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Nairaland Forum / Nairaland / General / Food / Naira To Sell At N415/$ As CBN Sustains Intervention (25755 Views)
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Re: Naira To Sell At N415/$ As CBN Sustains Intervention by grandstar(m): 4:48pm On Mar 21, 2017 |
When are they floating the currency ? Thats the koko |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Nusaf: 4:49pm On Mar 21, 2017 |
seguno2: Hahahahahahahahaha. I no fit shout abeg.
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Re: Naira To Sell At N415/$ As CBN Sustains Intervention by wristbangle: 4:49pm On Mar 21, 2017 |
989900: Really? Are u sure? |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by 989900: 4:51pm On Mar 21, 2017 |
wristbangle: You can call to check with your ab0ki too if you have one. |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by grandstar(m): 4:53pm On Mar 21, 2017 |
989900: Until CBN allows the currency to float, full fledge confidence won't return. The sole supplier now is the CBN. What of the private sector? 1 Like |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Earth2Metahuman: 4:55pm On Mar 21, 2017 |
chloride6:so, you don't have shishi to buy dollars but advising someone to buy and keep so he can lose his own money abi? Wicked soul. 2 Likes |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by linearity: 4:57pm On Mar 21, 2017 |
straneur: This is throwing good money after bad one. It is a bad move that only produces short lived "reliefs" because it is unsustainable, we do not earned enough Forex to sustain this Christmas give away. Let's look at some hard numbers; from the above, it stated that CBN have provided about $1.5b since February and added another $180m on Monday. In Dec, 2016; Nigeria Forex reserved was $25.72b, it increase to $27.88b in Jan, 2017; a difference of $2.16b...and to $29.61 in February, a difference of $1.7b. Ask yourself a question, for how many months can the government keep pumping about $1.5b into the forex market, an amount equal to our monthly gain in foreign reserve? These Naira "gains" are artificial and on steroids, we do not have the infrastructure and GDP to sustain the continual liquidity pump into the forex market, tops give CBN 6 months and they will do about face and give up. 2 Likes |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Earth2Metahuman: 4:58pm On Mar 21, 2017 |
Nusaf:saved for reference...! 1 Like 1 Share |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by BlackMystery(f): 5:00pm On Mar 21, 2017 |
And I was here waiting for it to b 500..Ma go change sharp sharp b4 em nack 300 |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by UncleJudax(m): 5:04pm On Mar 21, 2017 |
femi4:Why stop at 250? Keep pumping until the ratio is 1:1 or even reverse the trend..Say 1 naira=150 dollar |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by 989900: 5:04pm On Mar 21, 2017 |
grandstar: |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by chloride6: 5:04pm On Mar 21, 2017 |
Earth2Metahuman: Whether I am wicked, whether I am not, we shall see very soon. The conditions necessary to continue this "injection" are so fragile, and would mist probably collapse soon. If the CBN has enough dollars why can't the weekly dutch auction come back? |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Earth2Metahuman: 5:08pm On Mar 21, 2017 |
linearity:You don't get it. When cbn is not throwing in dollars, they were building reserve from the little oil sale. (That's why dollars keep rising due to scarcity and cbn don't wanna go on spending spree and start throwing shrunk reserve around) now that reserve clocked 30billion dollars and oil production and price have increased tremendously, cbn can throw money around like we used to do since 1960 without any effect. The only downside is, external reserve won't grow rapidly like 2-3months ago, but the 30billion dollars will still be there incase our brother from naija delta start there wahala again or price of oil falls again. By then another round of scarcity but won't be worse than what we have now. 2 Likes |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by HAH: 5:20pm On Mar 21, 2017 |
linearity:Nigeria earns in dollars and the government need to spend as well not everything earned will be saved in the reserves, some will be in the reserve some will be used to run the nation, and locally we use naira not dollars as such those dollar earned must be changed by the CBN to those that needs it to naira so that the government can pay salaries and contractors. So the government must sell dollars as long as we earn in dollars 2 Likes |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by linearity: 5:23pm On Mar 21, 2017 |
Earth2Metahuman: I think I got it and we are on this same point, but what I am surprise is your faith in the current government to exclusively use almost 100% (or at least a huge majority) of excess foreign reverse above the current $30b to service Nigeria forex? I sincerely doubt if that is sustainable. Also it is the proper use of these money. Investing that money in infrastructure or using it to employ the ever growing jobless youths in Nigeria or paying workers, some who are owed almost 12months salary is a better use as these we help to spread the money deeper into the economy and revitalize it. |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by linearity: 5:36pm On Mar 21, 2017 |
HAH: All your points are valid and that is how government works, why I am of the opinion that it is not sustainable is that, the government is allocating almost 100% of future foreign reserve increases that are converted to Naira to forex sector of the economy. Whereas foreign investors, debtors, real Naira value, etc is determined partly by the size of the Country's reserve. Bigger reserves attracts better credit ratings, trusts and reduces loan servicing fees and gives foreign investors more confidence,etc. There are better areas to put this money in the Nigeria economy that benefit the massses. |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Earth2Metahuman: 5:36pm On Mar 21, 2017 |
linearity:I actually lost faith in the government. I'm only being objective. At least this government tried to save the situation, and deserved a credit for that. What we have in the past is, especially during gej tenur, is complete dolarization of the economy. That's why with oil boom and production at 2.1million barrels, external reserve still shrunk from close to 50billion to 27billion. They kept on throwing the dollars around even to the extent that they are paying expatriates and some government workers in dollars instead of saving to build the reserve. Cbn can still maintain this without affecting the reserve, we only have to pray that naija delta didn't come with their wahala again or price stays above current price. 3 Likes 1 Share |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Macaulish(m): 5:40pm On Mar 21, 2017 |
You Say N415/$ ?? I'm waiting .......... CC: Onatisi.. |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Earth2Metahuman: 5:41pm On Mar 21, 2017 |
chloride6:go and sell your papa house, use the money to buy dollars and hoard it.. I await your suicide note later 1 Like |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by chloride6: 5:43pm On Mar 21, 2017 |
Earth2Metahuman: what is making you laugh |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by 14(m): 5:44pm On Mar 21, 2017 |
straneur: So businesses still cant repatriate their money out of Nigeria, this is funny indeed. |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Youngzedd(m): 5:51pm On Mar 21, 2017 |
405 NGN per USD in Calabar. 2 Likes 2 Shares |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Nobody: 5:53pm On Mar 21, 2017 |
Earth2Metahuman: |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Wiseoldman: 6:02pm On Mar 21, 2017 |
lailo: The CBN knows this can be sustained, Dangote refinery would be up and running soon, meaning they would have even a lot more dollars to spare. We would actually be exporting refined products thereby making even more dollars. I heard more refineries are coming online too...we need them as monopoly is never nice. One plus with the Dangote refinery is it location. Youth restiveness and militancy is near zero in Lagos. 5 Likes 1 Share |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by 14(m): 6:05pm On Mar 21, 2017 |
linearity: It has never worked anywhere in the world, you are damn right.if it continues like this for a year, Nigeria will spend $18bn a year defending the Naira, money could have been used in developing infrastructure oike power, roads, but rather supporting the currency. its not sustainable indeed. Keep burning those dollars while people are suffering. |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Perfectionist11: 6:15pm On Mar 21, 2017 |
Can they help with the euro too?...made a transfer today and the sh*t is still 340 naira to 1 euro. |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Nobody: 6:36pm On Mar 21, 2017 |
Benekruku: Be fooling urself, as if that dullard of an aboki president had a clue what to do. His mu.muness was what pushed Nigeria into recession. If not for his God sent sickness that sent him out of this country , Nigeria would have been in a mess. I can't wait for that no good president to leave this country once and for all. |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Benekruku(m): 6:47pm On Mar 21, 2017 |
Philpham: Wail-on Am certain you cant keep wailing till 2023 |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Clone2020(m): 6:48pm On Mar 21, 2017 |
Fiverr PayPal withdrawal, rate N360 per dollar, only withdrawing $100 and above. See contact below... |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Optimist88(m): 6:59pm On Mar 21, 2017 |
Benekruku:God bless His Excellency, Former Acting President Yemi Osinbajo. All credits to him! 1 Like 1 Share |
Re: Naira To Sell At N415/$ As CBN Sustains Intervention by Nobody: 7:17pm On Mar 21, 2017 |
wailers can suck on this #ProudlyZombie |
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