BALLOSKI:
This their latest intervention seems to be working magic.


Before new year , if it continues like this, Naira would have gone back to 200/1$.

modath:


You are kidding right?

BALLOSKI:
This their latest intervention seems to be working magic.


Before new year , if it continues like this, Naira would have gone back to 200/1$.




buhari my doctor!

SamuelAnyawu:

BALLOSKI:
well , since they started giving out forex through travelex , it seems the Naira is gaining strength by #10 every week (from #500 at parallel market to 440) , so you can see where my assumption is building up from. If they don't allow the thieves to hijack this intervention and cause scarcity and speculation, I think this should do the magic.

BALLOSKI:
This their latest intervention seems to be working magic.


Before new year , if it continues like this, Naira would have gone back to 200/1$.


buhari my doctor!

modath:


Which magic a country totally import dependent with oil selling at rock bottom price? For this una consumptive non productive obodo? I agree!!

The best we can hope for is between 350-400... CBN just did 2months forward (can't really explain cos I understand just in layman's opinion but not very deeply) for manufacturers hence no naira liquidity...

Just wait for the effect of bank's stopping their cards from forex denominated transactions..


989900 , come and use economic explanation take torchlight this..

cedaraustine:


Now this is outright comedy. Naira 200 by new year? Go use your hand push am now.

By next week, it would shoot back to around 465 (at least) when people start sourcing for dollars in the BB due to deactivated cards.

With the festivities coming, more pressure! The good thing is that airlines now have concessions to clear debt using Interbank MR, and manufacturers have gotten something. Else!!!

989900D:


My other ID has been sent to the "azher room" by mods, Mo'.

Well, like you said 300-400 looks more practical for now till there is increase in oil production, and hopefully close to $60/barrel Brent.

That said, the recent N400 plus dollar is largely due to saboteur, hoarding, speculating, and general racketeering of which the banks are major players in collaboration with some CBN staff who actually do own some of the BDCs. Then we have the small and big time hoarders and round trippers. A lot would depend on how the CBN checkmates this.

At the moment, $15,000*week*3,000 BDCs is already working in just roughly a week of commencement, if the earlier recommended $50,000 or more*week*3,000 BDCs can be done ($600m per month of the projected $2.9b thereabout per month expected from diaspora remittance), it will bring the rates to well under N380, actually less, depending on some other factors i.e. CBN's proactive response, hoarder's response to their falling stock, and some other factors.

On the longer term, if the rice and general agric initiatives yield positively, and if the over $100b in investment commitments Kachikwu, Adeosun, and Emefiele got from their trips to Asia, Europe, and North America would trickle in (a 40 member delegation from China should be in the country any moment this October to put their money where their mouth is), and we can have some of our assets sold or leased soon enough, it will help MASSIVELY with the Naira situation going forward.

We need investments in our Oil and Gas sector, Rail, Power, Housing, Roads, Agric, Car manufacturing and other Manufacturing to make the Naira practically strong.

Ultimately, our best hope (considering how good we are at making simple stuffs be rocket science) of getting out of the woods while we figure other exports bringing in Forex is, Dangote refineries and Fertilizer plant and power plant, the other refinery in Akwa Ibom, NNPC leased or PPP refineries, the other ones coming up in Okolola and Ogun state which all combined, can refine over 1.4 million barrels of crude; enough to eliminate our Forex needs for refined fuel with a lot more to spare for exports (earning Forex from refined fuel export) -- that will be our major game changer -- that, with the earlier listed, can bring the Naira to as low as N100 to $1.

modath:



See as you type epistle dey wait for me!

One sure thing I know is that oil price must come up small, the rest na just band aid.

modath:


Which magic a country totally import dependent with oil selling at rock bottom price? For this una consumptive non productive obodo? I agree!!

The best we can hope for is between 350-400... CBN just did 2months forward (can't really explain cos I understand just in layman's opinion but not very deeply) for manufacturers hence no naira liquidity...

Just wait for the effect of bank's stopping their cards from forex denominated transactions..


989900 , come and use economic explanation take torchlight this..

cedaraustine:


Now this is outright comedy. Naira 200 by new year? Go use your hand push am now.

By next week, it would shoot back to around 465 (at least) when people start sourcing for dollars in the BB due to deactivated cards.

With the festivities coming, more pressure! The good thing is that airlines now have concessions to clear debt using Interbank MR, and manufacturers have gotten something. Else!!!

cedaraustine:


Now this is outright comedy. Naira 200 by new year? Go use your hand push am now.

By next week, it would shoot back to around 465 (at least) when people start sourcing for dollars in the BB due to deactivated cards.

With the festivities coming, more pressure! The good thing is that airlines now have concessions to clear debt using Interbank MR, and manufacturers have gotten something. Else!!!