Penguin2:


Your point is clear and understood.

Until Nigeria increases its production capacity which will increase its export volume and consequently increase the FX it earns, the problem of dollar exchanging at exorbitant rates against the naira will not be solved.

But there’s a factor you are overlooking which is what CBN is trying to tackle. That factor is maliciousness of some people and FX marketers who either hoard the dollar or engage in the sabotage that further increases the stress on the naira.

Or are you going to rule that out?

Agreed!

PJ123:


Why is this your prayers? What do stand to gain in all of these?

He is obviously a beareu d changer. It disgust me that people profit from Nigeria's misfortune. Some Nigerians are more evil than the government

Penguin2:


Your point is clear and understood.

Until Nigeria increases its production capacity which will increase its export volume and consequently increase the FX it earns, the problem of dollar exchanging at exorbitant rates against the naira will not be solved.

But there’s a factor you are overlooking which is what CBN is trying to tackle. That factor is maliciousness of some people and FX marketers who either hoard the dollar or engage in the sabotage that further increases the stress on the naira.

Or are you going to rule that out?

hoarding is the biggest issue. even the BDC complaining were not talking when they were making millions from the jump.
many of these FX marketers charge arbitrary because the market is not monitored or regulated at all.

Banks also help in sabotaging. Once u give branch manager a share, they facilitate Ur request very fast. just the way it happens with immigration.

pinkcottoncandy:



which naira design?....Dollar fell globally against all currencies yesterday due to a drop in USA consumer price index


the immediate effect of the redesigning of naira was a significant depreciation of the naira to an all time lowest point.

let your ignorance not give credit to APC or CBN where it is not due

And your uninformed mind couldn’t tell you that the spike in the value of dollar against the naira was due to high demand for dollar by your corrupt politicians who have stashed naira and were looking for a way to convert their loots to dollars?

adioolayi:


https://punchng.com/traders-lose-as-naira-rebounds-to-720-dollar/

Exactly what I said two weeks ago that Buhari and emefiele got the policy right.


I also said that Naira will lose value in the beginning of the policy but will bounce back to its natural value.
And that's what is happening now.


This is not the end. Naira may definitely go back to the 360 rate to the dollar. Although fall in oil revenue will affect that.
But you see 500 rate, Naira must reach that.

Many of these speculators fingers will be burnt beyond repair.

Buhari and emefiele really played them.


If anyone wants to know the havoc currency speculation can cause. Research on 1997 Asian financial crisis.
The crisis that dealt with many Asia Pacific Nations from Japan to South Korea to Singapore to Malaysia etc
The lesson the Asians learnt insulated and saved them during 2008 global financial crisis.

Many Nigerian speculators because of ignorance had no clue.

I will laugh at there calamity. Very foolish ignorant men that have messed this country up.

had the funniest experience ystdy at eko hotel. because my office is close by, I visited the BDC guys @ 2pm and negotiated for N770, they refused and offered to buy @N720. By 5pm after I closed from work, visited them again and they informed me the rate had dropped offering me N690. Told them i'd keep my greenback till it appreciated cos e pain me say dem dey use me shine!
Today, they offered N650. Guess what? i told them to bring it! U pipu wee nor kill me in this godforsaken country!

Acidosis:


They are not f00ls. The Naira redesign is still useless to the FX market.

Forex exchange is not Ponzi scheme. A productive economy is the only way to achieve a sustainable Fx rate. There is NO other way.

So if nothing has happened to our productive capacity and earning power, any gain you see now at the street market is only a reaction to market uncertainties.

Moreover, we are approaching the Christmas era where Nigeria traditionally earn the highest remittances from Nigerians abroad.

Finally, the Naira has not gained at the official window yet so even that remittance thing is debatable. Any gain or loss you see now at the street market is part of the reaction to the uncertainty that surrounds the CBN announcement. It is not sustainable.

You can type as much English words as you like, that doesn't rule out the fact that many Nigerians are sabotaging naira by simply engaging in round tripping, stealing public fund and hoarding of dollars

uuzba:

But people get this dollars from bank and still give aboki to sell for them again.

That's why BDC should be ban for life

Ddworld:


Obviously, you've never applied for usd before. I am 100% sure YOU have NEVER in your life done that.

Good luck

Are u willing to bet? Since u are 100% sure

tonyson010:


hoarding is the biggest issue. even the BDC complaining were not talking when they were making millions from the jump.
many of these FX marketers charge arbitrary because the market is not monitored or regulated at all.

Banks also help in sabotaging. Once u give branch manager a share, they facilitate Ur request very fast. just the way it happens with immigration.

Most bank managers and banks itself are fraudsters. They all possess that Nigerian mentality of making money anyway anyhow no matter how the money is made.

The traders are looking after their interests, cause they know what the govt is not telling Nigerians.

All of the bankers in Europe who own Nigeria want the naira drastically devalued , , not just Nigeria, but all the countries they see as have too large population, i think Bangladesh etc is on the list too. They have been talking about this for last 3 years , World bank etc.

The currency traders know the redesigned naira will be a very much devalued shit currency worse than the one before.

As a result the currency traders preferer to hold Forex.

Quite frankly i dont know how anybody can have business selling naira, cause what do you do with naira, a currency whose only promise is to fall in value. And the value of naira is determined wholly and fully by the same people who determine the value of dollar and pound, as they determine who will live in colonial racist created zoo and who will live at home happily merry with their kids.

Blueivyp:


Emiefiele or whatever his name is not doing anything affecting the price of dollar. The same with efcc.

Dollar is dropping because there is to much of it in circulation with too little willing buyers.

Why too much dollar in circulation is because US want to discard dollar produced before 2011. So everyone with such dollar is trying to sell.

The bolded is a beer parlour analysis and rumour...only in Nigeria...It's a fake news. Every dollar note printed by USA remains acceptable legal tender without expiry dates.

https://www.thecable.ng/fact-check-no-united-states-will-not-reject-old-dollar-notes-from-jan-2023/amp

ALTERNATEID:


If you’re part of the unpatriotic elements buying up dollars to weaken the Naira, your loss has just started. You all will lose and disgraced. Nigeria shall overcome all you unpatriotic economic scoundrels.

I am afraid you are not making any sense.

Simply vote in the right people and watch them fix the country.

Instead, tribalism and religious sentiments will drive you people to elect goats who are completely clueless about how to manage businesses let alone run a country.

When we start feeling the impact of their brazen leadership incompetence, you start attacking other citizens, the same nonsense APC has done for nearly 8 years now.

maasoap:


You can type as much English words as you like, that doesn't rule out the fact that many Nigerians are sabotaging naira by simply engaging in round tripping, stealing public fund and hoarding of dollars

Hoarding of dollars and hoarding of naira are two different matters.

odaniel1:
had the funniest experience ystdy at eko hotel. because my office is close by, I visited the BDC guys @ 2pm and negotiated for N770, they refused and offered to buy @N720. By 5pm after I closed from work, visited them again and they informed me the rate had dropped offering me N690. Told them i'd keep my greenback till it appreciated cos e pain me say dem dey use me shine!
Today, they offered N650. Guess what? i told them to bring it! U pipu wee nor kill me in this godforsaken country!

Godforsaken country, really? But it is people like you made it "godforsaken" country through your non patriotic actions. Why hoarding dollars and expecting naira to crash so that you can make profit? I think naira gaining value against dollar should be a thing of joy to Nigerians? Shocking!

Acidosis:


Hoarding of dollars and hoarding of naira are two different matters.

Really! Those who kept huge amount of naira in their homes, you know the source already. They will exchange it at any rate because they can't make a loss even if it N2000 for 1 dollar. And those who hoard dollars, you know the reason too.

Interesting topic

maasoap:


Godforsaken country, really? But it is people like you made it "godforsaken" country through your non patriotic actions. Why hoarding dollars and expecting naira to crash so that you can make profit? I think naira gaining value against dollar should be a thing of joy to Nigerians? Shocking!

STFU! that I received an inflow and converted it means I 'hoarded' the greenback. Sometimes, try to think before you spilll the stinky content of your kom-kom head

sonature1:
All these things make it difficult to do business in this country. Even foreign investors will be scared to bring their businesses here. I cannot wait for May 29th to come.

Even though I feel that a cow will make a better president than Buhari, I don't see how Tinubu will be any better than the tall oldie. The only difference between Tinubu and Buhari is height.

One is alive, the other is dead.

adioolayi:


https://punchng.com/traders-lose-as-naira-rebounds-to-720-dollar/

Speculators and hoarders...

J

Mjshexy:
I really hope it drops further

God forbid.is now a clear case of the day I went hunting antelopes climb trees top.Dollar will bounce back asap.

Blueivyp:


Remains legal tender until after February of cos.

USA Dollar notes don't expire.

If you have genuine link to the rumour...share it... especially, from US government website

Hmmm

tamdun:

Are u willing to bet? Since u are 100% sure

Yes of course. It is so glaring

Penguin2:
Where are the idiots who were arguing with me that the Naira redesign is useless?

Did you read the post?

odaniel1:

STFU! that I received an inflow and converted it means I 'hoarded' the greenback. Sometimes, try to think before you spilll the stinky content of your kom-kom head

Yen yen yen, you just called Nigeria a godforsaken country because naira gained value against dollar. You're one of what is wrong with this country