic. |
Re: Currency Speculators ‘to Lose N700m by olowobaba10: 10:53am On Mar 21, 2017 |
THIS IS ONLY A TEMPORARY MEASURE , THE CBN CANNOT SUSTAIN THE SUPPLY, LET NAIRA FLOW AND LET MARKET FORCES DETERMINE THE VALUE . |
Re: Currency Speculators ‘to Lose N700m by chukzyfcbb: 10:53am On Mar 21, 2017 |
JustinSlayer69:anybody that just read this can easily tell how low your I.q is. you can't even quote a comment intelligently to save your life. change your diapers? is that the best you could cook up from your brain? you couldn't even counter me with an intelligent fact. well I don't blame u even you name reeks of dullness like the bimbos called slay queen, you are called Justin slayer |
Re: Currency Speculators ‘to Lose N700m by Nobody: 10:55am On Mar 21, 2017 |
SuperS1Panther: Great comment, sir. Succinctly put. Nigerian currency based on commodities we export has never been valuable since we dumped the agricultural sector in the 80s. All we have had is OIL. And that's why any negative issues with oil...Nigeria would become one big IDP camp. We have to diversify... for our own sakes, for extra forex revenue. But unfortunately, it can't happen overnight |
Re: Currency Speculators ‘to Lose N700m by Wiseoldman: 10:55am On Mar 21, 2017 |
chukzyfcbb: You will be surprised. All of you village speculators betting against the government and those of you cryptocurrency (Bitcoin) investors. I hope you won't join the new party in town when your losses rise...By the way the new party is the "Suicide" league. When we warn people of all these scams den, den no gree, now they are all hopping off bridges....may God save us. Well if you are thinking of joining the coward Suicide Party please seek help. |
Re: Currency Speculators ‘to Lose N700m by Nobody: 10:59am On Mar 21, 2017 |
chukzyfcbb: Here's a handkerchief..... 1 Share
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Re: Currency Speculators ‘to Lose N700m by olapluto(m): 10:59am On Mar 21, 2017 |
smartty68:So what happens the day CBN does not release dollars? |
Re: Currency Speculators ‘to Lose N700m by 234ng44uk(m): 11:04am On Mar 21, 2017 |
RoyalBoutique: Add so called expatriates, they are the single biggest thieves of our fx after importers 1 Like |
Re: Currency Speculators ‘to Lose N700m by smartty68(m): 11:05am On Mar 21, 2017 |
olapluto:Seat there and be asking me question or do I look like Godwin Ifaenyi? |
Re: Currency Speculators ‘to Lose N700m by VeeVeeMyLuv(m): 11:05am On Mar 21, 2017 |
XendersPride:N100 to a dollar before year ends place your bet. |
Re: Currency Speculators ‘to Lose N700m by Jesusloveyou: 11:09am On Mar 21, 2017 |
awelekiti:and i stil blame the cbn for all this mess we found ourselves. All this speculators would have release their dollars they are be hoarding since last year. Cbn were building reserve instead to release atleast 1b dollars every month. That means he should have defend the naira thru-out last year with atleast 10b dollars and we would have still arrive at 30b dollars in reserve with alot of economy gain. Cbn stil need to release atleast 1b dollar to force the price to atleast 250naira. Buhari is stil the best, and cbn is stil our problem. 2 Likes |
Re: Currency Speculators ‘to Lose N700m by obailala(m): 11:12am On Mar 21, 2017 |
chukzyfcbb:If oil price stays where it is currently and if oil production which has currently hit 2million bpd stays where it is and possibly increased to 2.2milliin or more, you will be suprised at who the real joker is. |
Re: Currency Speculators ‘to Lose N700m by XendersPride(f): 11:12am On Mar 21, 2017 |
VeeVeeMyLuv:Hehe |
Re: Currency Speculators ‘to Lose N700m by XendersPride(f): 11:13am On Mar 21, 2017 |
famosh:Thanks |
Re: Currency Speculators ‘to Lose N700m by jpphilips(m): 11:19am On Mar 21, 2017 |
Oga CBN, increase the limit on debit card transactions to allow every Nigerian become a BDC, that is the only solution to the parallel market problem. stop giving usd to BDCs, allow us to use it over debit cards. 4 Likes |
Re: Currency Speculators ‘to Lose N700m by Nobody: 11:19am On Mar 21, 2017 |
Jesusloveyou:I agree with you 100%. 1 Like 1 Share |
Re: Currency Speculators ‘to Lose N700m by modath(f): 11:19am On Mar 21, 2017 |
awelekiti: Dey try lie small small... 280? Evidence please... thank you.... As much as i am on Nigeria's side , i don't see how this will pay us in the long run... Some banks couldn't sell PTA friday & yesterday cos CBN hadn't released their allocation... It's a vicious circle of feeding the beast, it won't end till there is nothing to give... 989900 .... You still haven't answered my earlier kweshon, i hope you know... Anyway, how ya doing? |
Re: Currency Speculators ‘to Lose N700m by obailala(m): 11:25am On Mar 21, 2017 |
Jesusloveyou:Can you give what you don't have? Are you aware that throughout last year, the CBN was releasing reduced amount of forex into the system but because there wasn't enough forex flowing into the reserves, the reserves dropped steadily to as low as $23 billion?... And of course it was after it got that low that the CBN decided to further reduce what it injected into the system to rebuild up the reserves. Now it's been built back up to $30 billion and the CBN has now resumed injection of dollars into the system. I think the above explanation is very simple common sense logic, you cannot expect the CBN to keep releasing forex if it doesnt have the forex. 2 Likes 1 Share |
Re: Currency Speculators ‘to Lose N700m by modath(f): 11:26am On Mar 21, 2017 |
jpphilips: They dare not, they know their limit, it is this cosmetic band aid thing they stop at... El Rufai for all his loyalty to the powers that be has said his own, sanusi & madam oby same thing, let's patiently see where bus stop dey ... |
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