Bloodydemon:


Buhari is a certified terrorist
Apc Is bokoharam
Tinubu is a bastard
Osibanjo is a vagabond
Elrufai is a midget
Obasanjo is a monkey
Lier Muhammed is charlatan
Amaechi is a thief
Oshiomole is a scallywag
Kwankwanso is a cow
Ambode is a clown
Aregbesola is a nincompoops
Fashola is a hooligan
Oyegun is vulture
Delemomodu is pig
Igbokwe is a goat
Gej till 2019

989900:


A better place to be at, than not being able to read and understand.

I started dealing 'street forex' internationally way back '92. I could go ahead schooling you, but it'd be waste of my time, 'cause apparently it's beyond your wheelhouse.

CFCfan:
To our resident economists: If the CBN makes N50 or N100 note the highest denomination, will there be any effect on the value of the Naira with regards to real purchasing power and exchange rate?
Thanks.

ucheheart:
Dey there na. Which white man will allow african man to become his superior?

tete7000:


It will automatically lead to inflation because that implies the smallest money you can spend without needing change will be N100/N50. Small things like chewing gum and sweet will then be available at those prices.

ucheheart:
Don't worry soon they will increase it to N200 if not N250. The white men want to make sure that no black nation emerges as world power in future and they've succeeded in achieving that. Once they heard nigeria had the best economy in africa last year and still growing, they weren't happy with that news so america didn't waste time in stopping crude oil importation which is now crumbling the economy. So everything is deliberate..

Forwetinnah:


Are you buying the bread in dollars?? An explanation has been given and yet you're still falling over yourself about inflation!! This is to encourage the local market instead of importation and import wuruwuru

Image123:


Why do we have this mindset of blaming every other person except ourselves for our problems? If it is not opposition or APC, then we blame white man, or say God is the one punishing us. Whose fault that we depleted our resources and reserves and refused to save in time of plenty? Is it the white that said our source of foreign exchange income should be over 95% crude oil based?

dan55:
maybe u didnt understand what u typed. U typed without reading and understanding ur words.

kaboninc:

The Interbank Window is like every other market
where banks go to source for funds to meet
customer's obligations such as the USD. It could
be for seeking 'quick cash' too. So if bank A has
$100 and bank B needs $100, bank A can sell to
bank B through that platform. But transactions on
this platforms are in huge oh.

In Nigeria of recent, there used to be 2 major
windows or market platforms that determine the
exchange rates - CBN's auction system (RDAS and
WDAS) and the Interbank Market. The auction
system is actually a controlled system and that
really came with severe consequences especially
with dwindling oil prices which is our major
foreign exchange earner. One consequence was
large price differentials between CBN's official
rate, interbank's rate and the black market.

Another was that it was open to abusive,
speculative and round tripping activities by
dealers. CBN began monitoring activities in the FX
market when they had to dip their hands into their
reserve to sustain demands and support the naira.
By observing the demands, they felt that it was
actually been abused. Let me give an instance. A
customer comes and presents a bid for say $300
million (gets it from CBN at say N168). Gets the
funds. Instead of meeting geuine demands, he
goes on to sell to BDCs at the interbank rate (at
181 or higher which is about N13 or higher in
profit for every dollar) without doing ANYTHING!
That is N3.9 billion cool cash!

Thus those who genuinely demand USD do not get
it and those who can give, give at higher prices
(scarcity). So CBN has to come up with so many
measures and policies to curtail this 'MADNESS'
and one of the latest was to effectively close the
auction system and allow the forces of demand
and supply to determine the exchange rate.

Opari

it cant stop anything. My friend in the business now
buys and sells at 217 that is 18 naira gain

kaboninc:


Oga, you are completely rrong!

It will lead to introduction of coins and smaller denominations. In fact the absence of coins in our economy has greatly distorted appropriate pricing of commodities.

ucheheart:
question. Even in the bible when God asked adam how he got to know he was naked. He blamed it on eve. So it's natural. Just as eve made adam eat the forbidden fruit so also the white men made us depend on oil as our major source of revenue because they didn't buy any other resource in large quantity compared to crude oil. So why shouldn't i blame them.

kaboninc:


Well, I don't think I should dignify you with a response. Like I said, you know nothing about demand and supply but just a common 'street forex' dealer like you rightly said!

For mentioning '92, its obvious one can know your kind. I'll stop here.

Inception:


And you are the greatest B.astard fool since inception of humanity

Adminisher:
This is serious FAILURE by Jonathan. It is going to bite him HARD. Let us remember that we had foreign exchange reserves of $45bn and ECA of $22bb that was further helped by $115/barrel oil price that should have.improved. exchange rate to N70 to.the dollar. Every other OPEC country also built up reserves and developed petrochemical industry.
Jonathan did not. At N200 to the dollar most companies will soon laying off workers. All the empty half educated youths praising Jonathan will curse him soon. Shey Buhari is the one you fear now?.You are afraid of Fulani general? Soon you will beg him.

tete7000:


What you have forgotten is that Nigerians have aversion for coins. How many times have coins been introduced and how many of them do you see people spend now? Do you think the previous coins are not relevant? Nigerians just hate to carry coins. The same will happen to any denomination you convert to coins, they simply go into extinction and the least note becomes the least denomination.

989900:


Meh.

abduljabbar8:

Gej is a bastard
Pej is a prostitute
Buhari till 2023
Fool

erico2k2:

my cleaner is white ahe is from Italy.she cleans the common areas of our flat

kaboninc:


I haven't forgotten that bro.

But I know that with the right orientation and enlightenment and enforcement too, Nigerians will start appreciating the usefulness of coins.

In actual sense, higher denomination notes like the 1000 naira really do not have to be in circulation or in public domain. It should be used strictly to move large volumes of cash around. It is because of this same reason the CBN is seriously pursuing the strict implementation of the Cashless Policy.

All these are measures to safeguard our naira.

kilokeys:
officially the price of goods would skyrocket..

stevecantrell:


Dude you have to look past what you think Buhari is. You need to start see buhari as a means to an end. The end of this government.

I can tell you, Buhari will never sit in Aso Rock but for a very short time only.

Voting Buhari means GEJ out ! That's all !

edoboy74:

They are rubbish to your ear because you my friend is rubbish.

What is your business if N200 is to a dollar?

What do you as a person do with the dollar? What's is your interest? And how does it affect you as a person that a dollar cost 200 naira?

Let me see your 'layman' reasoning!

You are a fool sorry to say... I was offered admission abroad and I couldn't meet up with the tuition fee because of this stupid devaluation of naira, if it where be the way it was then I sure should be having a more guarantee and modern education by now.

Mhen!!! Just shot up

ejiro2130:


Are you high or what??

Why didn't you ask why the naira is falling even though oil price is gradually rising??
Keep deceiving yourself, tell your oga to organise election and leave office and you will see if the naira won't go back to 180 over night with help from CBN

michealewela:
i think it affect us directly, maybe you don't stay in Nigeria that's the reason you don't know the effects,, a common tecno phone that was selling for 12k 3months ago has gone upto 15k and if you care to ask the sellers the only reason they will give is "the naira has fallen against the dollar"

Austinio:
. Nonsense. Say what you knw. The naira is died, take it or leav it

tete7000:


Well I wouldn't say no to education and enforcement but another obstacle is the blacksmiths who melt those coins for their metallic values. It is why you don't see many coins in circulation any longer. Maybe cashless policy if we can implement it is our best option.

edoboy74:

They are rubbish to your ear because you my friend is rubbish.

What is your business if N200 is to a dollar?

What do you as a person do with the dollar? What's is your interest? And how does it affect you as a person that a dollar cost 200 naira?

Let me see your 'layman' reasoning!

You are a fool sorry to say... I was offered admission abroad and I couldn't meet up with the tuition fee because of this stupid devaluation of naira, if it where be the way it was then I sure should be having a more guarantee and modern education by now.

Mhen!!! Just shot up