The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said the dollar might drop to ₦200 after the redesigning of naira.…

Bawa stated this in an interview with Deutsche Welle (DW) Hausa service, saying President Muhammadu Buhari did well to approve the redesigning

He said, “The law says the redesigning of Naira notes should be done every eight years but we spent 20 years without any changes on them. And that resulted to 85 per cent of money are in circulation not in banks, when CBN came up with this redesigning, dollar moved to 880 and later dropped to 680 or thereabouts.

“So you see with this redesigning dollar may massively fall, who knows probably to ₦200.”

The EFCC chair also said there is no any political motive behind the idea and called on Nigerians to report any person with siphoned monies.

“There is no political motive in this; some people siphoned and hid public funds that is why we want them to bring them out and nobody says they should not bring them, what government says is let them deposit such money in banks.

“We assure Nigerians that we are always ready to receive reports of any person with suspicious hidden money and if investigated to be true, we will give 5 per cent of the money to them,” he added.


https://dailytrust.com/naira-redesign-dollar-may-crash-to-n200-efcc-chairman

Not only dollars.. real estate market is seeing a sudden boom, same as luxury cars

CBN must introduce expiry date to all naira notes

Nobody should be allowed to own a domiciliary account in Nigeria except multinational companies

Story story

Moh247:
Not only dollars.. real estate market is seeing a sudden boom, same as luxury cars

CBN must introduce expiry date to all naira notes

Nobody should be allowed to own a domiciliary account in Nigeria except multinational companies

trash

I think it’s possible , I saw somewhere someone exchanged 500k$ cash .
Imagine bringing out such amount and nobody is willing to buy it , dollar will lose value.

Price /value is determined by the forces of demand and supply .

Weirdcamila:
I think it’s possible , I saw somewhere someone exchanged 500k$ cash .
Imagine bringing out such amount and nobody is willing to buy it , dollar will lose value.

Price /value is determined by the forces of demand and supply .

The CBN knows what it's been doing all along by mopping up dollars from circulation and asking banks not to sell. There was a day I needed just 500 dollar and my bank said its not available. A whole branch oo, just 500usd. A few minutes later someone came to deposit 1k and I approached them at the counter. Guess what they said?...some people had been on queue before you came sir . Truly I saw them standing up from their seat. I eventually got only 300usd. They even mixed the denominations sef, 50usd and 100usd. Imagine.

Moh247:
Not only dollars.. real estate market is seeing a sudden boom, same as luxury cars

CBN must introduce expiry date to all naira notes

Nobody should be allowed to own a domiciliary account in Nigeria except multinational companies

@bolded. Really? Is it that you guys don't use your head before typing

Moh247:
Not only dollars.. real estate market is seeing a sudden boom, same as luxury cars

CBN must introduce expiry date to all naira notes

Nobody should be allowed to own a domiciliary account in Nigeria except multinational companies

That policy can't work bro. What of those transacting business across the border?

Zonefree:

@bolded. Really? Is it that you guys don't use your head before typing

If you used your own head and understand the principle of currency velocity in Economics then you won't even ask such stupid questions

Moh247:


If you used your own head and understand the principle of currency velocity in Economics then you won't even ask such stupid questions

God bless his excellency president Peter Obi GCFR

Eriokanmi:
That policy can't work bro. What of those transacting business across the border?

Do you know Nigeria has 20 to 30 billion USD just sitting in bank domiciliary accounts of few Nigerians at any given time yet we have forex scarcity

In UK as much as you can transact with USD especially cities like London, no bank deposits any currency without changing it to Pounds, same as US banks and that of UAE

People with business accross the border can approach BDC or CBN specifically when they need forex rather than hoard it

Just imagine pumping 30 billion USD held in Dorm account into the economy how Forex would go bearish

Moh247:


Do you know Nigeria has 20 to 30 billion USD just sitting in bank domiciliary accounts of few Nigerians at any given time yet we have forex scarcity

In UK as much as you can transact with USD especially cities like London, no bank deposits any currency without changing it to Pounds, same as US banks and that of UAE

People with business accross the border can approach BDC or CBN specifically when they need forex rather than hoard it

Just imagine pumping 30 billion USD held in Dorm account into the economy how Forex would go bearish

trash

Moh247:


Do you know Nigeria has 20 to 30 billion USD just sitting in bank domiciliary accounts of few Nigerians at any given time yet we have forex scarcity

In UK as much as you can transact with USD especially cities like London, no bank deposits any currency without changing it to Pounds, same as US banks and that of UAE

People with business accross the border can approach BDC or CBN specifically when they need forex rather than hoard it

Just imagine pumping 30 billion USD held in Dorm account into the economy how Forex would go bearish

I undestand your point but everybody can't keep going to cbn each time. Moreover, those 2 currencies you mentioned, including euro and yuan are valid for international trade. Naira isn't. This is another reason a domiciliary account will always be needed. What I expect the cbn to do is, formulating some conditions guiding operation of domiciliary account...if the money stays in your account for more than say, 6 months, you'd forfeit it once the account becomes dormant. I doubt they'd do this cos the government officials benefit even more by operating the domiciliary account

Nonsense talk!

The only way the value of the Naira can be improved and sustained is if Nigeria increases exports so as to earn more forex