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Egypt Devalues Its Pound, Loses Over 50% Against US Dollars - Foreign Affairs (3) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / Egypt Devalues Its Pound, Loses Over 50% Against US Dollars (27812 Views)

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Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by LegendHero(m): 2:48pm On Mar 06
mrvitalis:

Nah the value won't change that much if it changes it would cause panicking which would cause run away fall of currency like we have in Nigeria

You float by creating a sense of excess supply

Bros which school did you go to ?

I don't even understand what you are saying. I attended Awolowo free education school.

Why did they devalue in the first place if you think they have "Sense of excess supply"? Give Egypt few more weeks and if their president maintain the tempo of market forces determining the value, it will climb to 100% in no time.

When CBN first announced ours, was it at the level it is now?

3 Likes 2 Shares

Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by Forkthiefnubu: 2:50pm On Mar 06
DCmonster:
One terrible thing about APC and their supporters is that they always look for means to justify the hardship they keep dumping on Nigerians.
Their supporters are so wicked and wretched that they want all Nigerians to live their impoverished life.
They blame car dealers, market women, traders and anyone for the country Economic and hunger problem but never blame the Government.
If Egypt currency is devalued by 50% which is about 1pounds to 10 dollars it is still far valuable than Naira.

Nairaland is unofficially owned by APC
We know Nairaland is part of the APC anti Nigeria agenda , we know this long ago and that’s why am here to watch and report and follow up
Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by LegendHero(m): 2:50pm On Mar 06
MasterJayJay:

Egypt is everyone?

1 dollar at 450 naira to 1,500 is 50% devaluation? Chai!

No wonder the fake accountant Timlubuu scammed you guys.


You get dollar at 450 naira in Buhari era? Most of una mumu dey carry weight.

And did dollar jumped to 1500 immediately CBN announced the floating?

3 Likes 1 Share

Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by sirray001: 2:51pm On Mar 06
DCmonster:
One terrible thing about APC and their supporters is that they always look for means to justify the hardship they keep dumping on Nigerians.
Their supporters are so wicked and wretched that they want all Nigerians to live their impoverished life.
They blame car dealers, market women, traders and anyone for the country Economic and hunger problem but never blame the Government. They even blame Peter Obi for the hardship in Country
If Egypt currency is devalued by 50% which is about 1pounds to 10 dollars it is still far valuable than Naira.

Nairaland is unofficially owned by APC
Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by LegendHero(m): 2:51pm On Mar 06
Fash20:


Moving away wont resolve the issue. Countries should try as much as possible to reduce over reliance on foreign goods.

How do they reduce it?

If Nigeria government tell you today to stop wearing foreign made cloth and only weak Ankara, what will be your response?

5 Likes 2 Shares

Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by Deogratiasfx: 2:52pm On Mar 06
DCmonster:
One terrible thing about APC and their supporters is that they always look for means to justify the hardship they keep dumping on Nigerians.
Their supporters are so wicked and wretched that they want all Nigerians to live their impoverished life.
They blame car dealers, market women, traders and anyone for the country Economic and hunger problem but never blame the Government.
If Egypt currency is devalued by 50% which is about 1pounds to 10 dollars it is still far valuable than Naira.

Nairaland is unofficially owned by APC

The other time I saw Aisha Yusuf criticizing Alex Otti on a certain decision he made and I was excited for her wisdom.
Tinubu supporters are so dumb that they feel support means they should appreciate everything their principal does.
The next thing they will tell you is that Jonathan cause the problem and Tinubu is fixing it.

1 Like

Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by ConfidentialDoc: 2:55pm On Mar 06
9jatriot:
The jazz america de use strong sha... I believe it is only Russia that is immuned from the chains america used to hold the rest of the world. I am not sure 90% of Americans know what currency a country like Nigeria or Egypt is using but here, even a market woman knows about dollar.

Yesterday, there was news about Ghana doing something about dollar, now Egypt

They're preparing third world countries for the crash of the dollar..

1 Like

Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by JooEeL(m): 2:56pm On Mar 06
DCmonster:
One terrible thing about APC and their supporters is that they always look for means to justify the hardship they keep dumping on Nigerians.
Their supporters are so wicked and wretched that they want all Nigerians to live their impoverished life.
They blame car dealers, market women, traders and anyone for the country Economic and hunger problem but never blame the Government.
If Egypt currency is devalued by 50% which is about 1pounds to 10 dollars it is still far valuable than Naira.

Nairaland is unofficially owned by APC

I saw the owner of this site shamelessly make a comment on one apc post on twitter just yesterday.

I was beyond bewildered.
Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by CommonSense1967: 2:56pm On Mar 06
DCmonster:
One terrible thing about APC and their supporters is that they always look for means to justify the hardship they keep dumping on Nigerians.
Their supporters are so wicked and wretched that they want all Nigerians to live their impoverished life.
They blame car dealers, market women, traders and anyone for the country Economic and hunger problem but never blame the Government.
If Egypt currency is devalued by 50% which is about 1pounds to 10 dollars it is still far valuable than Naira.

Nairaland is unofficially owned by APC


They show you world reality and you are here wailing and crying like an Obigoat sore loser. The world is now a global village, what is going on in Nigeria is also going on in many countries around the world.
You rather they lie to the people and, make it sound like they are the only ones going through tough times abi?

If your Agulu packaged fraudster had been the President, you would be here blaming Tinubu, Hausa, Fulani, Yoruba, and others for his incompetence. Tinubu owns his wahala, that's a sign of good leadership.

You would have blamed everyone but the Agulu packaged fraud.

4 Likes 2 Shares

Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by Ezmans: 2:56pm On Mar 06
LegendHero:
Everyone following in Tinubu footsteps.

I think the world need to find a way to move from the dependence on USD for almost everything. Black market won't let them rest too.

you need to check your brain
Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by CommonSense1967: 2:58pm On Mar 06
One of the IPOB mods deleted my comments simply because I called out the OBi idiotic IPOB retards. CLOWNS grin grin grin grin

Like I give a flying fvck. grin

2 Likes 1 Share

Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by lapintoz: 2:59pm On Mar 06
Another zombie with empty skull.

I guess it is Tinubu and APC causing the economic and financial troubles in Egypt. In fact the whole world. Every country facing the headwinds in their own way.

But children born with 8 sees only obidense. Yesufu don use una money buy houses for Abuja.

Awon werey dede....


DCmonster:
One terrible thing about APC and their supporters is that they always look for means to justify the hardship they keep dumping on Nigerians.
Their supporters are so wicked and wretched that they want all Nigerians to live their impoverished life.
They blame car dealers, market women, traders and anyone for the country Economic and hunger problem but never blame the Government.
If Egypt currency is devalued by 50% which is about 1pounds to 10 dollars it is still far valuable than Naira.

Nairaland is unofficially owned by APC

4 Likes 1 Share

Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by Jandminded: 2:59pm On Mar 06
LegendHero:
Everyone following in Tinubu footsteps.

I think the world need to find a way to move from the dependence on USD for almost everything. Black market won't let them rest too.


So you still dey this nairaland.

For more than 10 days, you won't see another topic to use and praise Tinubu cheesy
Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by Fash20: 3:00pm On Mar 06
LegendHero:


How do they reduce it?

If Nigeria government tell you today to stop wearing foreign made cloth and only weak Ankara, what will be your response?

Why not. Do you think we cannot produce quality clothes?

There's no two ways about this thing. Its either we become an economy that produces or we continue to be a third world economy that consume things we dont produce.

Yes it wont be easy but we have the man power, we have the resources, China, Singapore did it. We can too

1 Like

Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by Originalsly: 3:01pm On Mar 06
Do we ever wonder why Egypt .... Nigeria and other African countries MUST buy wheat from Ukraine? ... instead of trying to be self sufficient?
African countries are not allowed to be self sufficient nor truly independent....but must be dependent on the European countries.

1 Like

Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by tnerro1(m): 3:02pm On Mar 06
Oya APC supporters should come and tell us how the Egyptians are suffering more than Nigerians
Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by OChimex: 3:03pm On Mar 06
LegendHero:
Everyone following in Tinubu footsteps.

I think the world need to find a way to move from the dependence on USD for almost everything. Black market won't let them rest too.


How do you move away from the US dollars, the world depends on them for goods and services and equipments and machines and amunitions
You want Dangote to carry his naira go buy crude from the US?
Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by Fash20: 3:05pm On Mar 06
OChimex:


How do you move away from the US dollars, the world depends on them for goods and services and equipments and machines and amunitions
You want Dangote to carry his naira go buy crude from the US?

All those things we mentioned can be gotten from other countries. The reason for dollar isnt that
Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by Believeintruth: 3:11pm On Mar 06
FreeStuffsNG:
Smh. Nigeria is not giving excuses, we can't keep using our hard earned forex to keep defending our naira against US dollars overvalued on the street and disgraced Binance by unpatriotic criminals.

Bros have small shame. This govt is still playing optics game here. going after Binance is essentially a soft target. there is no way a crypto currency transaction will not pass through without a bank and a payment gateway provider. that is where the money laundering comes from and originates. That is the Placement stage of Money Laundering.

Once again on the issue of the using hard earned forex to defend the naira, the only solution is for Tinubu to transform the economy to a productive economy. Sell the government owned refineries and channel the funds to critical infrastructure that would boost productivity, improve ease of doing business, right size the bloated civil service and reduce the cabinet to save cost.
These things are not hard but they love looking for soft targets and chasing shadows.
Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by mrvitalis(m): 3:11pm On Mar 06
LegendHero:


I don't even understand what you are saying. I attended Awolowo free education school.

Why did they devalue in the first place if you think they have "Sense of excess supply"? Give Egypt few more weeks and if their president maintain the tempo of market forces determining the value, it will climb to 100% in no time.

When CBN first announced ours, was it at the level it is now?
Exactly free education is bad for anyone

1 million half baked graduates is worse than 10 fully naked graduates


Currency is held by nothing but confidence... If you lose the confidence of the holders your money would behave like naira
Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by Gajagojo: 3:14pm On Mar 06
I better pass my neighbour tins
Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by blamingthedevil: 3:14pm On Mar 06
9jatriot:
The jazz america de use strong sha... I believe it is only Russia that is immuned from the chains america used to hold the rest of the world. I am not sure 90% of Americans know what currency a country like Nigeria or Egypt is using but here, even a market woman knows about dollar.

Yesterday, there was news about Ghana doing something about dollar, now Egypt

Russia ? What is the size of Russia Economy?
Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by pendragonbladgo(m): 3:18pm On Mar 06
Best decisions Tinubu made. Let naira trade it self. Halt subsidy. Then Restructure the country. We ll suffer it, i preffer hard decisions

1 Like

Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by LagosG: 3:18pm On Mar 06
toprealman:
This is the country Reno is using to justify why Nigeria should be happy Ukraine, a country fighting for survival, is donating grain to them. How can you be feeding on the reserve of a man bleeding and you are happy?
This is the same country your darling Obi went to learn policies

3 Likes

Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by Bovis(m): 3:21pm On Mar 06
Originalsly:
Do we ever wonder why Egypt .... Nigeria and other African countries MUST buy wheat from Ukraine? ... instead of trying to be self sufficient?
African countries are not allowed to be self sufficient nor truly independent....but must be dependent on the European countries.

You have made a very good point about the dependence theory. However, you also questioned why African countries are not self sufficient and stated that European countries made it so. What do you think are the solutions

1 Like

Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by themanderon: 3:23pm On Mar 06
It seems these APC oafs keep scouring the internet looking for excuses to justify the misrule of their paymasters. How foolish can one be? They never seem to see good things that show the failure of their masters only wrong things. Crazy people.
Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by themanderon: 3:26pm On Mar 06
FreeStuffsNG:
Smh. Nigeria is not giving excuses, we can't keep using our hard earned forex to keep defending our naira against US dollars overvalued on the street and disgraced Binance by unpatriotic criminals.

Yeah when it comes to ordinary Nigerians they can't continue to spend "Our hard-earned forex" but when it comes to buying exorbitant SUVs for themselves they can spend abi? Just continue to be a fool for these criminals in power.
Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by BabaAduras: 3:26pm On Mar 06
DCmonster:
One terrible thing about APC and their supporters is that they always look for means to justify the hardship they keep dumping on Nigerians.
Their supporters are so wicked and wretched that they want all Nigerians to live their impoverished life.
They blame car dealers, market women, traders and anyone for the country Economic and hunger problem but never blame the Government.
If Egypt currency is devalued by 50% which is about 1pounds to 10 dollars it is still far valuable than Naira.

Nairaland is unofficially owned by APC

You have 2 problems:

1) Your lack of knowledge - even when it is staring in the face, you can't comprehend a global trend.
2) Your hatred for APC and Yorubas - That is what will kill you. Simply because the hatred will eat you from inside.

I would have loved to help you, unfortunately, your problems can only be solved by yourself.

1 Like

Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by pappilo(m): 3:27pm On Mar 06
DCmonster:
One terrible thing about APC and their supporters is that they always look for means to justify the hardship they keep dumping on Nigerians.
Their supporters are so wicked and wretched that they want all Nigerians to live their impoverished life.
They blame car dealers, market women, traders and anyone for the country Economic and hunger problem but never blame the Government.
If Egypt currency is devalued by 50% which is about 1pounds to 10 dollars it is still far valuable than Naira.

Nairaland is unofficially owned by APC

I am sure you are happy you are not the only dull one. You have the 63 duller ones who liked your illiterate post.

How did you arrive at one Egyptian Pound gives you $10 US?

1 Like 1 Share

Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by whizzler: 3:31pm On Mar 06
Seequadry:
Th whole world is reshaping..... Hopefully Nigeria reshaped to positivity
Buying bread at ₦1500 is not a good thing.... Spending 2k on a regular breakfast as a common tally clerk is depressing....


Ramadan is here... Please help me O'Lord

Aameen my brother !

1 Like

Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by Afamed: 3:33pm On Mar 06
Hobi don bring him bad luck come Egypt.

Egypt was in good economy system, until the Pandora fraud begins to make reference to them

1 Like

Re: Egypt Devalues Its Pound, Loses Over 50% Against US Dollars by Elsueno: 3:38pm On Mar 06
LegendHero:
Everyone following in Tinubu footsteps.

I think the world need to find a way to move from the dependence on USD for almost everything. Black market won't let them rest too.


We ain't Egypt bros, Egypt got loyal brethren for Arab way go give them billions of dollars on interest free loan....But what of us, EVEN D WESTERN world way our govt dey leak & kiss thier smelly a## no send us...Even d high interest loan self, them no wan give us.
Despite throwing d chance to be founding members of BRICS dat could give us some serious advantages....sigh... what is wrong with 9ja!

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