Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,153,812 members, 7,820,869 topics. Date: Tuesday, 07 May 2024 at 11:47 PM |
Nairaland Forum / Nairaland / General / Business / Ubah Claims Credit For Naira’s Recovery (888 Views)
FBN, Zenith, 2 Others Appointed Settlement Banks for Naira/RMB Currency swap / Take A Look At Ifeanyi Ubah's House / Ifeanyi Ubah's Car Gift To Ikechukwu Emeka Onyia's Wife (Photos) (2) (3) (4)
Ubah Claims Credit For Naira’s Recovery by kurt09(m): 8:54pm On Feb 23, 2016 |
Ifeanyi Ubah, managing director and
CEO of capital oil, has claimed victory
for the gains experienced by the naira
over the past two days.
Speaking on Channels TV programme,
Ubah had said that if consulted, he could
restore the naira to 200 against the
dollar in just 30 days.
“Look at the economy, look at the position
of the naira today; some of us have ideas
on how we can restore this,” he had said.
“Do you know how many Burea De
Change people who food has been taken
out of their families because of this? If
you say they are the ones causing it, then
where are you today?
“It needs strategic management. It won’t
take me one month, if you give me part of
that consultancy, naira would come back
to 200. I can bet my life with it, naira
would come back to N200. If you call me
for that consultancy, I would put naira
back to 200.”
After his comments, the naira was quoted
at 370 to the greenback on Monday, and it
rose to 364 on Tuesday morning, closing
trading hours around 340.
Arguing that the currency is recovering
due to his efforts, he said in a statement
on Tuesday: “Fellow Nigerians, I wish to
thank you for the support and
encouragement you have given me so far.
It has been unprecedented.
“As at this evening, the Dollar has
dropped further to N310 as against N390
on Sunday evening before my interview
on Channels.
“This shows that the earlier increase has
been artificial as some people were
manipulating and benefitting from it. They
will all be fished out in due course so that
Nigeria will be better and the suffering of
the masses will end.
“With God and our sincere efforts, even
when we have not been fully consulted,
the Dollar can still be brought down to
N200 and below. Let the discourse
continue. Shun the Dollar till it’s N200.
Pray for Nigeria and let the Dollar go
down to N200 and below.”
Independent investigations by TheCable
show that “big companies” are shunning
dollars on the parallel market, reducing
demand, consequently leading to an
appreciation of the currency. https://www.thecable.ng/.Vsy2BGeG_Qw.twitter |
Re: Ubah Claims Credit For Naira’s Recovery by ozoigbondu: 8:56pm On Feb 23, 2016 |
Well ever since he boasted he could do it naira woke up........ Forex cabal dey fear this guy 4 Likes 1 Share |
Re: Ubah Claims Credit For Naira’s Recovery by PentiumPro(f): 8:59pm On Feb 23, 2016 |
Sensible and knowledgable Nigerians are just laughing at this oil subsidy money opportunist. Like Sanusi said, any idiot can become a billionaire just by knowing those in power to grant you subsidy money for products not delivered. He had people like ubah in mind. 1 Like 1 Share |
Re: Ubah Claims Credit For Naira’s Recovery by acenazt: 9:19pm On Feb 23, 2016 |
Ubah na badt guy. Dis guy need a pulitzer 4 dis |
Re: Ubah Claims Credit For Naira’s Recovery by eyeview: 9:22pm On Feb 23, 2016 |
Sometimes when you have done all that your macro aand micro economics had thought you and the decline persist,then know that the solution may lie with some unconventional and unorthodox methods and that's what I believe he knew the answer to the naira free fall. Afterall,the CBN had the best economists and all their wisdom and knowledge of monetary and fiscal policies couldn't save the naira. Abeg, carry go Chief Ifeanyi Patrick Ubah |
Re: Ubah Claims Credit For Naira’s Recovery by Nobody: 9:28pm On Feb 23, 2016 |
I trust the same but I trust buhari past for standing his ground.this is just artificial inflation |
Re: Ubah Claims Credit For Naira’s Recovery by stagger: 11:10pm On Feb 23, 2016 |
Is it rocket science? Do we know how many Ifeanyi Ubah's are stockpiling dollars in their houses? All you need to do is to flood the market with the dollars and the Naira will recover transiently. Central banks across the world use this strategy to routinely intervene in their currency markets. Simply buy up large quantities of the local currency using large amounts of the USD. Ifeanyi Ubah is lucky he is a Nigerian. If he was from the US or Germany, people would have dug out his past to know how he came by such huge amounts of money to suddenly emerge from nowhere in 2008. |
(1) (Reply)
. / . / How To Export Cocoa For Free
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 15 |