Mehn, there is no hope for naira

abhosts:
It is time for the CBN to introduce higher denominations like N50k and N100k. The corrupt political class have now turned the USD to their default means to stealthily move cash around because the naira has no value(N1000 is about 90 cents). Reintroducing higher denominations would allow them return back to the glorious days of Naira Ghana must go method, thus easing up the pressure on the dollar.

What did you just post?

EKONGKING:
Tinubu is dealing with the aftereffects of buhari misgovernance.

Unadon tire to blame goodluck Johnathan abi?

Really? let me go check my starsh of dollars.......

Yep! My starsh are still there, i am waiting till it is $1 to 5000 naira which will happen before August 2024.

Righthussle:
Deputy Jesus come and see something oo.

Your decree since 2016 no work oo.

it's not by decree na, all these unserious Pastors sef.

Joidi:
I still believe in Nigeria, no matter what

Thanks to slave master Luggard

dfrost:


What did you just post?

That one is very very very ignorant, these are the kinda ignorant people we have to share the country with. If politicians are using dollars to starsh their loots how is introducing low 50 and 100 bills denomination currencies going to deter them? Infact. It would make the demand for dollars even higher.. .

Oh! Did he also thinks 50 and 100 are higher denominations?. what a dumbo!

Joidi:
I still believe in Nigeria, no matter what

Woow, good for you.

abhosts:
It is time for the CBN to introduce higher denominations like N50k and N100k. The corrupt political class have now turned the USD to their default means to stealthily move cash around because the naira has no value(N1000 is about 90 cents). Reintroducing higher denominations would allow them return back to the glorious days of Naira Ghana must go method, thus easing up the pressure on the dollar.

Is this supposed to make sense?

Righthussle:
Deputy Jesus come and see something oo.

Your decree since 2016 no work oo.

Decree my ass!

abhosts:
It is time for the CBN to introduce higher denominations like N50k and N100k. The corrupt political class have now turned the USD to their default means to stealthily move cash around because the naira has no value(N1000 is about 90 cents). Reintroducing higher denominations would allow them return back to the glorious days of Naira Ghana must go method, thus easing up the pressure on the dollar.

😂😂😂😂😂😂

89green:


it's not by decree na, all these unserious Pastors sef.

I decree i will go to Paris next week.. hang on! I don't even have a passport, visa or money to go to Paris. But no worries... i decree anyway! Decree will sort everything i need out.

Hungry go kill all of ona. Abi ona get mind vote Tinubu? Na so I go just dey look ona.

To cure a sickness treat the underlying cause of it ..but govt wants to do gra gra with foreign loans it does not work like that ...Just find a way to reduce the demand for foreign currency its not rocket science

Abeg Friday reach make i collect my 3000 euros 4 million naira no be moi moi make yeye una self for naija,austria thanks

EKONGKING:
Tinubu is dealing with the aftereffects of buhari misgovernance.

abeg enough of this excuses let him replace the current CBN governor it's obvious he doesn't fit that post

dfrost:


What did you just post?

Lol... Hardship can make idiots out of graduates.

That guy never chop. Leave am.

phr0nesis:
Why not temporarily ban the importation items not really needed for our survival.
There's no harm in important those essential items like foods we can't grow here, medicine we can't produce etc,

No one will die if you don't put on expensive jewelries.
We haven't finished buying all the cars already imported into the country, but we are still importing more. Why not ban these items for now to reduce the pressure on the few dollars coming into the country

you get it

it for a greater good, government is deliberately devaluing the naira to kill importation

:Dwhen You have an alajo somolu as CBN president.

Calitoscassius:
I decree i will go to Paris next week.. hang on! I don't even have a passport, visa or money to go to Paris. But no worries... i decree anyway!

Calitoscassius:
That one is very very very ignorant, these are the kinda ignorant people we have to share the country with. If politicians are using dollars to starsh their loots how is introducing low 50 and 100 bills denomination currencies deter them? Infact. It would make the demand for dollars even higher.. .

Oh! Did also thinks 50 and 100 are higher denominations?. what a dumbo!

Fear catch me ooh

RepoMan007:
I liked and shared not because I agree but because too many senseless folks for too long have blamed and praised past CBN governors for naira strength.
It has always been a demand and supply issue and not or never some chess-like maneuver of a skilled economist.
Just 12 months ago, in the peak of the naira scarcity/redesign, Tinubu aimed a dig at "them" (Emefiele/bubu) for taking the naira down in value. Now he is there. Let him defy low supply and keep dollar prices down let's see.

Yes, naira value is determined by our volume/value of exports against volume/value of imports. This is basic economics but Tinubu and his men used propaganda to demonize those before him. Now he is there ...

However, Buhari was an evil man. This demon was busy printing naira without recourse to any fiscal policy. Buhari was no different from Idi Amin. He caused massive inflation, rent seeking and corruption instead of making attempts to grow the economy.

Today, Tinubu isn't any better. He is busy encouraging propaganda and confusion instead of good governance. They keep using subterfuge and cheap rhetorics in the hopes it will boost confidence in the local economy. But things don't work that way.

I pity those still saving in naira because they will watch their sweat evaporate into thin air. I don't see naira rallying against the dollar because our productivity keeps going down. The more factories are shut and we import, the more naira crashes. How many factories are going to survive going forward.

I bought dollar this year at $1210. Went again, it was $1215 and the last one it was $1225 all within a space of days. At that rate, it will might get to $1500 before second quarter.

Khyrvxjzy:


you get it

it for a greater good, government is deliberately devaluing the naira to kill importation

Lol, they will only end up impoverishing everyone and destroying the economy. You don't devalue your currency as a way of discouraging imports, especially when you don't have local substitutes.

China and other South East Asian countries devalue their currency because they have massive volumes of finished goods to export and even use locally. So, it benefits them unlike us.

Investors will take profit which will lead to
Retracement/Correction.

Another Impulsive move is coming.
This will take the Zoo's currency to
$1/N1550

OgogoroFreak:
Hungry go kill all of ona. Abi ona get mind vote Tinubu? Na so I go just dey look ona.

Nobody voted him.
Be conscious of what you type.

Hmm a she she bere,dollar hoarders go hear am.
Global economic order is undergoing....
BRICS WILL SOON REPLACE DOLLAR FOR INTERNATIONAL TRADE deals.
YAUN TOO WILL SOON TAKE OVER CHINA BELT AND ROAD TRADE PARTNR NATIONS

MrEverest:


Lol, they will only end up impoverishing everyone and destroying the economy. You don't devalue your currency as a way of discouraging imports, especially when you don't have local substitutes.

China and other South East Asian countries devalue their currency because they have massive volumes of finished goods to export and even use locally. So, it benefits them unlike us.

This is where the cluelessness comes in, devaluing your local currency and looking for foreign investors instead of empowering local investors. Foreign investment is nothing but indirect importation, a foreign investor will only invest to make dollars and repatriate home. Nigeria with a population of 230million is a heavy-duty importer not exporter, importing by borrowing dollars instead of earning dollars by exporting.

PARADIZEPRIEST:
Hmm a she she bere,dollar hoarders go hear am.
Global economic order is undergoing....
BRICS WILL SOON REPLACE DOLLAR FOR INTERNATIONAL TRADE deals.
YAUN TOO WILL SOON TAKE OVER CHINA BELT AND ROAD TRADE PARTNR NATIONS

Forget these Brics malaria dream, Chinese economy has a longer way go and even if it happens, Nigeria being import dependent economy will have an exchange rate of 1Chinese yaun =100,000,000NGN.

ogododo:

https://dailypost.ng/2024/01/10/naira-drops-to-n1089-against-us-dollar-at-official-forex-market/

Just imagine a country of 200 million population expecting naira to appreciate because of the NNPCL-Afreximbank $3.3billion loan which $2.5billion has been received while CBN is owing $7billion backlogs for foreign investment. Nigeria has the capacity to earn $10billion daily, rather than borrowing dollars to pay dollar debts.

Gboss247:
Forget these Brics malaria dream, Chinese economy has a longer way go and even if it happens, Nigeria being import dependent economy will have an exchange rate of 1Chinese yaun =100,000,000NGN.

THIS YA EQUATION HAS NO BACKING IN PRINCIPLE OF ECONOMICS. IT LOOKS MORE OF VOODOO. 1yuan today is N150,currencies are valued based on economic reality,not abt frivolous specuating which you guys are just begging the question.

WAR HAS SO MUCH COST TO DSTATE OF YOUR ECONOMY,THISWHAT YOU PPL FORGET.
After the warII few years later America went into recesssion,things got too worse. The effects of war on economy is devatating.
Today going by history,America is repeating,they are deploying massive economic and security resources to support wars in ukrainre,Iraq,support taiwan,still backing Iraq to stabilize them? WHEN WILL ALL THIS END?

PARADIZEPRIEST:
THIS YA EQUATION HAS NO BACKING IN PRINCIPLE OF ECONOMICS. IT LOOKS MORE OF VOODOO. 1yuan today is N150,currencies are valued based on economic reality,not abt frivolous specuating which you guys are just begging the question.

The exchange rate you qouted between naira and yaun is a result of dividing Chinese forex rate by Nigerian forex rate. Now, Nigeria being an import dependent economy who wants to solely import from China using Chinese yaun has only one option of borrowing yauns with an interest rate to buy Chinese products in yauns directly.