2sex:
Please, I want economics technocrats to enlighten me on this new policy by the CBN governor. From what I understand on this new wave or trend of the Naira against Dollar, the dollar is being FORCED under intense pressure to fall against the naira.

To the best of my knowledge, this is an artificial surgery to a natural problem, I can't see how this is sustainable in the long run.

To be clear, I like the new trend and I a PRO Buhari, so please do not call me a wailler . I am just trying to be more pragmatic with an open mind.

This bring me to the main question that is bothering my mind: What are the economic measures in place to ensure that the naira doesn't fall against the dollar in weeks ahead and is it ensured that the naira becomes stable or rise further against the dollar? I need to know please

The ugly truth is that from the look of things, the strength the naira is gathering is only superficial triggered by mere speculation. The dollar will always the stronger currency.

The real value for naira to dollar should be in the neighborhood of 220 -230 naira per dollar. This is only possible due to the current economic realities.

For those of us that keep shouting 1naira to 1 dollar. You are only dreaming. It will never happen in this our generation.

Back to your question. There is absolutely no current economic measure to stabilize the naira .

dokiOloye:
Much respect to d CBN governor Emefiele.
I know that d cow rearer from Daura can NEVER originate such an idea.
It's way beyound his scope.

hmmm interesting! Now the credit goes to the CBN governor not the promising President anymore? these tanoids are pathetic.

dokiOloye:
in American English,it is "beyond" but in English English,it is "beyound".
Just like d Americans will write "favor" instead of "favour".
Oya,say thank U sir.

interesting!

seunmsg:
It seems the new CBN policy is achieving the intended result despite the criticism by the PDP.

The monies looted by the WAILERS is loosing value, hence the wailing continues! CBN FTW! God Bless Nigeria!

The idea here is depositors can no longer deposit USD in their local accounts in the Nigerian banks but can receive USD deposits from their foreign accountaccounts into their dorm a/cs as prescribed within the law.

Primarily, it is a policy to trace the loot/laundered funds in USD in the system, most esp. by politicians. Politicians r keeping some of the loot(USD) outside the fin. institutions in the country. Hence, CBN needs to key into the devt. Apart from the loot kept in foreign accounts which can be traceable.

Commercial banks r not happy cos they want to hoard USD which will rise soon as a result of improvements in the US economy. The Fed Chairperson J. Yellen will soon begin to hike rate as labour market n employment (non farm payroll) improve in the US economy

This will make our exports expensive, in turn disencourage exports. This will bring abt imbalance in trade- trade deficit.
It is in the meantime to recover stolen fund.

Infamous:
must this be made political?

You should ask PDP and not me. They politicised it.

BrainnewsNg:
Can we fast for the Nigerian currency?

Yes by all means! Lol

petrelli07:


Bros... according to the Oxford English dictionary it's "beyond" both American and British. the only difference is the pronunciation... now say "thank sir"...

thank U sir.
U see,I'm a good guy after all.
On d subject matter,what I mean is that there was a time ppl were calling for Emefiele's sack when d dollar took a hit.
Now,why can't U guys give him some of d credit now that d dollar has appreciated or is it a case of if a child turns out bad it becomes a son/daughter of d mother but when he turns out good he/she becomes a son/daughter of d father?

Learn how to rationalise well now.if it was otherwise you would have blamed buhari for that,now that is good for the country now you blindly refused to give the credit.

dokiOloye:
Much respect to d CBN governor Emefiele.
I know that d cow rearer from Daura can NEVER originate such an idea.
It's way beyound his scope.

this mushin goat seller,if Buhari did not come in,d situation would still b precarious. Shey it was emefiele dat had d vision for #1=$1? Mushin goat seller like u.

dokiOloye:
Much respect to d CBN governor Emefiele.
I know that d cow rearer from Daura can NEVER originate such an idea.
It's way beyound his scope.

this mushin goat seller,if Buhari did not come in,d situation would still b precarious. Shey it was emefiele dat had d vision for #1=$1? Mushin goat seller like u.

dokiOloye:
in American English,it is "beyond" but in English English,it is "beyound".
Just like d Americans will write "favor" instead of "favour".
Oya,say thank U sir.

Guy, go update all your school certificates and results. I think they have all expired. No offence please. "English English" indeed.

dokiOloye:
Much respect to d CBN governor Emefiele.
I know that d cow rearer from Daura can NEVER originate such an idea.
It's way beyound his scope.

Then what is the reason for appointing CBN governor, do you think every decision and opinions must come from president alone, even in a company manager can not decide on everything talkless of a country. you are the greatest dullard

dokiOloye:
Much respect to d CBN governor Emefiele.
I know that d cow rearer from Daura can NEVER originate such an idea.
It's way beyound his scope.

The cow rearer remains ur president...[color=#990000][/color]

olayinka63:

Then what is the reason for appointing CBN governor, do you think every decision and opinions must come from president alone, even in a company manager can not decide on everything talkless of a country. you are the greatest dullard

Your father there.
If d dollar falls,then it's Emefiele but if it rises,it is Buhari.
Ur father.

dokiOloye:
Much respect to d CBN governor Emefiele.
I know that d cow rearer from Daura can NEVER originate such an idea.
It's way beyound his scope.

Your dad is a nitwit!!!

Thank God with this rate before ending of this week it will got below official price(#197) .kudos to the police makers . but our porous border is another drawback.

heykims:
Let the Change continue!
Another bad day for ......, make I sha no mention names coz I know want trouble from some set of people..

dat pix got me laffing so hard

Fake news!

If the value of the naira continues to appreciate against the dollar, nigerians in diaspora will feel the pinch more as they would have they send more money back to complate whatever projects requires financial commitment. The value of looted funds currently lying in foreign backs would eventually lose value against the local currency. Good as it sounds, FDI might also be affected as naira further appreciates against incoming funds. What the govt should work towards is continous sustainance of all monetary and banking policies that are already in place. We approaching a point of economic stability. In nigeria, our problem has always been inconsistent implementation of policies.

conyema12:


The ugly truth is that from the look of things, the strength the naira is gathering is only superficial triggered by mere speculation. The dollar will always the stronger currency.

The real value for naira to dollar should be in the neighborhood of 220 -230 naira per dollar. This is only possible due to the current economic realities.

For those of us that keep shouting 1naira to 1 dollar. You are only dreaming. It will never happen in this our generation.

Back to your question. There is absolutely no current economic measure to stabilize the naira .

Diversification is the next step to take, the restriction of 49 products access to locally sourced dollars is also contributory. By the time we start refining our crude oil and stop importation, more employment will be generated and economy grows. If thats not growth, then what is it?

dokiOloye:
Much respect to d CBN governor Emefiele.
I know that d cow rearer from Daura can NEVER originate such an idea.
It's way beyound his scope.

You just spoke my mind!

babafemi1000:

Yes by all means! Lol

Oya! Lets go
20 days dry fasting! Will it be ok??

Keep those black Ghanaians off Nigeria.

bettercreature:

I was expecting this policy long ago and the next move should be the issueance of IBAN number to all customers to make international payment in Naira THEN delete all DOM accounts,foreign currency must be wiped of this system

So on point, I hope the authorities know this.

dokiOloye:
Much respect to d CBN governor Emefiele.
I know that d cow rearer from Daura can NEVER originate such an idea.
It's way beyound his scope.

Mr fool,was emefele sleeping when Jonathan was president? Buhari's body language is doing alot

yemaldo:

Mr fool,was emefele sleeping when Jonathan was president? Buhari's body language is doing alot

Mr cow,hw much was d dollar for d most part of Jonathan's regime?
Ediot like you.
Body language ko,spirit dialect ni.

Chai, nigerians never cease to amaze me oooh. A reporter spoke to one Gwadsbe or whatever he calls himself, who claims Ghanaians are "stormin" nigeria for dollars, and that was enough to form a screaming headline? What kind of journalism do you people practise in your country sef?

And instead of elaborating on how Gwadabe arrived at his observation, the reporter went on a long,useless journey before managing a pathetic quote.

In any case, who else collaborated what Gwadabe said?

Even a cub reporter knows you can't conclusively make assertions based on one source only. At best, the headline ought to be Gwadabe Alleges Chadians, Ghanaians Storm Nigeria for Dollars.

In any case, the story is false. I can bet my last pesewa on that.

2sex:
Please, I want economics technocrats to enlighten me on this new policy by the CBN governor. From what I understand on this new wave or trend of the Naira against Dollar, the dollar is being FORCED under intense pressure to fall against the naira.

To the best of my knowledge, this is an artificial surgery to a natural problem, I can't see how this is sustainable in the long run.

To be clear, I like the new trend and I a PRO Buhari, so please do not call me a wailler . I am just trying to be more pragmatic with an open mind.

This bring me to the main question that is bothering my mind: What are the economic measures in place to ensure that the naira doesn't fall against the dollar in weeks ahead and is it ensured that the naira becomes stable or rise further against the dollar? I need to know please

you're very sensible....short term against perennial problem....fix power....fix transport networks.....enlarge agriculture and manufacturing.....and fix ICT.....it will crash itself and naira will be strengthened...but when you create artificial solution for a perennial/natural problem, it won't last. The after effect will be disastrous, and how great will the crash be! CBN is not taking its time to plan with precision.

agarawu23:
why should dollar be deposited instead of naira our own currency? CBN just wake up from sleep.

importers should save naira and withdraw dollar or euro when they get to their business countries.

I pity chad and Ghana ppl, if nja guys sell una fake dollar, make na know cry o

@bolded summarizes your level of intelligence...No offense but bitter truth...

free2ryhme:
strange policy of rejecting dollars into your account.

You can't go to Barclay and tell them you want to open a Naira account. We were given privilege to operate Euro, Pounds and Dollar account offshore but it's killing the economy!

There are two kinds of demand on the Dollar in Nig,( 1) corruption induced demand- this demand exact pressure on the dollar after every FAAC meetings in the last 15yrs, since the Dollar is seen as a means to store value. It is this demand that devalues the Naira in the market as too many naira is chasing few Dollars,
(2), import induced demand- individuals, companies make demand on Dollars to purchase goods and services abroad. This demand is mostly genuine and is most financed via the CBN through Banks.
The recent CBN policy is a good one that will further help the Naira to appreciate to even 160 by Dec, as it no longer easy to launder or use stored Dollars through our Banks, those with 1m dollars at home will be looking to sell now since property owners will not want to collect dollars, in the long run with a little tweak to the policy the black market is in for extinction if all foreign currency must be declared at the point of entry to receive naira equivalent.
With the ban on importation of certain items the pressure on the dollar by genuine importers have been reduced thereby making it easier for our foreign receipts to cope.. The problem was too much naira from electioneering corruption that were chasing few dollars in the market caused the naira loss of value, When the righteous is on the throne God's mercy and grace will definitely kick start the rise of that Nation, not because the leader is a genius but just because of his favour, PMB is sincere.