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Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by pendusky(m): 7:22am On May 29, 2016 |
Subscribed |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by Achorise: 7:22am On May 29, 2016 |
Israel5:can I come with you? |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by Exponental(m): 7:23am On May 29, 2016 |
All |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by Achorise: 7:24am On May 29, 2016 |
YelloweWest:What does it means to devalue naira |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by sapientia(m): 7:25am On May 29, 2016 |
Words.. Words... Words.. That statement made in UK and accepted by Buhari is one of the problem. Buhari killed Nigerians image himself and is expecting investors. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by feldido(m): 7:25am On May 29, 2016 |
Trial and error method |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by t2luv1: 7:27am On May 29, 2016 |
proeast: Mexico earn $82B dollars from remittance per year, that is Mexicans working in US and send sending money home to their people. The people gets their money in dollar when they go and collect. The collected money gets circulated into their economy at the black market rate, This make dollars available for people that do not have access to Forex. Nigeria earn $58B dollars in remittance per year, but instead of making this money available for the parallel market. what do we do, we made the bank pays the receiver at the banks pre-defined exchange rate. The banks then turn around and sell the dollar at a higher rate to the Parrallel BDE market. That scarcity of no dollar in circulation is what is causing the exchange rate to be very high. The Central Bank President is a Banker (Zenith Bank) so this arrangement favors the banks at the detriment of the Country economy. Removing this directive will lower the exchange by N50 using a conservative estimate. 9 Likes 1 Share |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by Sunnycliff(m): 7:27am On May 29, 2016 |
VIPERVENOM: Is it the brouhaha of nomenclature that's making you not to see that the Naira is already devalued 1 Like |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by Nobody: 7:27am On May 29, 2016 |
Jengem: Stop hating unnecessarily. The over sabi people that wrote this article proffered a devaluation solution. If Buhari should go with that, you will still buy your dollar at about #290. What difference is there. Really? 1 Like |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by t2luv1: 7:36am On May 29, 2016 |
DMeanMan: Wrong !!! The official rate will be 290 but the parallel rate will be around 450 - 500. If Nigeria devalues their money they are going be truly F*vked. Only people shorten the money will make money, along with bond holders. The country has a sovereign fund why not peg the currency to the sovereign fund portfolio. This will drive off the short sellers, and at the same time allow the country to buy more time until the price of oil rebound. Brent is already at $50 from $30. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by chigoizie7(m): 7:38am On May 29, 2016 |
Things are worse already. Let them peg d naira @ where it is already, we will wriggle out of the hardship somehow. After all, we have been suffering and smilling. Many people will quote me, but that is the simple truth, my only fear is the one they did last week, allowing the value of naira to dollar to be determined by the market forces. I believe no one will want to contend with hyper inflation on goods alone, but that of services and wages remain as it is. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by Israel5(m): 7:39am On May 29, 2016 |
Achorise:you can come after me. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by JaaizTech: 7:40am On May 29, 2016 |
Most people do not even understand what they are reading, foreigners are asking you to devalue, for their own interest and not really Nigeria's interest. Quoting a part of the report " Foreign reserves dwindled as the central bank defended the peg, while foreign investors, fearing a devaluation, sold Nigerian stocks and bonds." This part I don't get, you thought we would devalue so you sold your Nigerian investment, and you are still asking us to devalue The issue we should discuss is what happens when we devalue: If today CBN devalues naira from 199 to 300 naira per dollar what will be the ripple effect and consequence Does who are against Buhari's currency policy should please shed light on this. 5 Likes |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by InvertedHammer: 7:43am On May 29, 2016 |
/ Lazy Nigerians are suffering in the midst of plenty. A tropical country like Nigeria cannot feed herself so disgraceful that even toothpicks are imported. Everyone wants to sit in an airconditioned office and complain about the cost of food stuff. I want inflation to run higher. Perhaps that's God's way of rewarding peasant farmers. I know where this is going. Like in Zimbabwe, Nigerians are waiting for oyibo to come and take over farming to feed Nigerians while they roam around chasing the latest upgrade of electronic gadgets. CBN...harken to my voice and devalue the naira. And Buhari...I don't think the noose is tight enough. You know what to do. I am so indifferent to the plight of lazy Nigerians. \ |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by Israel5(m): 7:45am On May 29, 2016 |
Sasuwa:na man you want bt how abt a gentleman. I'm hooked if not... But God! You're so natural! |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by sokera: 7:47am On May 29, 2016 |
sapientia:I'm sure you have never travel out of Nigeria before... The whole world knows how corrupt Nigeria is so Buhari reply to UK as nothing to do with our image, our image as been damage over 20 years ago so no be today ... 1 Like |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by t2luv1: 7:58am On May 29, 2016 |
JaaizTech: Devaluation helps only foreign bond holders. The made their bet that the value of oil will keep going up but the bet went south when oil prices crashed now they went Nigeria to bail them out by devaluing the currency. 99% of stocks on Nigeria Stock Exchange are owned by Nigerians so exposure to foreigner selling is non existence. The drum beat you are hearing for devaluation is because some people are holding certificate of bonds that are ready to mature and will be worthless panic set in. Once summer get here most analyst expects the price of oil to hit $60 - $70 that will help with the budget and gives the CBN more flexibility. Need to get rid of the remittance policy to free more dollar into the parallel market. 2 Likes 2 Shares |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by menxer: 8:02am On May 29, 2016 |
mrvitalis: In a coven of vampires? I doubt. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by 2n2k(m): 8:03am On May 29, 2016 |
Sunnycliff: You didn't critically analyse the scenario. What you referred to was a forecast (not actual) for 2015 wrongly based on the premise of what happened in previous years. By January 2015, nigerian economy was already taking the hit from the fall in oil price and by Iweala's admission, we were already borrowing to pay salaries. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by 2n2k(m): 8:07am On May 29, 2016 |
t2luv1: At bolded, I thought the winter is more favourable to increase in oil prices because of extra demand |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by sniperr007(m): 8:07am On May 29, 2016 |
plaetton: On point |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by JaaizTech: 8:07am On May 29, 2016 |
t2luv1:Thanks for the insight. Pls. Can you explain what this foreign bond thing is about and how the naira to dollar exchange rate affects it? I just hear about bond sales but I really don't understand how it works |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by Chinom(m): 8:12am On May 29, 2016 |
mrvitalis: You don't need to travel. Take your vacations at Obudu ranch or any other resort in Nigeria. The only way we can save the Naira is to curtail frivolous foreign currency demands. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by sapientia(m): 8:15am On May 29, 2016 |
sokera: Ifa priest that knows the travel experience of everyone.. Nigeria is not the most corrupt country in this world but you dont have their government officials openly saying that. I doubt if you read the article cos i lifted it from there. I dont normally respond to mentions but it seems you need help. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by Pesuzok(m): 8:34am On May 29, 2016 |
t2luv1: I think you forgot what NDA is doing to our production |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by aobinna79(m): 8:35am On May 29, 2016 |
palsenator:and so what |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by JaaizTech: 8:39am On May 29, 2016 |
Pesuzok:Yeah those guys are really crippling the economy. I don't think it has anything to do with better life for Niger Deltans, the big players in this country that are being squeezed by Buhari are just fighting back. I forsee the negotiations with NDA failing. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by knowyaself3: 8:46am On May 29, 2016 |
JaaizTech:After the fall in crude price and Nigeria being almost 100% dependent on crude for forex, Foreign investors sold their investments and are waiting for us to devalue so they can reinvest at the market determined rates. If we dont devalue, they will continue to steer clear of our bonds and stocks for fear that a devaluation will take place after they have invested, messing up the worth of their investments. 2 Likes |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by toprealman: 8:46am On May 29, 2016 |
Goddex:agric fair? How much is a bag of rice, tomatoes....? Security fair? Guy I will like to pay for your holiday trip to any hotspot in the north, make your choice.....just that you must camp at sambisa forest for at least ONE night! Ever heard of a cow rearing group moving about with AK pere rather than sticks all in the name of answering herdsmen from.....you know now!!! Maritime fair..... MTCHEW!!! 1 Like |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by otiigba1(m): 8:46am On May 29, 2016 |
Achorise:he have to get the visa first, besides if he let you come with him, you may also bring witchcraft with you from your village . Typical nigerians way of thinking. I guess |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by Immorttal: 8:51am On May 29, 2016 |
t2luv1:Good write up there.Now what should we expect as the outcome. Don't you think the black market can still fix their own price higher than the interbank rate hence our bank cannot exchange physical cash to the public. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by BetaThings: 8:55am On May 29, 2016 |
Jengem: I like this very much God will punish him if he (Buhari) deserves it And will not punish him if he does not deserve it Afterall God knows the truth and is not blinded by propaganda from both sides 1 Like 1 Share |
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