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Nairaland Forum / Nairaland / General / Business / Dollar To Hit N700 By Dec 31 (469 Views)
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Dollar To Hit N700 By Dec 31 by Validated: 12:38am On Sep 17, 2021 |
If you like call me a prophet of doom, that is your business. All I know is that the USD will be N700 in the next 45 days. Nothing is stopping the free fall. In April, I predicted that the Naira was headed for a free fall, some naysayers attacked me see link here. One Helinues said I was a prophet pf doom. https://www.nairaland.com/6521516/save-money-dollars-now No, not so. Our borrowing must be serviced and the 'asset' supposedly backing the borrowing cannot generate revenue in same rate of acceleration with the debt service and inflation, hence we will keep borrowing to service debts "deficit financing". APC has ruined Nigeria economy. The only way out now is to redenomimate the Naira. Every N2000 should be made to new N50.00. Create coins and have N50.00 as highest currency denomination. 1 Like |
Re: Dollar To Hit N700 By Dec 31 by Haakeem(m): 12:42am On Sep 17, 2021 |
Ah!! Is like i would go and start yahoo o.at least if i nack maga 1000$ i would make it big big. Ahh beg nobody should quote me am nt feeling fine |
Re: Dollar To Hit N700 By Dec 31 by Validated: 12:53am On Sep 17, 2021 |
Haakeem: |
Re: Dollar To Hit N700 By Dec 31 by iHart(m): 1:08am On Sep 17, 2021 |
In your previous post, you predicted dollar will hit #750 before the end of Q2. We are now heading to Q4, dollar is at #550. Now you are saying it will hit #700 by December, do you think that will happen owing to the fact that your first prediction failed?. Your solution is that we redenominate but if we do that without solving the root cause of this inflation, don't you think we will go back to square one and naira will keep falling? 2 Likes |
Re: Dollar To Hit N700 By Dec 31 by Validated: 2:54am On Sep 17, 2021 |
iHart: Bro, I am not a god, that is why it is called "prediction", not prophesy. But anyone who heeded the orediction then would be thanking God now. You will see that the govt is doing everything to stop the free fall, unfortunately, it is not yielding desirable results.. They started by restricting cash deposits into dom accounts, just after my post. Then, they stopped BDC from Fx bidding, now they have closed abokifx com acct, so that people do not know the state of affairs. This last move is clearly a sign of panicky measure. No cordinated plan, but reacting to the moment , so bound to backfire. At N575/$, the Naira is steadily heading home. My latest numbers are based on flash information. On the case for redenomination; right now, Naira is on no hold bar. Every Nigerian knowledgeable of forex has pratically lost confidence on the Naira. Again, the quantum of money in circulation is abysmally high, so a redenomination will subconciuosly relax the hyper inflation and cool the temple. Then expunge all currency notes over N50. Then, you have some value on your hand. If we keeo doing the same thing and think that it will work, sorry. Thereafter, economic policies can begin to make sense. The current situation appears hopeless. Finally, this is not CBN governor's making, the govt have borrowed about N15T from the CBN, ask yoursekf where CBN got that money. The answer is most likely what Gov Ibaseki said ... printing money. |
Re: Dollar To Hit N700 By Dec 31 by Nothingserious: 5:49am On Sep 17, 2021 |
Validated: The CBN will pull off a stunt that will make it crash. Either they complete the currency swap with China and make importers by-pass dollars which they don’t actually need or they reverse their decision on BDCs as a temporary measure. They could also defend the naira by increasing Form Q, LC, Form A and PTA allocations to Commercial banks for onward delivery to customers. Just watch out. The free-fall cannot just continue. They must be cooking something behind now 1 Like |
Re: Dollar To Hit N700 By Dec 31 by femi4: 6:06am On Sep 17, 2021 |
We ll continue to survive |
Re: Dollar To Hit N700 By Dec 31 by iHart(m): 10:12am On Sep 17, 2021 |
femi4:Most importantly, we will continue to survive |
Re: Dollar To Hit N700 By Dec 31 by iHart(m): 10:15am On Sep 17, 2021 |
Validated:The only visible long term solution is to reduce our dependency on importation. Even if we change our local currency to dollar, the problem will still persist. Redenomination is not a solution. |
Re: Dollar To Hit N700 By Dec 31 by iHart(m): 10:24am On Sep 17, 2021 |
If you convert Naira to dollar and save, it does not add in value. The value will still remain the same when you convert it back to Naira to use. If you save in Naira, it loses values. If you save in Dollar, it doesn't lose nor add in value. The value remains relatively the same. Time have gone when people will make Naira and want to save. The best is to invest so that when you want to divest, you won't lose, at worst you get the same value as when you invested. |
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