baralatie:

Do you know that the cbn injects fresh funds to stabilize the naira

djon78:



What CBN does is selling the dollar to stabilize the Naira from depreciation
Because if the dollar is scarce Naira will deprecate as a result of plenty Naira chasing the dollar which is happening now

That's why they maintaed the 350 range before it deprecated to 500 then now down to 750 to 800 as a result of federal government not having good Revenue accruing from dollars.
Crude oil sales which is major foreign exchange earner is down because of the oil theft and sundry


In some other countries they allow a free floating of there currency to the dollar.
CBN is not allowing that for Naira


While some others peg there currency to the dollar example China. If China allows floating there currency will appreciate so much it will make there goods expensive in the international markets since they are a very topexporting nation and high earner of foreign currency


That's why Obama during his presidency tackled China to stop pegging there currency and allow competition in International markets by allowing there money to flow with there economic boom

djon78:



For someone that goofed ignorantly that CBN is under the ministry of finance

I don't have time for you

Go and learn first before coming online to disseminate ignorance

baralatie:

And you think the dollar will not depreciate again?

tuzle:
I want to ask a question, shouldn't the new note first be in circulation before a dead line is giving? December 31st is just 2month from now and It will be very stressful changing the old notes to new ones if the money isn't already in circulation before now.

Moh247:




Buhari just grabbed some people's blockus unaware

Shiek Gumi the Bandit spokesperson has been wailing ever since

Buhari is truly a sadist... He has been attending Federal Executive Council meeting every week and never for once did he mention it to anyone not even his own finance Minister

CBN Governor has been attending Monetary policy Committee meeting with Ministry if finance and other stake holders and nothing was said

Buhari na Omo Ope!


.

Moh247:




Buhari just grabbed some people's blockus unaware

Shiek Gumi the Bandit spokesperson has been wailing ever since

Buhari is truly a sadist... He has been attending Federal Executive Council meeting every week and never for once did he mention it to anyone not even his own finance Minister

CBN Governor has been attending Monetary policy Committee meeting with Ministry if finance and other stake holders and nothing was said


.

nedu666:


Oga just dey observe. For next 3 months u will see dollars reaching 1000. Stock market will experience a massive boost. Fg tb and bonds will be oversubscribed by 300%. U will see massive purchase of properties and other assets. This is not 1984.

omonnakoda:
Back into the economy?

So where is the money if it is not in the economy?

What are you talking about?

The money IS IN THE ECONOMY or is it in Cameroon's economy

Try and think a little before talking

The money was not printed to stimulate the economy

Much of it was lent to the FGN by so called ways and means essentially illegally and above the mandate of the CBN to fund fiscal deficits for years.
So that idea that the money is not in the economy is ignorant and reveals economic illiteracy

nedu666:


Which blokos. The currency comes out on 15 dec. So they hve ample time to either pay in the money into the bank, use it to buy govt treasury bills and bonds, buy stocks, buy dollars, buy properties. Only a mumu can be caught unaware by buhari

Racoon:
Yet Mr President does not deemed it fit to even inform his finance minster and NASS of such a sensitive national decision? What kind of government is this for goodness sake?

heysquare:

There is suspension on large lodgement of fund . CBN is tracking any large fund depositors be it Bureau De Change or individual

nedu666:


Which blokos. The currency comes out on 15 dec. So they hve ample time to either pay in the money into the bank, use it to buy govt treasury bills and bonds, buy stocks, buy dollars, buy properties. Only a mumu can be caught unaware by buhari

BeardedMeat:
Then they would buy properties with it.

djon78:



What CBN does is selling the dollar to stabilize the Naira from depreciation
Because if the dollar is scarce Naira will deprecate as a result of plenty Naira chasing the dollar which is happening now

That's why they maintaed the 350 range before it deprecated to 500 then now down to 750 to 800 as a result of federal government not having good Revenue accruing from dollars.
Crude oil sales which is major foreign exchange earner is down because of the oil theft and sundry


In some other countries they allow a free floating of there currency to the dollar.
CBN is not allowing that for Naira


While some others peg there currency to the dollar example China. If China allows floating there currency will appreciate so much it will make there goods expensive in the international markets since they are a very topexporting nation and high earner of foreign currency


That's why Obama during his presidency tackled China to stop pegging there currency and allow competition in International markets by allowing there money to flow with there economic boom


Why CBN introduced this new policy is that it will mop up excess liquidity in the system and fewer Naira will chase dollar so Naira will begin to appreciate again

Most of these bad guys were buying up the few dollars in the system causing the volatile depreciation of the Naira

So it's a good policy to check the bad guys because if left Naira may deprecate to 1500 or even 2000 to a dollar

AntiWailer:


And the seller of the property will do what with the cash ?

heysquare:

There is suspension on large lodgement of fund . CBN is tracking any large fund depositors be it Bureau De Change or individual

kafeii123:


It's actually doubtful who's economically illiterate here.....but let's put that aside.....

My point is that if the hoarders spend these monies back into the economy.... it'll be a good move... They'll have to setup businesses....employ staff....buy stuff....invest in businesses...etc.....all of that will jolt our ailing economy back to life somewhat..... keeping the cash buried in their houses removes these cash from circulation and thus weakens our economy. Of course some of them will first run towards converting to dollars..so dollars will at first be high but most will spend instead.

In the end... it's all still win-win for the country

BeardedMeat:
First I don't have all the details of this new policy. What's the new cash limit deposit?

Is it something that can't be circumvented? Like break the money up and deposit in bits.

Moh247:


LoL

Hushpuppi I hail oo

BeardedMeat:
Then they would buy properties with it.

BeardedMeat:
What's the cash deposit limit?

baralatie:

Since you knew about soludos contract arrangements this one by emiefele will be easy for you to find out now!

Moh247:


Well 3 months if the money is clean is enough... A money link with crime without legit source is very hard to launder in 3 months