Acidosis:


They are not f00ls. The Naira redesign is still useless to the FX market.

Forex exchange is not Ponzi scheme. A productive economy is the only way to achieve a sustainable Fx rate. There is NO other way.

So if nothing has happened to our productive capacity and earning power, any gain you see now at the street market is only a reaction to market uncertainties.

Moreover, we are approaching the Christmas era where Nigeria traditionally earn the highest remittances from Nigerians abroad.

Finally, the Naira has not gained at the official window yet so even that remittance thing is debatable. Any gain or loss you see now at the street market is part of the reaction to the uncertainty that surrounds the CBN announcement. It is not sustainable.

God bless you abundantly for this piece boss. FX traders are not the enemies of this country, even if $1-₦5 FX trader will still go about their routine, the only way to sustain this is .

1. What is the country producing to gain power to its currency?
2. Why is the central bank not making $ available to businessmen. With this measure the bridge is closed btw parallel market and CBN rate, imagine you have to pay for something outside Nigeria you can't have access to $ from the bank easily, why wont one turn to the BDC guys to sort your payment even when it's almost x2 of the CBN rate ....

A lot still dey more than just redesigning naira. If proactive measure is not taken, the pullback is just a stepping stone for the new surge....


This I have seen

maasoap:


Yen yen yen, you just called Nigeria a godforsaken country because naira gained value against dollar. You're one of what is wrong with this country

Again, STFU!

Nteogwuija:
This has been debunked.

It still has impact on the market, regardless.

adioolayi:
It's a fake news. Every dollar note printed by USA remains acceptable legal tender without expiry dates

As much as it is baseless rumour, its impact may be significant

Nbote:


Dollar was around the 700+ mark before the announcement of the new naira notes. The announcement drove up the price as politicians and their cronies stashing and hoarded naira flooded the market to buy up forex which was what drove up the price to over 800

It's coming down now and you can see for yourself.


From the very first day I noticed there was a motive behind that decision made by CBN, and we're seeing it now.

Penguin2:


CBN said there’s about 3trillion Naira currently in circulation.

What I suggest they do is to now regulate the volume of the naira they put out after recalling the old Naira notes.

Let’s assume they are able to recall about 2.5trillion Naira, being the amount in 1000, 500 and 200 denominations, then they should release just about 1trillion Naira back into the economy as replacement.

That way, banks will not even have enough to service their branches before they talk of releasing billions to one politician alone.

This is what the CBN is trying to do. They will in addition promote e-naira to facilitate electronic transactions

Mjshexy:
Lets just be hopeful that the right policies are put in place for a stronger naira, things have really gone out of hand and it's biting harder

Pele. Sorry..it is well