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Nairaland Forum / Nairaland / General / Business / Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits (22881 Views)
Speculators Lose N100m As CBN Pumps Dollars Into Interbank / Speculators Get Burnt As Naira Gains Value / Speculators Get Their Fingers Burnt, Naira Strengthens To N310/$ (2) (3) (4)
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Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by erico2k2(m): 11:06am On Feb 22, 2016 |
Elosky20:you haven't told us how government is going to spike the country into exporting |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by erico2k2(m): 11:09am On Feb 22, 2016 |
kay29000:Guy relax, did you lot not call GEJ Clueless? infact PMB is a COW, oya call police. |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by linearity: 11:10am On Feb 22, 2016 |
ndcide: The key is the line in the original article... "....Foreigners are taking advantage of the naira situation. We have 18 countries within the continent where the naira is accepted. The speculators are coming in because of the huge gap between official and parallel market rates....Gwadabe said exporters, mainly from Dubai, have agents in Nigeria, who accept naira from importers at agreed dollar rates. The importers travel with certified invoice to bring in the goods, a practice, he said, reduced pressure on the naira." They either take the Naira back to their country to spend it, or they can use it to pay dubai resident exporters on behalf of their clients in order to import goods from dubai. |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by Elosky20: 11:11am On Feb 22, 2016 |
Mboi:Yes he must stop travelling up and down so that we can save money. i support you 100% on this. |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by justmenoni: 11:21am On Feb 22, 2016 |
I agree with your option 2 100%...that would be the best solution.. They should restrict importation of what can't be sourced for locally. quote author=Elosky20 post=43138350]The CBN has only two options now: 1. Devalue the naira and support the naira from the foreign reserve, but the foreign reserve is low and can only last for 3 months. 2. Restrict importation of certain products, to save the foreign reserve for inevitable imports, which cannot be sourced in nigeria. . The second option is clearly the best in the long run, while the first can only work for a short period because the oil price is not rising anytime soon and might go down to even $20. We have to stop this our importation madness and start using what we can produce in nigeria. For how long will Nigeria continue to dodge this bullet, when we can disarm the assasin with a little effort and sacrifice. "Naira must fall, so nigeria can rise again" i stand with buhari[/quote] |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by Primegold: 11:49am On Feb 22, 2016 |
mrvitalis: How can he officially devalue already heavily devalued Naira when they made exchange rate an election campaign issue? You see, the past has a way of catching up when you least expect. 2 Likes
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Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by johnie: 12:04pm On Feb 22, 2016 |
ndcide: Brilliant question! |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by johnie: 12:06pm On Feb 22, 2016 |
linearity: Okay, good explanation |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by MrGerald(m): 12:31pm On Feb 22, 2016 |
uduokirika1:you're lucky there's no dislike button here... unrealistic expectations |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by Ibeme: 12:39pm On Feb 22, 2016 |
repogirl: Repogirl, what do you need to exchange at N197? An invoice from an exporter etc? I have millions of Naira I need to exchange at N197. Can you help point me in the right direction? |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by repogirl(f): 1:11pm On Feb 22, 2016 |
Ibeme:The direction is CBN, Google their address but I doubt they can help you sha. They barely have enough, you never know when Buhari will travel next, so they have to keep it handy for him on his Gulliver's travels. 1 Like |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by repogirl(f): 1:15pm On Feb 22, 2016 |
yaki84:source for dollars from who? Who will take the Naira from them and give them dollars? If it were so easy to source for dollars, dollars wouldn't be selling for 400 naira. Please enlighten me on how CBN sources for dollars, I would really like to know. |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by KA24DETT(m): 2:10pm On Feb 22, 2016 |
repogirl: , its not true. CBN does not buy dollar from Black market. CBN gets their dollar from selling crude oil which is currently very low now. It pays Oil importers with the dollar it receives. CBN has no business sourcing dollar from black market. |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by Nobody: 2:15pm On Feb 22, 2016 |
erico2k2:this is a typical IPOB member 1 Like |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by Nobody: 2:22pm On Feb 22, 2016 |
How did they make their gain can someone throw more light on this |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by repogirl(f): 2:47pm On Feb 22, 2016 |
KA24DETT:fine, so what happens to the Naira they receive from the importers. |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by yaki84: 2:49pm On Feb 22, 2016 |
repogirl: do nigerians abroad send naira via momey gram or western union? d dollars bdcs r selling how do they get it? cbn put us in this mess they shud get us out, abi na me go give dem clue? |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by erico2k2(m): 3:43pm On Feb 22, 2016 |
uncle005:Another yam eater, I'm not even near Igbo land so how am i IPOB? at least the IPOB youths are proud are you? |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by erico2k2(m): 3:45pm On Feb 22, 2016 |
repogirl:Now U av asked a kwestion |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by KA24DETT(m): 4:07pm On Feb 22, 2016 |
repogirl: It depends on the monetary policy the central bank is abiding by. They can put it back into the the economy by loaning it to the bank or they can withhold it. It all depends on the monetary policy at play |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by murmee: 7:40pm On Feb 22, 2016 |
ndcide:God bless you. It doesn't even make sence. How would they bring the almighty dollars from their countries to come and exchange for our weak Naira. After collecting the Naira, what will they do with it? Will they now take the Naira back to their countries? What is happening is that the BDCS and some saboteurs want to force Government and CBN to reverse the policy of not selling the Dollars to them. They want to push the exchange rate at the parallel market so high till it becomes an embarrassment. They are already running short of Dollars to keep the rate up so they are inviting their BDC friends from neighboring countries to help them embarrass the Government. |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by vivaciousvivi(f): 8:35am On Feb 23, 2016 |
Please who can shed some light on the comment about the 18 countries that accept Naira to trade across Africa. |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by Nobody: 8:38am On Feb 23, 2016 |
repogirl:with 3 degrees at different levels as well as hands on experience in Economics, Finance and financial economics at home and abroad, be rest assured that no issue on migraine cos i am well grounded on this information. i am only interested in seeing if any one will come up with a genius and sustainable argument on the subject matter with respect to Nigerian economy. i am not convinced. |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by erico2k2(m): 9:12am On Feb 23, 2016 |
makenzie:Nigeria is full of greedy beings. They know what to do but bend it for thier selfish interest |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by jpphilips(m): 2:41pm On Feb 23, 2016 |
Elosky20: You can't be too sure of the oil price, the price drop is not basically occasioned by low demand, nope ( I am yet to hear that refineries in Europe, Asia and Americas are closing down) The price deep is manipulated by oversupply and wall street speculators, let me give you two examples; Iran was expected to rejoin the oil cartel in January, before then wall street speculators have announced that Iran is about over supplying the market with about 500k barrels, that news alone drove the oil price to an all time low of $27. iran has said that they need more time to bring their wells up to speed, they are looking at March to deliver the so called 500k barrels, but in the market, the deed has been done!! Saudi has agreed with Russia to a production freeze, venezuela has also been carried along, Kachikwu has pushed the June OPEC meeting to March, Buhari has gone to Saudi to ask that the Russian-Venezuela deal is pushed in OPEC, that will add another 13 countries to the list, guess what, speculators have carried the news to wall street and yesterday, oil gained 6%. The OPEC nations should do more with propaganda to remain in business. |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by jpphilips(m): 2:59pm On Feb 23, 2016 |
[quote author=LastSurvivor post=43143721] Can't we remove this forex restrictions and make import duty so exorbitant that it will discourage importers.. You will open the floodgates of smuggling the Ports Authority and customs will no longer be able to meet their budgetary targets. Meanwhile, to improve local production we need to provide certain things like steady power supply and security which is not at its best currently.. It will cost money to achieve those things, that we don't have |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by jpphilips(m): 3:02pm On Feb 23, 2016 |
Empredboy: He has not said anything that will cause inflation, when the Economy is in doldrums, increased govt spending is the right stimulus plan!! |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by jpphilips(m): 3:09pm On Feb 23, 2016 |
ndcide: Naira is accepted in some west African countries |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by jpphilips(m): 3:12pm On Feb 23, 2016 |
sam90s: Foreign School fees no longer make the list |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by jpphilips(m): 3:13pm On Feb 23, 2016 |
urchmanx: Which India? please shut up when humans are talking |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by jpphilips(m): 3:18pm On Feb 23, 2016 |
repogirl: This is the dumbest analogy I have heard for 2016, Did someone actually pay for this empty education you wield? Just tell me you are a product of free education, I will understand!! |
Re: Forex Speculators From Benin Republic, Ghana, Others Invade Nigeria For Profits by jpphilips(m): 3:19pm On Feb 23, 2016 |
repogirl: Coming for a certified olodo whose head is filled with Ofada rice, I am not suprised |
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