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Currency Speculators ‘to Lose N700m - Business (4) - Nairaland

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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 Nobody: 5:10pm On Mar 21, 2017
989900:
Good, we told them the party was coming to an end soon, probably they will hold on to it to sell @ N250 or less when Dangote refinery and other private ones come on stream, or when our other exports increases.

Edit: It is N430 now.

In another news, news about snakes, toto decay, and other nonsense are more valuable than this thread, hence why this shouldn't be on FrontPage.


.. it is not coming to an end bruv.. it is only making the crooks richer.. how do you explain using your cash saved for the rainy day to fight an artificial inflation.. you do not make your Naira strong by pumping $$$ into the market, you earn $$$ through International trade i.e. Crude Oil, Human-trafficking and 419 grin grin so now we are not earning as much $$$ but we are spending our savings (Forex Reserves) to ensure that Dangote gets cheap $$$ for his private refinery, Otedola gets $$$ for his petrol import from European Countries rather than cheaper naira petrol from Ghana and Niger (makes sense) - Is it true that school fees and PTA make up for nearly 30-35% of FX demands.. do you know how much that amount is? we are sending our FX reserves out of the country when it should have been used to develop thousands of world-class schools and help local manufacturers provide jobs for Nigerians .. all this $$$ pumped within 3 weeks and we have only been able to shave N60 from N500 $1.4 billion green-backs. Brothers & Sisters THINK!

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Re: Currency Speculators ‘to Lose N700m by Elhabeeb1(m): 5:23pm On Mar 21, 2017
JustinSlayer69:


...you guys said this 3 months ago... grin

This tactic is poor for propping up the currency in a DEVELOPED COUNTRY with infrastructure in place for industrial revolution.

But in a DEVELOPING COUNTRY like ours, temporary measures must be taken while we set down the skeleton for long-term development.

Otherwise, 1$ would be equal to N2,000 if the Naira is freely floated as some have suggested. We are not simply exporting enough

By the way... during the global economic recession, CBN was doing exactly this in 2009 - 2014. It wasn't just so evident

Very correct, CBN has always been protecting the naira since the increase in demand for consumption of foreign goods and crude oil price boom. It was relative during OBJ'S time because there was really a significant inflow of foreign investment (fx) and our demand for foreign goods was not as high as it is during GEJ and now.
Re: Currency Speculators ‘to Lose N700m by 989900: 5:47pm On Mar 21, 2017
LaEvilIMiss:


.. it is not coming to an end bruv.. it is only making the crooks richer.. how do you explain using your cash saved for the rainy day to fight an artificial inflation.. you do not make your Naira strong by pumping $$$ into the market, you earn $$$ through International trade i.e. Crude Oil, Human-trafficking and 419 grin grin so now we are not earning as much $$$ but we are spending our savings (Forex Reserves) to ensure that Dangote gets cheap $$$ for his private refinery, Otedola gets $$$ for his petrol import from European Countries rather than cheaper naira petrol from Ghana and Niger (makes sense) - Is it true that school fees and PTA make up for nearly 30-35% of FX demands.. do you know how much that amount is? we are sending our FX reserves out of the country when it should have been used to develop thousands of world-class schools and help local manufacturers provide jobs for Nigerians .. all this $$$ pumped within 3 weeks and we have only been able to shave N60 from N500 $1.4 billion green-backs. Brothers & Sisters THINK!

I have an article on my profile: "N350 to $1 if I were the CBN Governor", you might want to read it to bring you up to speed with a proper breakdown and what's up.
I can't post links; else I'd be banned.
Re: Currency Speculators ‘to Lose N700m by megama: 6:45pm On Mar 21, 2017
RoyalBoutique:


Importers, exporters, traders, those with children schooling abroad, bank transactions, hoarders, embezzlers, bureau de change, oil marketers, etc

In fact, the money being released by cbn is not enough.

They should just let the dollar flow through like before.
They are doing well already. Or are you a speculator??
Re: Currency Speculators ‘to Lose N700m by israelmao(m): 7:48pm On Mar 21, 2017
It's a good development there will be positive effect of this on market commodities in due course but above all Nigeria must shore up her export products in order to sustain current trend in foreign exchange.
Re: Currency Speculators ‘to Lose N700m by ISTANDWITHBUHAR: 12:33am On Mar 22, 2017
Twallace:
I will still hoard them dollars,....... APC won't sustain it

Please continue hoarding it hahaha I will be here when you come crying, Same way we warn you guys about MMM..
Re: Currency Speculators ‘to Lose N700m by RoyalBoutique(m): 1:54am On Mar 22, 2017
megama:
They are doing well already. Or are you a speculator??

Did you even read what you quoted?
Re: Currency Speculators ‘to Lose N700m by Nobody: 10:29am On Mar 22, 2017
modath:


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?



let me answer you. Prior to this time, our earnings (crude) experienced a major setback hence, the downward in the oil revenue of the govt. Last month, the production per barrel per day rose to o'er 2 million BPD. That's a clear proof. in almost 2 years, nigeria's crude output was dangling between 1.2m and 1.4m bpd. I don't know which bank hasn't received allocation because first bank doesn't have an issue with that, for what I know. I'm aware you also have to apply as a customer who needs forex for chilling and pta to apply 2 weeks earlier. The shocking story is, there was always forex. Cbn mopped up all the USD from banks and kept it. The cbn always had forex. Now it's time for them to pump what they had hoarded back to the market.
Re: Currency Speculators ‘to Lose N700m by Nobody: 11:22am On Mar 24, 2017
Twallace:
I will still hoard them dollars,....... APC won't sustain it
I no tell you? Keep hoarding ok?

Read this...

https://www.nairaland.com/3700611/naira-watch-panic-grips-forex...

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