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FG Moves To Digitise FX Transactions To Punish Naira Speculators - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / FG Moves To Digitise FX Transactions To Punish Naira Speculators (42215 Views)

Naira Maintains Steady Falls As Speculators Scoop Dollars / Naira Crashes To 1,030/$ As Speculators React / CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" (2) (3) (4)

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Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by VULCAN(m): 10:06pm On Oct 23, 2023
Hahahaha.

You are chasing rats while lions eat your children.

An inept government and its supporters.

Peter Obi said "Let's move from consumption to production. "

The oafs shouted him down.

They said "Let's move from Buhari to Tinubu"

Now factories are closing down weekly.

We are following in the footsteps of Zimbabwe.

And animals in human skin as the Legend sang are saying "Give him more time"

"What he did in Lagos, he will do in Nigeria."

Lollz

14 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by Seequadry(m): 10:06pm On Oct 23, 2023
Wow
Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by princeade86(m): 10:07pm On Oct 23, 2023
Acekidc4:
People should give Tinubu time, he will surely perform and do wonders. You all will thank him later. Things are really bad, we all know but it won't be for long.
as they gave GEJ time abi that they even called subsidy scam even when they knew is the best. They played politics with human lives.

6 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by ThatCEO: 10:08pm On Oct 23, 2023
FreeStuffsNG:
Speculators currently behind the unpatriotic and criminal arbitrage are already trapped with the executive orders and will get burnt las las ni

They want to keep on speculating , hype the overvalued street value of USD and call it parallel market price or projection. Smh. Eyin obaiye je lo ma re.

This current FG will not go borrowing money or use hard-earned forex inflow to fight against the overvalued US dollar on the streets. You all will get burnt las las.

Those being deceived to keep hoarding forex will get burnt severely las las. It's laughable ignorance when poorly educated people who have almost 100% of their day to day expenses in naira still go and hoard forex and crowd out those who genuinely need it. If they don't get burnt, no defence of the naira will. Not even EFCC that Mr Emefiele kept sending after them will make them stop.

I am 100% in support of the steps FG through CBN is taking to allow free float to determine our real aggregate demand till those unpatriotic elements are burnt by real market forces.

God bless President Bola Ahmed Tinubu. God bless Mr Cardoso. God bless Nigeria for ever! Check my signature for free stuffs!

Wetin happen
Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by globalresource: 10:08pm On Oct 23, 2023
FreeStuffsNG:

Dey play ehn. Smh. Yi o ye o l'ola

From about 500 to 1200. Kilounye jero re
Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by Samade7: 10:09pm On Oct 23, 2023
There was a country

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by stewiepeter: 10:09pm On Oct 23, 2023
FreeStuffsNG:
Speculators currently behind the unpatriotic and criminal arbitrage are already trapped with the executive orders and will get burnt las las ni

They want to keep on speculating , hype the overvalued street value of USD and call it parallel market price or projection. Smh. Eyin obaiye je lo ma re.

This current FG will not go borrowing money or use hard-earned forex inflow to fight against the overvalued US dollar on the streets. You all will get burnt las las.

Those being deceived to keep hoarding forex will get burnt severely las las. It's laughable ignorance when poorly educated people who have almost 100% of their day to day expenses in naira still go and hoard forex and crowd out those who genuinely need it. If they don't get burnt, no defence of the naira will. Not even EFCC that Mr Emefiele kept sending after them will make them stop.

I am 100% in support of the steps FG through CBN is taking to allow free float to determine our real aggregate demand till those unpatriotic elements are burnt by real market forces.

God bless President Bola Ahmed Tinubu. God bless Mr Cardoso. God bless Nigeria for ever! Check my signature for free stuffs!
This your free stuff nah black market rate you dey use or bank rate?

1 Like

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by ShootThemAll(m): 10:10pm On Oct 23, 2023
FreeStuffsNG:
Speculators currently behind the unpatriotic and criminal arbitrage are already trapped with the executive orders and will get burnt las las ni

They want to keep on speculating , hype the overvalued street value of USD and call it parallel market price or projection. Smh. Eyin obaiye je lo ma re.

This current FG will not go borrowing money or use hard-earned forex inflow to fight against the overvalued US dollar on the streets. You all will get burnt las las.

Those being deceived to keep hoarding forex will get burnt severely las las. It's laughable ignorance when poorly educated people who have almost 100% of their day to day expenses in naira still go and hoard forex and crowd out those who genuinely need it. If they don't get burnt, no defence of the naira will. Not even EFCC that Mr Emefiele kept sending after them will make them stop.

I am 100% in support of the steps FG through CBN is taking to allow free float to determine our real aggregate demand till those unpatriotic elements are burnt by real market forces.

God bless President Bola Ahmed Tinubu. God bless Mr Cardoso. God bless Nigeria for ever! Check my signature for free stuffs!

You go explain tire...no evidence! APC Buhari did same thing. Bunch of Stockholm Syndrome patients, shameless 50k per month social media rats singing praises to failures. This government has NOTHING to offer...everytime "we will" , "we are in the process of" grin

14 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by Lastmankc(m): 10:11pm On Oct 23, 2023
Acekidc4:
People should give Tinubu time, he will surely perform and do wonders. You all will thank him later. Things are really bad, we all know but it won't be for long.
That how you Ebola miscreants asked us to give buhari time till he destroyed the economy.Now, you want us to give tinubu time again to finish everything

8 Likes 1 Share

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by NewDea4: 10:12pm On Oct 23, 2023
FreeStuffsNG:


Remarks from the Minister of Finance and the CBN Governor at the National Economic Summit Group.
1. The FX market is illiquid because there is not enough supply of foreign exchange in the system due to various reasons.

2. The bleeding with respect to Nigerian resources has stopped.

3. The time to be concerned has gone as the country is now on the path of rebuilding.

4. There is enormous interest from foreign portfolio investors and foreign direct investors.

5. The President has signed an executive order that will effectively legally allow all the cash in the domestic economy to come into the system.

6. There is another executive order that will allow domestic issuance of foreign currency instruments.

7. Revamping of the FX market to ensure simplification and digitization of the FX market through a robust regulatory framework.

8. There is an expectation of a $10 billion inflow to clear the backlog of FX obligations in the coming weeks.

9. There will be supply of FX from NNPC, Sovereign wealth fund, foreign portfolio investors.

$10 billion from where??!! You sound like a drunkard😆

11 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by 735i(m): 10:12pm On Oct 23, 2023
This one has started with the stupid threats and ambiguous statements that Meffy made which led us down this rabbit hole.
Mr. CBN governor, act first, speak later, otherwise, this FX market will teach you a lesson.

5 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by schoolboymatt(m): 10:12pm On Oct 23, 2023
FreeStuffsNG:
Speculators currently behind the unpatriotic and criminal arbitrage are already trapped with the executive orders and will get burnt las las ni

They want to keep on speculating , hype the overvalued street value of USD and call it parallel market price or projection. Smh. Eyin obaiye je lo ma re.

This current FG will not go borrowing money or use hard-earned forex inflow to fight against the overvalued US dollar on the streets. You all will get burnt las las.

Those being deceived to keep hoarding forex will get burnt severely las las. It's laughable ignorance when poorly educated people who have almost 100% of their day to day expenses in naira still go and hoard forex and crowd out those who genuinely need it. If they don't get burnt, no defence of the naira will. Not even EFCC that Mr Emefiele kept sending after them will make them stop.

I am 100% in support of the steps FG through CBN is taking to allow free float to determine our real aggregate demand till those unpatriotic elements are burnt by real market forces.

God bless President Bola Ahmed Tinubu. God bless Mr Cardoso. God bless Nigeria for ever! Check my signature for free stuffs!

forgive my curiosity sir,


real market forces like what?

1 Like

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by ruffDiamond: 10:14pm On Oct 23, 2023
Snatch &grab pickpocket policies undecided
Nonsense Executhief order
Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by justmondris: 10:14pm On Oct 23, 2023
Acekidc4:
People should give Tinubu time, he will surely perform and do wonders. You all will thank him later. Things are really bad, we all know but it won't be for long.
Na so una talk for Buhari regime.

1 Like

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by Angelfrost(m): 10:15pm On Oct 23, 2023
Mehn... How long will this Propaganda be sustained??!

3 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by okorogodwin4(m): 10:15pm On Oct 23, 2023
Bunch of confused sadwast elements you will keep changing policies and shifting goal posts at the middle of the game while Naira is going to 2k per dollar posterity will judge you people

2 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by Whatisurproblem(m): 10:15pm On Oct 23, 2023
Acekidc4:
People should give Tinubu time, he will surely perform and do wonders. You all will thank him later. Things are really bad, we all know but it won't be for long.
How long? I mean how long can you as a human survive without food and water! This is thesame statement you people mention in 2015 to 2022 that Nigerians should be patient with buhari until we discovered in 2022 that buhari was busy developing his home town Niger. Una don start again useless advisers

5 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by Afonja007: 10:16pm On Oct 23, 2023
FreeStuffsNG:
Speculators currently behind the unpatriotic and criminal arbitrage are already trapped with the executive orders and will get burnt las las ni

They want to keep on speculating , hype the overvalued street value of USD and call it parallel market price or projection. Smh. Eyin obaiye je lo ma re.

This current FG will not go borrowing money or use hard-earned forex inflow to fight against the overvalued US dollar on the streets. You all will get burnt las las.

Those being deceived to keep hoarding forex will get burnt severely las las. It's laughable ignorance when poorly educated people who have almost 100% of their day to day expenses in naira still go and hoard forex and crowd out those who genuinely need it. If they don't get burnt, no defence of the naira will. Not even EFCC that Mr Emefiele kept sending after them will make them stop.

I am 100% in support of the steps FG through CBN is taking to allow free float to determine our real aggregate demand till those unpatriotic elements are burnt by real market forces.

God bless President Bola Ahmed Tinubu. God bless Mr Cardoso. God bless Nigeria for ever! Check my signature for free stuffs!
even if tinubu say nigeria will start using CEFA you will still support him this how you people lied and lied that buhari is the best president in the history of Nigeria so tinubu will look good in his eyes ,Nigerians in diaspora are not mumu,we don't even need nigerian government to send money home we do what is called euro to euro,me to send dollars to Tinubu's and his brothers in his government to boost his government? Tufiaaaa

2 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by oneman2k7: 10:16pm On Oct 23, 2023
I am tired of all these to do these and to do that. Do what u have to do and get Nigerians out of all these mess.

2 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by tnerro1(m): 10:17pm On Oct 23, 2023
Am surprised no one is talking about the $3 billion dollar they borrowed the last time to “stabilize “ the naira, where the money come enter?

7 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by imbless: 10:19pm On Oct 23, 2023
FreeStuffsNG:
Speculators currently behind the unpatriotic and criminal arbitrage are already trapped with the executive orders and will get burnt las las ni

They want to keep on speculating , hype the overvalued street value of USD and call it parallel market price or projection. Smh. Eyin obaiye je lo ma re.

This current FG will not go borrowing money or use hard-earned forex inflow to fight against the overvalued US dollar on the streets. You all will get burnt las las.

Those being deceived to keep hoarding forex will get burnt severely las las. It's laughable ignorance when poorly educated people who have almost 100% of their day to day expenses in naira still go and hoard forex and crowd out those who genuinely need it. If they don't get burnt, no defence of the naira will. Not even EFCC that Mr Emefiele kept sending after them will make them stop.

I am 100% in support of the steps FG through CBN is taking to allow free float to determine our real aggregate demand till those unpatriotic elements are burnt by real market forces.

God bless President Bola Ahmed Tinubu. God bless Mr Cardoso. God bless Nigeria for ever! Check my signature for free stuffs!
Delusional fellow 🤣🤣🤣

4 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by NewDea4: 10:20pm On Oct 23, 2023
Babanah:
Can someone advise the powers that be to create a Naira/Dollar ETF backed by USD held by the CBN or any strong Financial Institution. This will segment the market. Those who need the dollar for speculative reasons or as a store of value can buy this Instrument. While the real dollars will be left for these who have genuine need for forex. The ETF will fluctuate/mirror the naira/dollar rates but will be held within Nigeria.
For further details can you ask the CBN Governor to contact me.

So that CBN can air them when they try to redeem...

You should be able to see why governments need to be trustworthy by now, Nigerian government is a criminal enterprise and you'd be a fool to rely on them

2 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by Stevosty: 10:20pm On Oct 23, 2023
I hope this policy will not make matters worse, internal production and industrialisation is the key, not chasing shadows, else dollar skyroketted to N2000.

3 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by Basicend: 10:20pm On Oct 23, 2023
Govt should diversify to agriculture fully and significantly.

Discount capital projects that are not heavily compelling now. .

Reduce dependency on oil as major revenue and driver of forex. . Then a breather will come in gradually. .

2 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by Teenaira: 10:20pm On Oct 23, 2023
FreeStuffsNG:
Speculators currently behind the unpatriotic and criminal arbitrage are already trapped with the executive orders and will get burnt las las ni

They want to keep on speculating , hype the overvalued street value of USD and call it parallel market price or projection. Smh. Eyin obaiye je lo ma re.

This current FG will not go borrowing money or use hard-earned forex inflow to fight against the overvalued US dollar on the streets. You all will get burnt las las.

Those being deceived to keep hoarding forex will get burnt severely las las. It's laughable ignorance when poorly educated people who have almost 100% of their day to day expenses in naira still go and hoard forex and crowd out those who genuinely need it. If they don't get burnt, no defence of the naira will. Not even EFCC that Mr Emefiele kept sending after them will make them stop.

I am 100% in support of the steps FG through CBN is taking to allow free float to determine our real aggregate demand till those unpatriotic elements are burnt by real market forces.

God bless President Bola Ahmed Tinubu. God bless Mr Cardoso. God bless Nigeria for ever! Check my signature for free stuffs!

Every sensible person will know that the exchange rate of $ to Naira can not be N1200 to a dollar. What we have currently is pure speculations and I will sincerely like government to hit these criminals real hard. However, statement like the one coming from government now will be a subtle warning to these speculators creating artificial demand for dollar. There is no project the country is engaged in that requires the kind of dollars we consume daily currently. Government, either through the CBN or minister of finance should continue to let them know that government will use the big stick without any notice. That is likely going to make some of them stop the round tripping while the die hard may be caught in the act.

1 Like

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by Vision101(m): 10:21pm On Oct 23, 2023
A few hours ago I wrote here that the fx rate is purely caused by speculation and roundtripping. There is so much arbitrage going on. Some people in their usual way with political undertone abused us.

I mentioned that a sudden policy will crash all this. I hadn't read this news then. It's basic economics that hence we are import dependent economy and if the consistent upward movement of the rates is a true reflection of the economy then the smallest packet of biscuit would not be less than #500. But this isn't the case. Then something artificial is going on.

Watch out for major policy that will shake naira in the first quarter of 2024.

I will keep repeating this: I'm an Igbo and apolitical. President BAT is the best among the three. He inherited so many problems but will not talk because buhari is from APC. The mess started from two years towards the end of Jonathan's regime but buhari rubbed shit everywhere.

7 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by Taich(m): 10:22pm On Oct 23, 2023
LAXconfidential:
Before I was done reading, I already know that the OP will pad up this BMC propaganda with enough gaslighting, and he didn't disappoint grin

Same way they gaslighted you guys during Buharis tenure that we will suffer small and enjoy later, well, we've been in constant suffering since Buhari was sworn in in 2015 till now and its getting worst!

Nigerians, better open your eyes o. They will gaslight you for 16 years and sprinkle tribalism here and there so that you people can't come together and demand for a better future.


A word is enough for the wise.

Speak a bit of yoruba to tap in sentiment from his audience and boom he sounds right, why warn "speculators" when you are sure you have the solution to the madness in fx sector.

Government of Propaganda.

4 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by Shikena(m): 10:23pm On Oct 23, 2023
Those mocking Nigeria today are guaranteed to face shame as the steady growth will start manifesting in a matter of months. They will shift goalpost as usual when the time comes.

2 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by LAXconfidential(m): 10:23pm On Oct 23, 2023
Taich:


Speak a bit of yoruba to tap in sentiment from his audience and boom he sounds right, why warn "speculators" when you are sure you have the solution to the madness in fx sector.

Government of Propaganda.

Exactly!

1 Like

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by imbless: 10:25pm On Oct 23, 2023
Babanah:
Can someone advise the powers that be to create a Naira/Dollar ETF backed by USD held by the CBN or any strong Financial Institution. This will segment the market. Those who need the dollar for speculative reasons or as a store of value can buy this Instrument. While the real dollars will be left for these who have genuine need for forex. The ETF will fluctuate/mirror the naira/dollar rates but will be held within Nigeria.
For further details can you ask the CBN Governor to contact me.
Bro Nigeria don't have enough fx to back up USD ETF, so this won't work at all because a Nigeria can't create dollar out of thin air.

4 Likes 1 Share

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by malali: 10:25pm On Oct 23, 2023
Not improving export base ?
Depending on raw crude oil sales from 1970's ?
Looting politicians recycled every 4 years ?



Nothing can save the naira.
Unless we find huge deposits of crude oil with easy access to drill
and also get rid of these politicians.

3 Likes

Re: FG Moves To Digitise FX Transactions To Punish Naira Speculators by ufuosman(m): 10:29pm On Oct 23, 2023
Na wa

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