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Nairaland Forum / Nairaland / General / Business / CBN Devalues Naira To 630/$1 (46753 Views)
Nigeria Devalues Naira In Bid To Attract Foreign Investors - Financial Times / CBN Further Devalues Naira, Now N411 To Dollar / Report Suggests CBN Devalues Naira By 15% (2) (3) (4)
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CBN Devalues Naira To 630/$1 by domDva(m): 6:54am On Jun 01, 2023 |
The Central Bank of Nigeria (CBN) has devalued the Naira to N631 to the dollar from N461.6 it sold at the Importers and Exporters (I&E) window the previous day, Daily Trust gathered. https://dailytrust.com/exclusive-cbn-devalues-naira-to-630-1/ 15 Likes 2 Shares
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Re: CBN Devalues Naira To 630/$1 by domDva(m): 6:56am On Jun 01, 2023 |
BAT is not here to smile, one thing you cannot take away from him is his capacity to take tough decisions, something that Buhari completely lacked. 301 Likes 33 Shares |
Re: CBN Devalues Naira To 630/$1 by Ahmed0336(m): 6:58am On Jun 01, 2023 |
Damn!!! I'm so proud to be alive this moment. Tinubu really understand how to run an economy. It's so sad that PMB who was once a military officer didn't have the heart to do all these. BAT, na man you be. 🤝 228 Likes 22 Shares |
Re: CBN Devalues Naira To 630/$1 by dedonfranco(m): 6:58am On Jun 01, 2023 |
We go miss Buhari very soon.......God forbid. 99 Likes 11 Shares |
Re: CBN Devalues Naira To 630/$1 by Obidient4Tinubu(f): 6:59am On Jun 01, 2023 |
Awesome 27 Likes 5 Shares |
Re: CBN Devalues Naira To 630/$1 by MrAmbrose(m): 7:00am On Jun 01, 2023 |
Finally 9 Likes 2 Shares |
Re: CBN Devalues Naira To 630/$1 by HacheNoire: 7:01am On Jun 01, 2023 |
When Asiwaju was meeting with the likes of Elumelu, Otedola, and different business moguls, I knew he already had his planned mapped out! Every move Asiwaju is making has been pre planned before inauguration. 161 Likes 22 Shares |
Re: CBN Devalues Naira To 630/$1 by nairalanda1(m): 7:01am On Jun 01, 2023 |
Maybe this is the first step to unifying the rates. Having said that, this is another sign of APC failure. The government is not earning enough dollars....so the naira keeps falling. For tinubu to strenthgen the naira...he must diversify the economy now. 24 Likes 2 Shares |
Re: CBN Devalues Naira To 630/$1 by blackmantis: 7:04am On Jun 01, 2023 |
Good move. 13 Likes 2 Shares |
Re: CBN Devalues Naira To 630/$1 by Mynd44: 7:05am On Jun 01, 2023 |
So basically, government will reduce taking foreign loans to fund subsidy Reduce the amount of FOREX used to defend the Naira And effectively free up more funds for government spending. All these will be good if the government uses the freed up funds on infrastructure and people oriented policies. Interesting times ahead 206 Likes 17 Shares |
Re: CBN Devalues Naira To 630/$1 by McLizbae: 7:06am On Jun 01, 2023 |
Huuussss |
Re: CBN Devalues Naira To 630/$1 by nairalanda1(m): 7:06am On Jun 01, 2023 |
Mynd44: Mynd44 is laughing...hmmm 1 Like |
Re: CBN Devalues Naira To 630/$1 by bayelsaowei(m): 7:08am On Jun 01, 2023 |
Hmmm |
Re: CBN Devalues Naira To 630/$1 by Civetcat: 7:11am On Jun 01, 2023 |
This is exactly one of obasanjo’s first move when he came to power . Tinubu is ticking along nicely. He is front loading all the shocks and the pain will be unbearable at first . But handled properly ,Nigerians will reap all the benefits. The funny thing is that Nigerian were already paying a higher price for over 10 years . My advice for Tinubu’s communications team is that they are not doing their job properly.Nigeria is not Lagos where you have a large professional class who understand the vagaries of economics. Even Lagos is full of dimwits. There is a need to communicate policies, the reason for , the effects and its potential benefits directly to the populace.Go to the hinterland and market squares . Communicate directly with the people . Get their buy ins . Look for quick easy wins . FVCK palliatives . Use that money and import 50000 cheap tractors from china and distribute them to farmers cooperatives. Get enough railway rolling stocks on the train lines ASAP and build agriculture transportation and distribution hubs around the lines . This can be achieved within 12 months . Tell those useless flyover, event center and street light building governors to invest state funds in areas of competitive advantage. For most , it is agriculture. Absolutely ignore all those so called Harvard agricultural experts who have never stepped on a farm for one day in their lives with their yeye “cooking pot” and “telephone for farmers”programs of the past . Face the reality on the ground and not some half baked classroom theories. 300 Likes 47 Shares |
Re: CBN Devalues Naira To 630/$1 by Mynd44: 7:11am On Jun 01, 2023 |
nairalanda1:Nigeria has never had an experienced politician and economist driven President. What is happening now is a president who knows some economics and has the political clout to get his work done. But all these is the presidential push. Lets see what happens when those whose pockets will be affected will pushback. Will the government fold? That is where his political experience might be needed 146 Likes 17 Shares |
Re: CBN Devalues Naira To 630/$1 by Brek: 7:12am On Jun 01, 2023 |
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Re: CBN Devalues Naira To 630/$1 by nairalanda1(m): 7:14am On Jun 01, 2023 |
Mynd44: I'm looking at how this government would diversify the economy so that we can make more dollars for a stronger naira. As for the exchange rate....while I am not sure about unifying it or bringing the official closer to the black market, if it reduces round tripping, good. 27 Likes 1 Share |
Re: CBN Devalues Naira To 630/$1 by Otuegbe: 7:15am On Jun 01, 2023 |
that was the outcome of the meeting with CBN governor 4 Likes 2 Shares |
Re: CBN Devalues Naira To 630/$1 by SavageResponse(m): 7:18am On Jun 01, 2023 |
These are hard decisions that needed to be taken 54 Likes 5 Shares |
Re: CBN Devalues Naira To 630/$1 by PoliteActivist: 7:20am On Jun 01, 2023 |
domDva: Because certain things have to be thoroughly looked at before jumping in - like when CBN tried to switch to new notes. There are things you don't do rashly. You don't rush into it and hope for the best! 32 Likes 1 Share |
Re: CBN Devalues Naira To 630/$1 by Brek: 7:25am On Jun 01, 2023 |
PoliteActivist:A good or a bad thing? 1 Like |
Re: CBN Devalues Naira To 630/$1 by Greyworld: 7:25am On Jun 01, 2023 |
And Emilie is Still CBN governor. 3 Likes 1 Share |
Re: CBN Devalues Naira To 630/$1 by Ofemannnu: 7:28am On Jun 01, 2023 |
Reconciliation.Good. 5 Likes 2 Shares |
Re: CBN Devalues Naira To 630/$1 by DrAkpamudehe: 7:29am On Jun 01, 2023 |
Hmmn.... We are in for a bumpy ride 2 Likes |
Re: CBN Devalues Naira To 630/$1 by Mynd44: 7:33am On Jun 01, 2023 |
Ofemannnu:Hopefully, it leads to availability 4 Likes |
Re: CBN Devalues Naira To 630/$1 by SamuelLoch: 7:34am On Jun 01, 2023 |
Civetcat: Honestly, I still feel like some plans shouldn't be communicated ahead of implementation. Nigerians can come up with counter plans or plans to edge what the government is doing. Nigerians are too smart! 55 Likes 5 Shares |
Re: CBN Devalues Naira To 630/$1 by Parachoko: 7:36am On Jun 01, 2023 |
I think is so early o The effect of removing fuel subsidy and devaluing the Naira within 24hts go dey too much for absolute majority of Nigerians 1 Like 1 Share |
Re: CBN Devalues Naira To 630/$1 by Sablexxxtoons: 7:40am On Jun 01, 2023 |
JAGA to the freaking BAN! Removing the economy bloodsuckers one by one.. first subsidy is gone Now round tripping is gone 53 Likes 6 Shares |
Re: CBN Devalues Naira To 630/$1 by keymatt(m): 7:43am On Jun 01, 2023 |
Like buhari like Tinubu. Two failures on max level. Enjoy the stolen bread while it lasts. 9 Likes 4 Shares |
Re: CBN Devalues Naira To 630/$1 by keymatt(m): 7:45am On Jun 01, 2023 |
domDva:Capacity to inflict pain and misery you mean. When the wicked are in power the people suffer. 14 Likes |
Re: CBN Devalues Naira To 630/$1 by money121(m): 7:46am On Jun 01, 2023 |
Ok |
Re: CBN Devalues Naira To 630/$1 by BrownSugq: 7:46am On Jun 01, 2023 |
LMAO 😂 Too many morons on this Nairaland. They are hailing BAT for this irrational devaluation not knowing that Naira is about to hit the root in the parallel market. Expect Naira at 1,000/$ by today evening LMAO 😂 28 Likes |
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