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CBN Denies Introducing Policy To Make $1 To ₦1.25 - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN Denies Introducing Policy To Make $1 To ₦1.25 (21882 Views)

Fake News Alert: CBN Denies Selling FX To BDCs At ₦‎1,001/$1 / CBN Denies Plans To Redenominate The Naira From January 2024 / Naira Redesign: CBN Denies Plan To Print ₦‎5,000 Note (2) (3) (4)

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Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by id4sho(m): 10:09am On Sep 13, 2023
Not possible na
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by eneyoduke(m): 10:10am On Sep 13, 2023
Even if it's coming from you I won't believe
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by Sacrednes: 10:10am On Sep 13, 2023
there's definitely something bro without being told.
99.9 percent of Nigeria politicians keep money in $ , reducing the dollar belike you dey devalue their bullion van.
CBN no chop Belle full to reduce the $
Aonkuuse:
CBN, I don't really know what is happening there!! Is it that you guys don't have a solution to the rising dollar value or there is something you guys are not telling us??

Meanwhile, people who sit down and write this kind of long fake articles really get time oo

1 Like

Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by SmartyPants(m): 10:12am On Sep 13, 2023
HydraFeeds:
If implemented,it will lead to hyperinflation .

Not that I support the idea but there are ways to manage such.
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by Otunbakayce: 10:13am On Sep 13, 2023
Lmao! APC and their minions will ruin what's left of a Nigeria's economy with propaganda.
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by Muhylonaire007: 10:15am On Sep 13, 2023
Bruisecruise:
As usual.
Test the waters to see reaction.
Then deny it.
Then do it anyways.

Everything in this administration always start as a rumor, then the party involved will debunk and finally you will see it eventually being implemented..

A good example is the naira devaluation policy
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by Donaldoni: 10:15am On Sep 13, 2023
We are already used to spending thousands and millions and billions cheesy
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by Mosba: 10:17am On Sep 13, 2023
Aonkuuse:
CBN, I don't really know what is happening there!! Is it that you guys don't have a solution to the rising dollar value or there is something you guys are not telling us??

Meanwhile, people who sit down and write this kind of long fake articles really get time oo



There are those making millions and billions from our crashing naira value and as for those drafting such long fake articles, they also benefit
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by Lanre1st(m): 10:17am On Sep 13, 2023
Anyhow we are watching
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by samsard(m): 10:17am On Sep 13, 2023
Military0001:
Well the government should work towards improving the Naira.
Imagine Nigerian used Lexus ES350 of 2008 going for #4million and above

Naira ah!!! Wetin dey occur to our currency.
Someone posted a Tokunbo Peugeot 206 for 4.5m or so grin It's ridiculous
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by Kaa4(m): 10:18am On Sep 13, 2023
Really redomination is not the answer to Nigeria's FX crises. The answer lies in where the money is going to. Too much slush money is in the economy. Lack of confidence in the economy is draining it of FX. There are no investments that can hold Naira. Too high cost of governance and the mutifarious challenges Buhari put the eocnomy into before he left.

1 Like

Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by Cunnilingus(m): 10:19am On Sep 13, 2023
Agbadorians and fake news. If it didn't dey, it didn’t dey
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by vowahah: 10:19am On Sep 13, 2023
Yoruba people spreading fake news 4 there master
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by henrimoto(m): 10:21am On Sep 13, 2023
Bruisecruise:
As usual.
Test the waters to see reaction.
Then deny it.
Then do it anyways.
Thats the system of the Nigerian Government for you. I won't be surprised if by tomorrow, the same CBN acknowledges it.
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by bionixs: 10:22am On Sep 13, 2023
Wealthoptulent:


all the spirit of emiefiele_le, emikemifiele or what ever his name is grin
is he also the reason your Naira went to the dogs ? Is the color change now every reason for all your misfortune. If you keep leaving buhari out of this , you will never end well
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by Obainomilano: 10:22am On Sep 13, 2023
porthouse7:
Ipob and fake news
Unity begger rest ...if you are not so ashamed of your people you should not be hating people that want to go
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by Pwettylinda(f): 10:22am On Sep 13, 2023
grin grin
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by HydraFeeds(m): 10:24am On Sep 13, 2023
SmartyPants:


Not that I support the idea but there are ways to manage such.
like how ?
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by Chetas81(m): 10:24am On Sep 13, 2023
FAKE NEWS, FROM FAKE CITIZEN, HORRIBLE NEWS FROM ZOMBIE CITIZEN
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by tnerro1(m): 10:25am On Sep 13, 2023
Bubu really destroyed this country for 8 years, tinubu has a lot of work to do, I pity him
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by Kaa4(m): 10:25am On Sep 13, 2023
Why cannot the CBN allow this rumour to reign? At least it would help the Naira to some extent. Too much speculation is dragging the curecny down.
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by iamtardey: 10:26am On Sep 13, 2023
In this country we all act like illiterates

1 Like

Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by Chetas81(m): 10:27am On Sep 13, 2023
id4sho:
Not possible na
asked the foolish citizen what they produce, that can make Nigeria naira gain value, zombie and alien citizen have nothing to think about,
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by emorse(m): 10:28am On Sep 13, 2023
HydraFeeds:
If implemented,it will lead to hyperinflation .
To the contrary, currency redenomination is used to curb inflation.
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by adonainana: 10:28am On Sep 13, 2023
In simple economics

The rate for which a local currency is pegged to a greenback currency is simply the market demand for such currency and vice Versa


Strictly in the simplest of terms, naira can only be pegged to anything as discussed in the document if NIGERIA wakes up and is perhaps 100 billion dollars richer overnight .

Not only does it clear all the outstanding forex demand with this imaginary 100 billion dollars overnight wealth

Your reserve as to clearing future fx demand also is greatly increased

Foreign purchases on naira Bank limits on naira cards are removed as there is just too much dollars in cbn custody that there is no need to ration anything again

This is then when what is said in the above document can happen

But it’s not a miracle to be 100 billion dollars rich , it won’t happen overnight unless you go and steal another currency dollars deposit but it can be worked towards

Nigeria must sell soemthing to the world

Tech
Agriculture
Something to the world that the world we pay for in dollars

This is called exports and this is what would make 1 dollar equals 1 naira depending on the volume of what you sell to the world

This is it full stop

Stop nonsense policies up and down and wake up
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by Chetas81(m): 10:28am On Sep 13, 2023
eneyoduke:
Even if it's coming from you I won't believe
production make the currency gain value, but in Nigeria the sick citizen prefer to live on importation

1 Like

Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by SmartyPants(m): 10:29am On Sep 13, 2023
HydraFeeds:
like how ?

1. All bank deposits will be frozen and converted into lower sums

2. Currency will be redesigned and redenominated

Will cause temporary hardship but it can be done.
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by skj1377(m): 10:29am On Sep 13, 2023
The news is obviously fake. N1.25 to $ means N1200 to $ of today's Naira. Nigerians will go after Tinubu personally if he tries such. Imagine buying fuel at N2000 due to idiotic policy
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by Shawl001(m): 10:30am On Sep 13, 2023
They know it's almost impossible. They quickly debunk the news. grin
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by Raphael81(m): 10:32am On Sep 13, 2023
Just like the way Buhari promised to make 1naira equivalent to 1 dollar... Bunch of jokers
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by Chetas81(m): 10:32am On Sep 13, 2023
Kaa4:
Really redomination is not the answer to Nigeria's FX crises. The answer lies in where the money is going to. Too much slush money is in the economy. Lack of confidence in the economy is draining it of FX. There are no investments that can hold Naira. Too high cost of governance and the mutifarious challenges Buhari put the eocnomy into before he left.
go back to production line and begin to produce what you need Daily, but the citizen of Nigeria have nothing to think about, produce and export your production, your currency will gain value by doing that.
Re: CBN Denies Introducing Policy To Make $1 To ₦1.25 by jojothaiv(m): 10:32am On Sep 13, 2023
Fr33born:
They are debunking it as if sensible people believed it before.

Abegi!

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