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Naira Shortage Forces Banks To Boycott CBN Dollar Sale - Business (3) - Nairaland

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Naira Rises To N389/$ As Banks Buy 29% Of Cbn’s Dollar Offer / Naira Strengthens To N435/$ On CBN Dollar Glut / Cash Shortage Forces People To Sleep Outside Banks In Zimbabwe - Aljazeera (2) (3) (4)

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Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by Temptee101(m): 8:42am On Apr 17, 2017
concacid:
I bet most of you don't know how inter Bank sales and intervention fund plays but you type just to spew rubbish all the time. Mshewww.
You that know, how has it positively affected the price of goods in the market?
Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by erico2k2(m): 8:44am On Apr 17, 2017
Aufbauh:
So we've moved from dollar scarcity to shortage of the naira?

Probably because the banks both the commercial and the CBN officials have been checkmate in their racketing, they have lost interest in the FX... We truly have a long way to go in Nigeria because of the ingrained systematic corruption everywhere.
Exactly thieves.tell.me.one reason why they won't allow me and you to use our debit cards abroad since they now claim they have excess forex.

2 Likes

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by erico2k2(m): 8:48am On Apr 17, 2017
Boss13:
Nigeria is really a funny place. The CBN is trying to ensure that the Naira appreciates, yet there is less liquidity in the market to mop up the sales of FX - only 36% was purchased. Again excess liquidity has been mopped up by sales of FG Bond and this has increased interbank interest rate by over a 100%. This Clearly indicate that some of our Banks have liquidity problems even to the point of borrowing from CBN.

Buharinomics is catching up with these Banks and their sharp practices. Only in Nigeria, Banks declare huge profits and you see no correlation of economic activities in the country. Then you wonder - which sector are these Banks lending money to? How are they making these profits. The answer is through cutting corners and sharp practices.

The recent FX policy by the CBN will not work. They are supplying FX to the wrong place and also creating more avenue for speculations and hoarding. CBN is supplying FX for consumption - PTA and BTA; medical and educational tourism, but at the same time shortchanging the manufacturing sector. It is now creating a special SME FX market with another different FX rate. The CBN has also left MPR untouched since the recession. Banks are not lending because the economic climes are not conducive.

The CBN with its shortsighted policies will only turn the average Nigerian to a currency speculator.
Only people with any iota of economic sense will read any meaning to your excellent post.

1 Like

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by Temptee101(m): 8:50am On Apr 17, 2017
haibe:
u are joking with inflation. This naira scarcity is only artificial
You say artificial?
Artificial just like....

our recession
our sick and feeble president
our ailing economy
our unemployment
our corruption
our senseless and cruel policriminals
our padded budget
our tribal differences
our chicken-hearted youths etc

ok continue...
Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by Origin(f): 8:50am On Apr 17, 2017
Please check abandoned buildings, soakaway, newly dug farmlands.
Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by paulchucks: 8:51am On Apr 17, 2017
this is what happen when you tell customers that you will deduct 1.5 percent of their withdrawal people now dig hole to store the naira cbn is mad how can you introduce such nonsense when network for transfer is not even steady we copy america in everything forgeting even light is not steady to charge phone
Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by ceejay80s(m): 8:52am On Apr 17, 2017
LionDeLeo:


Based on the simple law of demand and supply, shouldn't the Dollar scarcity give rise to Naira appreciation? After all, the Naira depreciation is a fall out of the Dollar scarcity.

So commercial banks are no longer interested in FX?

Some powerful forces are working very hard against the progress of this country.

These voltron forces are all in apc ,pdp,apga ,including banks etc
Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by LionDeLeo: 8:56am On Apr 17, 2017
ceejay80s:


These voltron forces are all in apc ,pdp,apga ,including banks etc

I didn't specify, all I know is that powerful forces are working against this country. They may politicians, beaurocrats, businessmen or even faith-based organisations.
Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by LionDeLeo: 9:00am On Apr 17, 2017
kateskitty:
Can't they just print more naira grin

Yes.
Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by abescom: 9:19am On Apr 17, 2017
Icon4s:
You See the demerit of whistle blowing?

Large sums of naira have been withdrawn from the banking system and kept in flats and shops.

Crisis looms for the financial sector.

This government and their crude policies will burn this country las-las.
This is a joke right? So you mean to tell me the government should allow looters because the banks are useless and can't meet up with their financial obligations? You need, urgent help.

1 Like 1 Share

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by bigtt76(f): 9:25am On Apr 17, 2017
When they refuse selling to people that needs it ...insead them hoard the thing the sell to people stashing away in apartments angry They should remove limits on MasterCard Naira and lets see if they won't get more than enough cash to continue the CBN dollar sales. The banks are our real problem in this country. With them buying now, the BDC cannot also buy ...useless set of people!
Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by dinggle: 9:36am On Apr 17, 2017
Are we stupid, if naira in shortfall, why isn't the dollar down?....where is the law of demand and supply?.....or the law does not exist here. I have been calling for the head of the governor of CBN and all its board of directors and will continue to call for their sack. They should be sacked and investigated ASAP. CBN should consider selling directly to consumers they have the naira to buy the dollar they desire.
Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by 989900: 9:54am On Apr 17, 2017
Icon4s:
[s]You See the demerit of whistle blowing?

Large sums of naira have been withdrawn from the banking system and kept in flats and shops.

Crisis looms for the financial sector.

This government and their crude policies will burn this country las-las[/s].
Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by 989900: 10:01am On Apr 17, 2017
This is just the right time to slightly raise those limits on Naira cards for international POS transactions.

The Naira looks like it's set to appreciate next week.

Racketeering is getting cumbersome, plus profit margin ain't very encouraging.
Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by alt3r3g0: 10:11am On Apr 17, 2017
No naira shortage...looters are lying low as whistle blowings is reigning now. If there is no demand as the current price is deemed "too high" vis a vis "naira shortage", then next is to reduce the dollar rate, or increase the card limit on naira cards..but alas, that wont happen as they know what they are doing.

2 Likes

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by oskaaay(m): 10:27am On Apr 17, 2017
shocked shocked shocked
Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by starlite1: 10:33am On Apr 17, 2017
deenee:



God bless you Bro. I was just about to post a similar response.

People just come here and type rubbish without even understand how these things work.

I say again the only solution to this naira dollar debacle is to stop selling completely to BDCs and then CBN should just hands off intervention and allow the dollar to float determined by market forces of demand and supply.

Banks will only take up dollar supply to the extent that they have customer demand for it.

Also it also impossible for banks to round trip now not with all the strict regulations in place.



They should let it float so the wicked hearted Nigerians will let the Naira depreciate to 1000NGN per USD?

wehdone sir.

The banks are getting less profit now, hence the reason most of them are shying away from forex. Them never see anything.

The last time i managed to use the moneygram service after all the hustles from bank to bank, i was charged almost same as the black market. i really regretted wasting my time trying to use the service.

CBN will keep intervening till they figure out something better.

2 Likes

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by Nobody: 11:39am On Apr 17, 2017
grin
well....am not short on both so.....whatever
Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by bigpicture001: 11:40am On Apr 17, 2017
...thats the best thing the c.b.n shld have long done..allow the dollar to flood d country,but control ur local currency. ur a governor of local liquidity and not fx
Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by lonelydora: 11:42am On Apr 17, 2017
Aufbauh:
So we've moved from dollar scarcity to shortage of the naira?

Probably because the banks both the commercial and the CBN officials have been checkmate in their racketing, they have lost interest in the FX... We truly have a long way to go in Nigeria because of the ingrained systematic corruption everywhere.

I keep saying it...Bankers and Civil Servants are more corrupt than politicians

1 Like

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by Reference(m): 1:30pm On Apr 17, 2017
Abudu2000:
bad things happen bacause good people refuse to speak up, everyone is forming i-dont-carr and buhari is finishing this economy, okay oooo

The black man is doomed to learn from his failings and not from sound advice or enlightenment. It is in our DNA.
Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by Reference(m): 1:33pm On Apr 17, 2017
lonelydora:


I keep saying it...Bankers and Civil Servants are more corrupt than politicians

Several times more. The reports I am getting of cartels in the banks working in cahoots with civil setvants to pilfer the economy is simply mind boggling.

2 Likes 1 Share

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by Nobody: 2:58pm On Apr 17, 2017
please can someone explain this shiit! for me i am get more confused every day with this naira/dollar shenanigans.
Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by Oneprodigy(m): 3:00pm On Apr 17, 2017
erico2k2:

Exactly thieves.tell.me.one reason why they won't allow me and you to use our debit cards abroad since they now claim they have excess forex.

Your brain is working well

1 Like

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by ISTANDWITHBUHAR: 12:01am On Apr 18, 2017
Abudu2000:
bad things happen bacause good people refuse to speak up, everyone is forming i-dont-carr and buhari is finishing this economy, okay oooo



How if i may ask? How is shortage of Naira Buhari problem? Should he also ask CBN to be throwing Naira around? Bank should just say it's not business as usual, The era of CBN giving them dollar at the rate of 305 and them selling it to BDCs operators at 450 or more is over, Now that CBN is regulating the exchange rate they cannot make profit anymore and cannot also sell dollar to BDC anymore cos they most provide proof of who ever buy from them hahah..
Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by ISTANDWITHBUHAR: 12:04am On Apr 18, 2017
Buharimustgo:
This is a short term solution what is the long term remedy?For how long will CBN be going to be saleing USD?


I don't think you read the write ups at all, This is not about dollars for now as there's enough dollars, The banks are saying no money Naira again isn't that crazy?

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