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Nairaland Forum / Nairaland / General / Business / Four Failed Cbn’s Attempts To Arrest Naira Free Fall (16166 Views)
Naira Continues Free Fall On Official Window, Trades N1482.57/$ / Nigerians Criticise CBN’s Reliance On Dangote Refinery To Fix Naira’s Free Fall / Naira's Free Fall Continues, Now Exchanging At ₦550 To $1 (2) (3) (4)
Four Failed Cbn’s Attempts To Arrest Naira Free Fall by dre11(m): 1:45pm On Feb 21 |
By Rilwan Muhammad https://dailytrust.com/four-failed-cbns-attempts-to-arrest-naira-free-fall/ 1 Like
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Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Ebinpiawazuu: 1:52pm On Feb 21 |
Jagabanaira E no be small hunger o . This one they through flog agbado and aboki from the manhood wey them been they lick. 15 Likes 3 Shares |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Felabrity: 1:53pm On Feb 21 |
Nothing can stop a determined soul 9 Likes 1 Share |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by englishmart(m): 1:56pm On Feb 21 |
The CBN is currently run by incompetent people who have zero idea what the issue is, let alone the solution. Tinubu simply planted stooges with no requisite capacity, to milk the country dry while they await some inexistent miracles. 52 Likes |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by nairalanda1(m): 1:59pm On Feb 21 |
So long as we are not earning enough dollars, anything the CBN does is grasping at straws 50 Likes 2 Shares |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by GanagiBitrus: 2:02pm On Feb 21 |
I doubt if there is any shortcut to arresting Naira free fall. Govt just has to start putting in place conducive environment to promote Local Industry, Mechanised Agriculture etc, & generally do more of exportation & less importation. 13 Likes |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by SpecialAdviser(m): 2:02pm On Feb 21 |
Have they tried selling cocaine in dollars? This is the area the president is an expert. Just suggesting 94 Likes 8 Shares
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Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by yesloaded: 2:02pm On Feb 21 |
Reverse the floating of naira policy as soon as possible 31 Likes 2 Shares |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Godjone(m): 2:02pm On Feb 21 |
Una never see nothing. The issue with tinubu are numerous. His incompetence is one. Stealing of a mandate two and his dirty past hunting him so bad. Balabu bulaba should resign and things will bounce back well 28 Likes 1 Share |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by bouncin04(m): 2:02pm On Feb 21 |
Mf's getting what they bargained for 1 Like |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Cantonese: 2:02pm On Feb 21 |
Very terrible. Only one word is the problem: CORRUPTION. Can satan chase away satan? A very close look at those operating the system may reveal the same people maintaining their business of arbitrage and round tripping. The same people come to the public to tell us that the naira depreciates; they tell us how they intend to stabilize the naira; the money is made available and they sell it to abokis, making billions to themselves. That's the system daily. The banks must be properly monitored. That's where the problem is found. First come clean. Tackle corruption frontally. Deal with those who perpetrate the heinous act and see the story change. Stop the looting. Go after looters more seriously. Get back public funds. Plug the loopholes exploited to steal crude. Deal with insecurity. Get farmers back to their lands and see the food story change. In the interim, import food, subsidize and ensure that citizens have their needs. The word palliative in our country means corruption. It is an opportunity for some to amass wealth. Get food to the people and you can find some peace. Unfortunately they make it look for hard with their economic jargons, deceiving themselves and their bewitched followers. As of today, flour sells at over 60,000 naira per bag. Very soon bread will be forgotten in the country. Na only for TV people go dey see bread. For those who love puff puff, it is now at 100 naira each. Several importers have suspended sales. As no one knows how much it will cost to order new products, they choose to hold on, believing that the naira "will find its value". Na here we dey. 7 Likes |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Fatbam005: 2:03pm On Feb 21 |
Cardoso sef no sabi wetin to do. Clueless 11 Likes |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by BAZ001: 2:03pm On Feb 21 |
This is what happens when you put your family and political touts in offices meant for genius and brainy see cbn governor acting confused like his president… doing trial and error from N455 to N1,600 to a dollar. We can see how Agbado president is turning Nigeria to Tinubu Lagos Even the worst cbn Gov Emiefele will be laughing in prison rn cos this new one go worse pass am 8 Likes
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Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by mobileboy: 2:03pm On Feb 21 |
Naira no gree stand Na so so fall 1 Like |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by SensualMan1(m): 2:03pm On Feb 21 |
Arrest who? Arrest Tanker! You know where they are with their cap, long robe and dubai slippers. Go and touch them naa...and see hell let loose in the western region. You think they are under the tree to play? At least they have leaves to eat, the container and 2 by 2 shop people are drinking beer with bush meat, u people on the other side will continue shouting.... 4 Likes 2 Shares
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Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by sofeo(m): 2:03pm On Feb 21 |
Alright |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by aariwa(m): 2:03pm On Feb 21 |
With this free fall rate dollar with get to $5, 000 before December …tinubu always beating the abysmal records right thinking people set for him, by this time next year extreme adversity never seen before will push people criticizing Peter Obi to trek from their states to Obi house in Onitsha and beg him to save Nigeria. Peter Obi during his campaign warned us about trial and error by people who have not taken time to study Nigeria’s problems and do not know the magnitude or any solution …now we are seeing the results of mandate thief’s empty rhetorics fueled by emilokan bitterness towards successful people 4 Likes |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Built2last: 2:04pm On Feb 21 |
ok |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Tjra: 2:04pm On Feb 21 |
How are the BDCs getting their cash? Just ban all cash withdrawals from DOM accounts. Every withdrawal should be via FX sales transfer sales to Banks or Foreign suppliers with Form M or any other supporting document in place. Ban all cash deposits as well. Set a deadline for all potential Dollar cash holders to deposit into their accounts. Something similar to Naira mop up of last year. Speculators are having a field day because they can speculate/trade with cash and then still bring into the Banking system. 4 Likes |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Acidosis(m): 2:04pm On Feb 21 |
5. They're going after crypto traders and Binance. Another failed effort. 4 Likes |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Didijiji: 2:04pm On Feb 21 |
Lagos builder is building the Naira 1 Like |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Lurdmax10: 2:05pm On Feb 21 |
Failed attempts at trial-and-error approach 1 Like |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by crackhouse(m): 2:05pm On Feb 21 |
The Tinubu era will not be forgotten in a hurry.. 2 Likes 1 Share |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Bobotic(m): 2:05pm On Feb 21 |
Let Tinubu try it again 5 Likes
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Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by bnanny: 2:05pm On Feb 21 |
The problem= Politicians 4 Likes 1 Share
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Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Elvis2kay: 2:05pm On Feb 21 |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by reiddecuti: 2:06pm On Feb 21 |
This is what you get when you run a government of ethnicity, nepotism... Buhari did it for 8 years and wrecked the economy. Now, Tinubu is tailing on that path to bury Nigeria. The man whom became president with NEPA certification came and wrecked the economy within 8 years and the man who became a student before the school was founded is now doing everything he knows to bury the economy. Truth is these men ruling us have no allegiance to motherland Nigeria. Still waiting for Tinubu to build Nigeria as he built Lagos. Las Las, Nigerians don dey chop statistics. 10 Likes |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Babaken(m): 2:06pm On Feb 21 |
yesloaded:pride will not allow him 1 Like |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Millimann: 2:06pm On Feb 21 |
Trial and error government. They're learning on the job. 3 Likes |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by jmoore(m): 2:06pm On Feb 21 |
I have said it many times. You can't use propaganda to solve the fx. 3 Likes |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by emkz: 2:06pm On Feb 21 |
These are just temporary measures and were bound to fail. The forex market in Nigeria is like a hydra-headed snake. Cut one head; as you face another head, the first head will grow back. Cut the damn neck! In other words, let the CBN address the root of the problem instead of pretending they don't know. Since last week, dollars injected into the forex market are mopped up. Who exactly are those mopping up the forex? What economic activity is tied to the raid of the forex? Ribadu claims the activities of speculators are responsible for the hike in dollar rates. My question to Ribadu is: why are the speculators not afraid of the government? For many years, bank MDs have been accused of buying forex from CBN and the forex goes into the black market through back channels, for example, there are vulturistic abokis sitting in banking halls trying to buy off dollars from customers. Who regulates those abokis? If the $10billion the vice president said would come into the system enters, it would be evacuated by the same speculators which would not solve the problem. My observation is that CBN has lost complete control of the forex market and are being regulated by the BDCs and population instead of CBN being in control. All over the world, forex trading is heavily regulated by governments through central banks. What I also observed is that the dollars are mopped up by those who don't need them but are keeping them for a profit. Therefore, let CBN take complete control of the forex market through the following measures: (1) Deregister all unlicensed BDCs. That market is heavily unregulated and until they are faced squarely by the authorities, the practice of the naira dying will not stop. (2) Stop selling dollars to commercial banks as it is clear that they have failed in meeting their obligations to customers with the dollars. People who approach the banks for PTA/BTA and school fees are directed to the BDCs. Why do BDCs have dollars and banks don't? Even with banks, some people still approach the CBN to transfer their school fees. Infact, it was found that the banks had $5billion in their vaults. How come no one has been punished when these same banks created artificial scarcity to push people to BDCs? (3) All banks should be compelled to show a statement of how they used the dollars they received from the CBN from the last two years. At least it would give us some ideas of what disappeared through the black market. (4) CBN needs to carry out a tsunami on the banking industry. Use some bank MDs known for the forex fraud as examples by dismissing them for breaking the law. (5) Once all these measures are taken, the CBN must protect all forex coming into the country to ensure the problems we currently have are not iterated. In summary, CBN needs to take drastic measures to regulate the market. There are other measures that can be taken to get the dollars from those who have stored them. Whether the CBN would have the will is something else. The Nigerian forex market is like those who pirate music. Kill the black market for forex. 7 Likes 1 Share |
Re: Four Failed Cbn’s Attempts To Arrest Naira Free Fall by Raph82(m): 2:06pm On Feb 21 |
There's nothing like 4 failed CBN attempts to arrest naira free fall, all na scam. They know what to do to stop the free fall, only that we have lots of unpatriotic citizens in the affairs of administration. 3 Likes |
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