Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits - Business (2)

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Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits - Business (2) - Nairaland

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Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by Risingblue008(m): 3:34pm On Aug 22, 2023

Hdd

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by greatiyk4u(m): 3:35pm On Aug 22, 2023

FreeStuffsNG:
It is getting hotter as CBN goes after forex speculators and speculation to burn them more. It's no brainer that the banks are at the centre of the forex speculation and even their collaborators within CBN itself must not be spared.

These unpatriotic people were using USD as collateral to take loans in naira and then use the naira loans to buy USD, thereby pressuring the FX market!

SLS has been screaming about this unpatriotic malfeasance for years and now is the best time to get them to answer for the crime

All these military approach cannot lead to more Dollars in the reserve, a strategical macroeconomic approach and policies is the way forward since our export volume is still insignificant

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by samsard(m): 3:43pm On Aug 22, 2023

yang:
The dumbest central bank in the world

Every month they print trillions of naira from thin air into existence and turn around to blame every body else for their incompetence

They are inching closer to to ban FX withdrawals over the counter from diaspora remittance

They should watch the Naira trade at 2000 per dollar if they try it

There is a reason Bitcoin ETH XRP is seeing massive trading volumes every day, to escape normal people from evil kleptocrats like Thiefiinubu Buhari and APC

You are a bastard if you support this evil government and may thunder fire you if you think you have right to determine to someone whose family abroad sends FX how they should use and exchange their Hard gotten money

May the evil that you have brought upon people by electing Thiefiinubu and Buhari follow you and your family for ever

I may not agree with the insults, but your first paragraph is spot on. They literally print trillions annually for the government and somehow blame everyone but themselves for the currency losing value. Like what do they expect to happen?

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by DanAugust2021: 3:44pm On Aug 22, 2023

FreeStuffsNG:
It is getting hotter as CBN goes after forex speculators and speculation to burn them more. It's no brainer that the banks are at the centre of the forex speculation and even their collaborators within CBN itself must not be spared.

These unpatriotic people were using USD as collateral to take loans in naira and then use the naira loans to buy USD, thereby pressuring the FX market!

SLS has been screaming about this unpatriotic malfeasance for years and now is the best time to get them to answer for the crime

Buhari and Emefiele fu*ked Nigeria in the ass. Right from day 1, SLS told them the implication of what they were doing, but they were bent on making sure Nigeria bled from behind. Buhari scored zero in Security and Economy.

5 Likes

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by ozo13(m): 3:44pm On Aug 22, 2023

But why do people leak confidential documents in this country.The other day , it was Nigeria rail way staff and now CBN staff.
May God help our country because with the level of sabotage left ,right and centre ,people Sha don't want the govt to succeed.
Last last e go touch majority of the citizens.

2 Likes 2 Shares

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by FILEBE(m): 3:50pm On Aug 22, 2023

gaby:
Comics..

And this is supposed to bolster my confidence to bring in my foreign currency assuming I have any to come to invest in this contraption?

Is this how to boost investor confidence?

Meanwhile, the thieving politicians and policymakers all have their loot saved up in hard currencies from where they change a few notes to naira to continue to buy the support of their hungry praise singers.

Where are we going here?

If I me Atiku or Obi, I go just kukuma comot hand for this Nigeria matter as e be mow because however, it will swing, na original setup for disaster e go be for whoever will continue to Preside.

Imagine a Nigeria whose treasury would have been supervised by BAT and then maybe Akpabio as a substantive President until a new election is ordered. Just imagine this for a second my fellow Nigerians.

Where are we truly headed?

What should the cbn have done with respect to this ?

1 Like

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by Bfly: 3:54pm On Aug 22, 2023

Nigeria is bigger than Tinubu's brain.

Yaradua really try o.

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by Antichristus: 3:54pm On Aug 22, 2023

HeartlessMan:
Every week a new policy yet Naira keeps rising.
Ebola Tinubu is a clueless government. I now believe the man never attended school.

Are you sure the Naira keeps rising?

2 Likes

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by LordAdam16: 3:56pm On Aug 22, 2023

gaby:
Comics..

And this is supposed to bolster my confidence to bring in my foreign currency assuming I have any to come to invest in this contraption?

Is this how to boost investor confidence?

Meanwhile, the thieving politicians and policymakers all have their loot saved up in hard currencies from where they change a few notes to naira to continue to buy the support of their hungry praise singers.

Where are we going here?

If I me Atiku or Obi, I go just kukuma comot hand for this Nigeria matter as e be mow because however, it will swing, na original setup for disaster e go be for whoever will continue to Preside.

Imagine a Nigeria whose treasury would have been supervised by BAT and then maybe Akpabio as a substantive President until a new election is ordered. Just imagine this for a second my fellow Nigerians.

Where are we truly headed?

They're out of moves.

All they have left are measures that can artificially and transiently boost liquidity.

Last week, they leaked intentions to resume sales to BDCs at 750. Overnight, dealers started quoting 790-810 as they did not want to buy high then sell at a loss after the presumed resumption of sales by the CBN. That stampede boosted liquidity. TEMPORARILY.

Now that is fizzling out, they've released (actually leaked) another track.

Buried in that report is an ultimatum to liquidate loans that aren't transferred to naira collaterals in two weeks. The purpose is to increase liquidity.

Henceforth, they'd float measures like this every week or fortnight in a desperate attempt to keep a lid on rates. Since they don't have dollars to sell to crash the rates, they'll force Nigerians with FX savings to bring out their hard currencies. If politicians weren't major users and beneficiaries of domiciliary accounts, they'd have announced a ban.

-Lord

5 Likes

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by Mccullum: 3:56pm On Aug 22, 2023

HeartlessMan:
Every week a new policy yet Naira keeps rising.
Ebola Tinubu is a clueless government. I now believe the man never attended school.

Shut up, since 7 days ago, naira is not rising again.

destructive critic.

1 Like

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by Beverlyjean(f): 3:58pm On Aug 22, 2023

Don't allow the OP deceive u...he's an agent to take u off the 3.4 b foreign reserve.... our foreign reserve is reason y Naira has crashed to its unbelievable all time low ... Jonathan left it at 44b ...

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by ibtommy(m): 3:59pm On Aug 22, 2023

Cosbyrich:

Ipob soliloquizing..

If I arrest you. Sop being clueless,my guy.

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by Richb44: 4:02pm On Aug 22, 2023

Instead of you to blame your dad for you and your siblings misfortune your blaming a successful man, just continue jokes on you bro

HeartlessMan:
Every week a new policy yet Naira keeps rising.
Ebola Tinubu is a clueless government. I now believe the man never attended school.

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by bot101(m): 4:04pm On Aug 22, 2023

FreeStuffsNG:
It is getting hotter as CBN goes after forex speculators and speculation to burn them more. It's no brainer that the banks are at the centre of the forex speculation and even their collaborators within CBN itself must not be spared.

These unpatriotic people were using USD as collateral to take loans in naira and then use the naira loans to buy USD, thereby pressuring the FX market!

SLS has been screaming about this unpatriotic malfeasance for years and now is the best time to get them to answer for the crime. Check my signature for free stuffs!

Lol. You cannot force people to spend their dollars when your Naira is so unpredictable and can be easily manipulated.

Crypto will just come back with full force.

1 Like

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by Richb44: 4:06pm On Aug 22, 2023

And your mom who can't eat the fruit of her labour is doing what? Your dad useless, you sef useless your siblings useless smh jokes on you mumu

Kion:
i also know for a fact your yoruba mothers are out there bearing the brunt of the economy too…foolish fellow

1 Like

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by iamtardey: 4:11pm On Aug 22, 2023

I can bet anything man city is not in first two this season Aje now even guardiola is injured grin

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by Sablexxxtoons: 4:16pm On Aug 22, 2023

The rate of policy changes towards finding solutions is a great sign..Rome wasn't built in a day

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by lexy2014: 4:16pm On Aug 22, 2023

FreeStuffsNG:
It is getting hotter as CBN goes after forex speculators and speculation to burn them more. It's no brainer that the banks are at the centre of the forex speculation and even their collaborators within CBN itself must not be spared.

These unpatriotic people were using USD as collateral to take loans in naira and then use the naira loans to buy USD, thereby pressuring the FX market!

SLS has been screaming about this unpatriotic malfeasance for years and now is the best time to get them to answer for the crime. Check my signature for free stuffs!

When was "SLS screaming about this unpatriotic malfeasance for years"?

Was it in the last 8years under buhari/APC where corruption was supposed to be non existent?

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by Spidermon: 4:21pm On Aug 22, 2023

HeartlessMan:
Every week a new policy yet Naira keeps rising.
Ebola Tinubu is a clueless government. I now believe the man never attended school.

They don't have the will to do the right things so they keep tip toeing around the situation with rubbish policies.

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by obyno82: 4:32pm On Aug 22, 2023

FreeStuffsNG:
It is getting hotter as CBN goes after forex speculators and speculation to burn them more. It's no brainer that the banks are at the centre of the forex speculation and even their collaborators within CBN itself must not be spared.

These unpatriotic people were using USD as collateral to take loans in naira and then use the naira loans to buy USD, thereby pressuring the FX market!

SLS has been screaming about this unpatriotic malfeasance for years and now is the best time to get them to answer for the crime. Check my signature for free stuffs!

Dude calm down before spreading misinformation here. The issue is that you can no longer use foreign accounts as collateral for overdraft facility. This has nothing to do with speculation. The chief speculators are those connected to power and Tinubu is also one of them. If Tinubu really wanted to stop speculation, he would have made the CBN issue a circular making parallel market illegal, and making sure that everyone uses I&E window. Stop this eye service and image laundering abeg.

2 Likes

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by gaby(m): 4:37pm On Aug 22, 2023

FILEBE:

What should the cbn have done with respect to this?

Can the CBN tell us why the Nigerian financial space is hugely Dollarized by the politicians and even the CBN officials?

Can they explain why and how the lexicon 'round-tripping" has become a norm in our financial space?

Who are these folks borrowing against their dollar deposits for round-tripping for effs sake?

Are they without an account mandate, BVN et al?

These guys are just morons running around in circles trying to play smart by half while deceiving the ignorant ones with very silly and temporary wins.

All these are simply a way to keep postponing judgment day and the implosion set to happen.

The naira will soon be redenominated, save this piece for when we begin to have a #5,000 denomination which might even climb up to the tens of thousands ala Zimbabwe.

I honestly don't wish this upon us but the prognosis is refusing to align with my wishes.

1 Like 1 Share

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by Kion: 4:38pm On Aug 22, 2023

Richb44:
And my mom who can't eat the fruit of her labour is doing what? My dad useless, me sef useless my siblings useless smh jokes on me mumu

Okay pauper b grin

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by Espelbengz(m): 4:40pm On Aug 22, 2023

U come online read something wey u no understand, instead wey you go seek knowledge you come yarn ignorantly! See ya life 🤣

HeartlessMan:
Every week a new policy yet Naira keeps rising.
Ebola Tinubu is a clueless government. I now believe the man never attended school.

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by FireUpNow(m): 4:41pm On Aug 22, 2023

inoki247:
Lol na Everyday UBA dey advertise to me mak I use my Dorm du Collateral....

U want to use my Dollar take give me forceful Naira

What does it take to open a dorm accounts?

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by Terver90: 4:46pm On Aug 22, 2023

For once this is a good policy

Re: Leaked CBN Circular Bans Naira Overdrafts Secured By Foreign Currency Deposits by Kion: 4:46pm On Aug 22, 2023

Richb44:
Instead of you to blame your dad for you and your siblings misfortune your blaming a successful man, just continue jokes on you bro

but you dey on nairaland dey curse and insult a successful man like Peter obi abi?
All to fit your pathetic agenda
Una dey seriously amaze for dis forum
Una go too lick Ebola yansh plus his shit join

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