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Nairaland Forum / Nairaland / General / Business / CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% (41693 Views)
CBN Reduces Lending Rate To 11 Percent / Cash Shortage Hits Banks, Overnight Lending Rate Jumps / CBN Officially Devalues Naira (2) (3) (4)
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Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by atlwireles: 10:03pm On Nov 25, 2014 |
Ijebulogic: Laughing at what? The same SLS who spent $117B in 4.5 years defending the Naira? The joke is on him. 5 Likes |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by anonimi: 10:20pm On Nov 25, 2014 |
Ijebulogic: I thought Ijebu people are really very smart when it comes to money matters and by extension, economics. You sure sey you deserve this your ijebulogic moniker? Was there a drastic drop in oil price throughout Sanusi's tenure as we are having currently Perhaps na you suppose check that your ofege logic! 4 Likes 1 Share |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by warrior01: 10:34pm On Nov 25, 2014 |
anonimi:Bro, you really have time educating these ignorant critics. Pls, let them continue wallowing in their ignorance. Never knew Nigeria was an Eldorado till Gej came. Bunch of lazy hypocrites 2 Likes |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by Volksfuhrer(m): 10:59pm On Nov 25, 2014 |
BlackTechnology: What the cbn is trying to do is obvious. It is still a bandaid all the same if you don't drastically cut government spending 70 percent of which is recurrent expenditure. Or are we saying there's no political will to do this. Devaluation is an easy choice but it has its costs and limits. 2 Likes |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by hayokunleoni(m): 11:19pm On Nov 25, 2014 |
5 pages on a very misleading topic and wrong interpretation. Naija youth, I hail thee. What the CBN announced is not a devaluation of the LCY. The official Naira is not allowed to swing in line with the forces of demand and Supply. This is because, the CBN has pegged the official rate at N155 per USD since 2012 with + -3% band. If u want to know the actual value of the Naira, check the BDC and Parallel market value. The CBN simply moved up the peg rate for official rate so that they can effectively defend the Naira from attack in view of the sliding oil price and high demand of FCY from local users. Please be guided 2 Likes |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by ToyozzieTohBad(f): 11:47pm On Nov 25, 2014 |
where are we going for this country? GEJ!!!! If i talk now...Tanoids will start dere "Roads and Infrastructure" noise Pics: Court of Appeal judge, Justice Amina Augie's daughter weds http:///n6Kpe |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by Ijebulogic(m): 12:58am On Nov 26, 2014 |
anonimi: Yawn...I wont argue with you. ...Google it for some enlightenment...Oil prices were lower than this in 2009 when SLS was Governor. How can you justify a 9% drop in currency value overnight? Anyway make I siddon look 5 Likes |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by knowledgeable: 1:10am On Nov 26, 2014 |
barcanista: No, you need a complete political restructuring of the country, if we are going to survive as possible. Let me educate you a little bit. The convergence of of manners of forces against have just entered a level two phase. ...........Nigeria is doomed. 2 Likes |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by chukel(m): 1:55am On Nov 26, 2014 |
Obiagelli:obiagelli, I'm really extremely disappointed in you. Y can't u ignore these tanoids. U really destroyed the trend of the thread ever since u joined. Control yourself. 3 Likes |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by BlackTechnology: 4:52am On Nov 26, 2014 |
Volksfuhrer: Do you know that cheap imported products destroy local industries and high cost of imported products encourage local industries. This is a blessing for local industries but disaster for importers. |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by BlackTechnology: 5:04am On Nov 26, 2014 |
atlwireles: 20% of $117B is approximately $22B. Ijebulogic failed to realise that $22B is sufficient to finance the establishment of international electronic electrical and mechanical industries in Nigeria whose products constitute the largest imported products into Nigeria and exert the greatest pressure on our foreign reserve If Nigeria partners with foreign industries and starts producing electronic electrical and mechanical products, the demand for dollars in order to import will reduce. Sanusi was a disaster to our economy. SLS was shortsighted and blinded by politics 1 Like |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by Billygee2u: 6:01am On Nov 26, 2014 |
espn:so your country was good before ? 1 Like |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by Nobody: 6:54am On Nov 26, 2014 |
chukel:I am sorry Sir 1 Like |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by signz: 7:39am On Nov 26, 2014 |
hayokunleoni: Oga sorry but I don't understand what you just posted. Kindly explain in layman's terms. Thanks |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by espn(m): 7:58am On Nov 26, 2014 |
Billygee2u:yea idiot..it was far better dan wat we v nw! Don't u know d difference btw good, better and best? |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by TDstarr: 8:39am On Nov 26, 2014 |
they want to make more money from oil at the expense of the poor masses, one day i will bomb the whole country let everybody rest |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by coolvitus(m): 8:40am On Nov 26, 2014 |
Chai |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by igoro10: 8:43am On Nov 26, 2014 |
emmyspark007:Cold water na 10naira everywhere now |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by Nobody: 8:47am On Nov 26, 2014 |
Welcome to Dutch Diseased Nigeria. Yesterday....we found out that most of our states are nothing but oil dependent duchies. Now...the naira goes down. It is beginning to look like 1989 all over again..... The problem with Nigerians is that the followers prefer their share the cake economy. They don't want an industrial economy. Well, my advice to Nigeria is....stop acting like we are rich men's wives....and start acting like we are poor people who need to work and work to boost our economy via industrial development. Oil is a curse. P.S: Managing the dutch disease in Nigeria.....should be required reading for our economic policy planners...and every Nigerian. 3 Likes |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by Firefire(m): 8:48am On Nov 26, 2014 |
RockMaxi: well said. 2 Likes 1 Share |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by Nobody: 8:50am On Nov 26, 2014 |
knowledgeable: No....we do not need restructuring now (although it is not a bad idea, really). We need to develop an industrial economy.....and get off oil completely. We need to invest more in power supply and transport infrastructue....with railways as key. We need to spend heavily on technical education....and build up a corps of million s of technicians.....not paper graduates. We need to improve domestic manufacturing....and get Ajaokuta running again And we need to end corruption. Restructuring now would just involve changing the paint on the car....without fixing the engine and the innards. We have to live like we have no resources.....and become like China, Japan and South Korea. and Germany! 5 Likes |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by Vince77(m): 8:53am On Nov 26, 2014 |
The problem of dis country just too much. 2 Likes |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by Vince77(m): 8:54am On Nov 26, 2014 |
bushdoc9919:Well said. |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by desy24444(m): 8:55am On Nov 26, 2014 |
If day lik day should devalue it 2 #1000,we go still live dis country in due tym |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by simpleseyi: 8:57am On Nov 26, 2014 |
Up Jonathan! Up PDP!! Up Nigeria!!! Jonathan's destiny is to bankrupt Nigeria - Tunde Bakare Since oil price is decreasing at the global market, we all should expect the pump price of petroleum products to decrease at the local market. 1 Like |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by nairaman66(m): 9:00am On Nov 26, 2014 |
Kx: This is what you get when the FG is still practicing an old form of government- Lutocracy! 1 Like |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by Volksfuhrer(m): 9:01am On Nov 26, 2014 |
BlackTechnology: Yeah, blessing for local industries whose major raw materials are not sourced abroad. Local manufacturers also import raw materials and equipment which would increase local costs of production. When you throw the higher cost of generator diesel into the mix I can't bet on the proposition that locally produced goods will be cheaper than its foreign counterpart. This cycle is obvious to local manufacturers because they've been living it since The Structural Adjustment Programme in the late 1980's. Its like a cat chasing its tail. 1 Like |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by undiukeye(m): 9:02am On Nov 26, 2014 |
citizenisb:to sell nko |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by Nobody: 9:05am On Nov 26, 2014 |
Obiagelli:what's the relation of how it happened on US affects how it happens in Nigeria. You guys are just clueless. And to think those touts called house of reps members who displayed their childish and irresponsible attitude shows they are only their for themselves. We are all concerned about voting GEJ out, but you fail to tell yourselves the truth that he would still be there till 2019. No matter how pathetic you make your case for Buhari, he can't even win in Kastina. It's three months to the polls. Why not look for better opinions as regards the current economic issues rather than trade unnecessary words about GEJ. 1 Like |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by Nobody: 9:05am On Nov 26, 2014 |
please what is the meaning of CBN I school in Iraq |
Re: CBN Devalues Naira From 155 to168 , Raises Lending Rate to13% by Gistdutch: 9:05am On Nov 26, 2014 |
Brace up this is just tip of an icebag.One thing is certain but ANTI and PRO will chop from the same market. |
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