Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,244 members, 7,953,923 topics. Date: Friday, 20 September 2024 at 08:59 AM |
Nairaland Forum / Nairaland / General / Business / Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud (25734 Views)
Don’t Transact In Dollar – EFCC Warns Schools, Hotels, Others / Naira Hits N1,825 To Dollar Despite EFCC Gun Rescue Attempt / Naira's Free Fall Continues, Now Exchanging At ₦550 To $1 (2) (3) (4)
(1) (2) (3) (4) (5) (Reply) (Go Down)
Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by Abel7777: 9:47am On Sep 10, 2021 |
The Naira was at a record low against the dollar on Thursday, depreciating to nearly N550 at the unofficial market from N530 at last week’s close as demand for the greenback from importers continues to bump up against scarce market liquidity.http://www.signalng.com/naira-hits-550-to-a-dollar-efcc-warns-banks-against-forex-fraud/
|
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by SarkinYarki: 9:52am On Sep 10, 2021 |
Like I predicted when that slow Emeiefele banished BDC without a concrete plan and now we are there back to the era of Bank Forex fraud .. Emeiefele should be sacked 112 Likes 8 Shares |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by Valuepaints20(m): 10:00am On Sep 10, 2021 |
Oga ó |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by Amotolongbo(f): 10:02am On Sep 10, 2021 |
SarkinYarki:If Emeifele is sacked, who will now be withdrawing the CBN money for the Cabal bayi o? 137 Likes 6 Shares |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by Mystic216: 10:03am On Sep 10, 2021 |
Advantage for we that’s making money in dollars That one concern una 38 Likes 2 Shares |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by Elbinawi: 10:04am On Sep 10, 2021 |
Naira Plunges Further To N543 Per $1 Under @MBuhari Government | Sahara Reporters Mee: So much for the bloodthirsty killer and monumental fraudster #TyrantBuhari who promised during campaign: "I will make a Dollar equal to a Naira." The Nigerian economy is dead, the public treasury is empty. Everything stolen by Buhari and his extremely corrupt cronies. Before Buhari leaves power by 2023, one Dollar will be close to one thousand Naira. Pray For Nigeria! #ElbinawiTweets 14 Likes |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by Mightymanna(m): 10:10am On Sep 10, 2021 |
Chai, Buhari has finished this country. What happened to the saying that "everything that goes up must come down" in Nigeria everything that goes up must continue to go up. 30 Likes |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by DropsMic(m): 10:10am On Sep 10, 2021 |
Bubu's legacy 6 Likes 1 Share |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by DSC7: 10:10am On Sep 10, 2021 |
Bubu is working...... 45 Likes
|
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by Nobody: 10:11am On Sep 10, 2021 |
Wetin concerned me Usdt and usdc for crypto Fck banks The only money I can put in a Nigerian bank is food money Useless fraudsters in suit The naira is also dead and buried 17 Likes 1 Share |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by chinchonglee(m): 10:11am On Sep 10, 2021 |
freshvine Hope you can now see the implication of banning bdc. When cbn stopped supplying bdcs with dollars, you were tagging a user here(drymouth). I dnt knw if you were jealous that bdcs were making money. And to the rest nairalanders that were calling for the ban of bdcs, hope you can see the implication in jst a short period. |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by Forgodsgrace: 10:11am On Sep 10, 2021 |
Hhhe |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by Nobody: 10:11am On Sep 10, 2021 |
H |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by thaoriginator: 10:11am On Sep 10, 2021 |
Jaga Jaga Nation. No be curse o 3 Likes |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by crossfm: 10:11am On Sep 10, 2021 |
Hehehe. When our darling daddy finish taking us to another level,we will see helele. We will make 1naira equal to 1doller Say's the agent of change. Whoever that is still in support of this government is wickedly, wicked. One thing am sure of is,there will never be a leader as bad as our darling daddy,never. 8 Likes |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by Nobody: 10:11am On Sep 10, 2021 |
. 2 Likes 1 Share |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by franchasng: 10:11am On Sep 10, 2021 |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by osuofia2(m): 10:11am On Sep 10, 2021 |
SMH, NOT A GOOD SIGN |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by fasho01(m): 10:12am On Sep 10, 2021 |
Never has it been this bad. Pounds is N735.. Buharinomics has taken us back 60 years 2 Likes |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by tommy589(m): 10:12am On Sep 10, 2021 |
Only God knows what can stop the downward slope of Naira. What will strengthen the naira, when buyers are not coming for our crude oil and Cash crops farmers are contending with internal crises that affects exportations. 2 Likes 1 Share |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by Nobody: 10:12am On Sep 10, 2021 |
Nigeria should stop relying on oil Corden and Neary (1982) have demonstrated how Dutch disease occurs in an economy. According to them, in a country experiencing "boom" in the export of a commodity, the economy can be divided into three sectors: the "booming" export sector, the "lagging' traditional export sector and the non-export sector. The Dutch disease occurs when the traditional export (tradable goods) sector is crowded out by the booming export sector and the non-tradable goods sector. The lagging traditional tradable goods sector may include cocoa, palm produce, cotton, rubber, coal, copper, textiles and some manufactured goods while the booming export sector may be crude oil, coffee, gold, etc. The non-tradable (non-export) goods sector covers all those goods that are produced for domestic consumption only, e.g. staple food items, clothing, building materials, locally-assembled cars. Where crude oil (and gas) is the booming export sector, the non-oil export sector may be crowded out by the oil sector and the non-tradable goods sector of the economy. This can happen when the oil revenue windfall increases domestic demand for non-tradable goods and pushes up domestic prices leading to an appreciation of the real exchange rate which in turn reduces the competitiveness of the non-oil export sector. This will in turn lead to a reduction in non-oil exports in both quantum and value terms. The oil windfall may also lead to movement of the factors of production in the economy. For instance, capital and labor (and land) may shift from the non-oil export sector to the oil sector (in order to maintain or increase reserves and production) and the non-tradable goods sector (to take advantage of the growing domestic demand). This explains why the increase in oil prices and the subsequent oil revenue windfall in many oil-exporting countries have tended to depress their non-oil export sector while at the same time generating a boom in both the oil and the non-tradable goods sectors. With capital and labor shifting from the non-oil export sector to the oil-sector and non-traded goods sector, firms in the non-oil export sector are forced to either close down or reduce their scale of operation. The boom in the oil and non-traded goods sector increases the demand for imported goods. This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty SAUCE 1 Like 1 Share |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by wallstreetnews: 10:12am On Sep 10, 2021 |
1 Like |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by vb0mb(m): 10:12am On Sep 10, 2021 |
Yahoo boys have hammer 4 Likes |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by adioolayi(m): 10:12am On Sep 10, 2021 |
Naira on a free fall....Thank you ooooo Baba Buhari. What a legacy!!! 3 Likes |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by Nobody: 10:13am On Sep 10, 2021 |
ewwwuh naira just dey fall anyhow.. things are getting really expensive in the market .. Save us oh lord |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by Kaybee14(m): 10:13am On Sep 10, 2021 |
This is serious. |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by careytommy37(m): 10:13am On Sep 10, 2021 |
That means it will be #600 by month. Popsy things ma double double now o |
Re: Naira Hits ₦550 To A Dollar, EFCC Warns Banks Against FOREX Fraud by taiwofawole: 10:14am On Sep 10, 2021 |
Blogging still pays in dollars �, see the cost of hosting , creation and monetising your blog to start earning via the link below https://www.nairaland.com/4161635/business-cost-creating-blog-website Invest in blogging today and thank me later � |
4 Sure Ways To Earn Extra Money As A Working Class Nigerian / Want To Build A Successful Online Business? See How To Start / Fire Breaks Out in Onitsha Main Market, Shops And Offices Destroyed Photos)
(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. 38 |