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Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts - Business (2) - Nairaland

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Why Naira Will Continue To Appreciate / Currency Dealers Back Cbn’s Policies / Inflation Rate Rises From 11.14% To 11.23% In August – NBS (2) (3) (4)

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Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by DeepThroater: 8:18pm On Apr 29
madjune:
Besides oil, what's Nigeria producing and exporting?

The CBN team can start their abracadabra economics by answering that.

Besides, has there even been a question and answer panel (Meet the press) briefing since Cardoso started this his experiment?

He should entertain questions on what he's doing presently.

We can start by reducing imports first and growing our manufacturing base.

This alone will conserve FX to be used for essential imports and FX remittance.

2 Likes

Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by Fatbam005: 8:25pm On Apr 29
Nasoso English Language

1 Like

Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by edungene7: 8:26pm On Apr 29
Naira is now like gbola it raises in the morning and falls in the evening APC which way

1 Like

Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by Gboom: 8:27pm On Apr 29
kk2027:
Except we go from consumption to production, make we just dey play

Let's keep teaching Peter Obi a lesson
Going from consumption to production is not a day job, it entails a lot of infrastructure to be put in place.
Your obi is just a deceiver because he is one of those importing goods to Nigeria thereby killing production

1 Like

Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by Besuccesful: 8:30pm On Apr 29
Is there no way they can stop this aboki selling naira on the street? Do we actually need them? Why can't only banks be selling dollar to people that need it?

2 Likes

Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by okerekingsley90: 8:30pm On Apr 29
CountinBlessins:


GBAM!!!

Unfortunately Tinubu can never do this, why? Because he has too much baggage the west will use against him. If Tinubu was to sign an executive order ,demanding all crude sales in Naira I can guarantee you that Naira would exchange to the dollar less than N100 to $1

Because every one wanting to buy our oil takes their dollar to buy our Naira before coming to buy oil there by making our Naira fly in value but like I said Tinubu isn't the leader to do this because just one call from the CIA reminding him they have files from his past which they never released he will immediately reverse the order.

This is why we wanted a leader like Obi who. Doesn't have such baggage the west can use to leverage against him.

Alas Nigeria go dey already las las


Peter Obi is a good man but ah for him to get that presidential seat my brother there would be chaos in this country grin grin grin
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by okerekingsley90: 8:31pm On Apr 29
Gboom:

Going from consumption to production is not a day job, it entails a lot of infrastructure to be put in place.
Your obi is just a deceiver because he is one of those importing goods to Nigeria thereby killing production


grin grin
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by iyke2frankeze: 8:31pm On Apr 29
I taught they floated the Naira?
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by Pauladex(m): 8:31pm On Apr 29
CountinBlessins:


GBAM!!!

Unfortunately Tinubu can never do this, why? Because he has too much baggage the west will use against him. If Tinubu was to sign an executive order ,demanding all crude sales in Naira I can guarantee you that Naira would exchange to the dollar less than N100 to $1

Because every one wanting to buy our oil takes their dollar to buy our Naira before coming to buy oil there by making our Naira fly in value but like I said Tinubu isn't the leader to do this because just one call from the CIA reminding him they have files from his past which they never released he will immediately reverse the order.

This is why we wanted a leader like Obi who. Doesn't have such baggage the west can use to leverage against him.

Alas Nigeria go dey already las las
Ask yourself what is the current demand for our crude like? You beg to sell and you want to give conditions.
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by Konquest: 8:34pm On Apr 29
Islie:


what we had and wait till tomorrow to see what the market holds.
“The increase in the rate is due to demand pressure. The number of people demanding for dollars is higher than those selling.

“So it is difficult to meet the demand as we do not have access to buying from BDCs talk of from the CBN.”

Also confirming this development and expressing optimism that the naira will further appreciate this week, Gwadehe said: “There is a turn of events now. Naira is appreciating as we speak, the rate has come down to N1,250 – N1,270.

“Now the rate is going down due to a combination of factors. The CBN has intervened today at the NAFEM market. Dollar sales and disbursement to BDCs have been coordinated and streamlined for efficiency and liquidity.

“The securities agencies have swooped on those illegal behaviours, arrests were made today in Abuja and Kano. So all these factors are playing a bigger role because all the behaviours that have no economic value have been checkmated and streamlined. So I believe appreciation of the Naira cannot but continue.”

Speaking further, Gwadabe called for an executive order to deposit their holding into a non-exports domiciliary with silent sources requirement of an amount below # 50k for 3 months.

He also called for the creation of investment bonds for Nigerians in the Diaspora without tax charges.


https://www.vanguardngr.com/2024/04/why-naira-depreciated-by-23-in-4-days-currency-dealers-analysts-2/#google_vignette
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by InvertedHammer: 8:38pm On Apr 29
DeepThroater:
How can you value your entire economy and currency on that of another sovereign nation's?


Here lies the problem.

The sooner we ditch the dollar and diversify our FX like how GEJ attempted the better we be.

Also GEJ proposed opening up a trading house in Lagos for our oil to be priced in naira.

When that proposal was floated , a Swiss Govt sponsored report came up with the fabulous lie of missing $50bn oil revenue to which Sanusi (a BlackRock appointee as VP Africa ) quickly vetted the unsubstantiated fake dossier.

The enemies of Nigeria are more from within than outside.
/
You do realize that they must not buy your oil. Sometimes Nigeria finds it difficult to find buyers. Moving away from US dollars as a reserve currency is not what one country can do and that's why some are binding together to form BRICS+.

Too many things are wrong. One is being an import-dependent nation. If you sell oil in naira, they will still need to source for US dollars for importation of goods and products for consumption into Nigeria. The other is the general disdain the people have for things produced in Nigeria. The insatiable quest for foreign goods is outrageous.
/

2 Likes

Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by SenecaTheYonger: 8:39pm On Apr 29
DeepThroater:
How can you value your entire economy and currency on that of another sovereign nation's?


Here lies the problem.

The sooner we ditch the dollar and diversify our FX like how GEJ attempted the better we be.

Also GEJ proposed opening up a trading house in Lagos for our oil to be priced in naira.

When that proposal was floated , a Swiss Govt sponsored report came up with the fabulous lie of missing $50bn oil revenue to which Sanusi (a BlackRock appointee as VP Africa ) quickly vetted the unsubstantiated fake dossier.

The enemies of Nigeria are more from within than outside.

More trial and error lmao.
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by BlocksNG(m): 8:39pm On Apr 29
The no 1 hater is balablu the baboon.
NOETHNICITY:
Hater of Nigeria are working tirelessly to bring this country to its knees

1 Like

Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by occfx: 8:40pm On Apr 29
Islie:


https://www.vanguardngr.com/2024/04/why-naira-depreciated-by-23-in-4-days-currency-dealers-analysts-2/#google_vignette

Because they are done with Ramadan
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by Powersurge: 8:41pm On Apr 29
DeepThroater:
How can you value your entire economy and currency on that of another sovereign nation's?


Here lies the problem.

The sooner we ditch the dollar and diversify our FX like how GEJ attempted the better we be.

Also GEJ proposed opening up a trading house in Lagos for our oil to be priced in naira.

When that proposal was floated , a Swiss Govt sponsored report came up with the fabulous lie of missing $50bn oil revenue to which Sanusi (a BlackRock appointee as VP Africa ) quickly vetted the unsubstantiated fake dossier.

The enemies of Nigeria are more from within than outside.

You cannot transact in Naira on a global stage. Not even China can pull that off with significant result.
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by SenecaTheYonger: 8:42pm On Apr 29
CountinBlessins:


GBAM!!!

Unfortunately Tinubu can never do this, why? Because he has too much baggage the west will use against him. If Tinubu was to sign an executive order ,demanding all crude sales in Naira I can guarantee you that Naira would exchange to the dollar less than N100 to $1

Because every one wanting to buy our oil takes their dollar to buy our Naira before coming to buy oil there by making our Naira fly in value but like I said Tinubu isn't the leader to do this because just one call from the CIA reminding him they have files from his past which they never released he will immediately reverse the order.

This is why we wanted a leader like Obi who. Doesn't have such baggage the west can use to leverage against him.

Alas Nigeria go dey already las las

Una too dull for APC camp. YOU ARE AN IMPORT BASED COUNTRY. You import everything down to toothpicks. YOU NEED DOLLARS TO KEEP IMPORTING AND CONSUMING BECAUSE YOURE NOT PRODUCING THOSE THING. YOU CANNOT IMPORT IN NAIRA. YOU CANNOT IMPORT THOSE GOODS WITH NAIRA BECAUSE THOSE COUNTRIES DONT ACCEPT YOUR CURRENCY AND YOU CANNOT FORCE THEM TO ACCEPT NAIRA FOR THEIR GOODS


IF EVERYONE STARTS PAYING FOR OIL IN NAIRA, HOW ARE YOU GOING TO GET DOLLAR TO IMPORT YOUR DAY TO DAY ITEM THAT YOU REFUSE TO PRODUCE?

2 Likes

Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by berrystunn(m): 8:45pm On Apr 29
Anybody that believes apc will fix nigeria is a big fool .
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by SenecaTheYonger: 8:47pm On Apr 29
DeepThroater:


The sooner we ditch the dollar and diversify our FX like how GEJ attempted the better we be.

Also GEJ proposed opening up a trading house in Lagos for our oil to be priced in naira.

You’re an import based county. Where will you get dollar to sustain your import based lifestyle?

After you give people to buy oil and pay you Naira (which is a big gain for them since they can keep their dollar in their country)

Will you now force people to accept Naira when you want to import goods from other country?

Who will accept your Naira for trade? Will you force them? They will only accept dollar.

By now you don’t have dollar because your dumbass decided to sell oil in Naira.


Bro your camp is full of dull loosers
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by berrystunn(m): 8:47pm On Apr 29
SenecaTheYonger:


Una too dull for APC camp. YOU ARE AN IMPORT BASED COUNTRY. You import everything down to toothpicks. YOU NEED DOLLARS TO KEEP IMPORTING AND CONSUMING BECAUSE YOURE NOT PRODUCING THOSE THING. YOU CANNOT IMPORT IN NAIRA. YOU CANNOT IMPORT THOSE GOODS WITH NAIRA BECAUSE THOSE COUNTRIES DONT ACCEPT YOUR CURRENCY AND YOU CANNOT FORCE THEM TO ACCEPT NAIRA FOR THEIR GOODS


IF EVERYONE STARTS PAYING FOR OIL IN NAIRA, HOW ARE YOU GOING TO GET DOLLAR TO IMPORT YOUR DAY TO DAY ITEM THAT YOU REFUSE TO PRODUCE?

Even nigeria customs requests dollars.
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by SenecaTheYonger: 8:49pm On Apr 29
berrystunn:


Even nigeria customs requests dollars.

These people are too dull and it’s killing this country
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by didymario7(m): 8:49pm On Apr 29
EmeeNaka:
This one is Naira appreciation through bullying.

No be lie. It is no longer a free market. Lol
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by Amigos12(m): 8:50pm On Apr 29
CountinBlessins:


GBAM!!!

Unfortunately Tinubu can never do this, why? Because he has too much baggage the west will use against him. If Tinubu was to sign an executive order ,demanding all crude sales in Naira I can guarantee you that Naira would exchange to the dollar less than N100 to $1

Because every one wanting to buy our oil takes their dollar to buy our Naira before coming to buy oil there by making our Naira fly in value but like I said Tinubu isn't the leader to do this because just one call from the CIA reminding him they have files from his past which they never released he will immediately reverse the order.

This is why we wanted a leader like Obi who. Doesn't have such baggage the west can use to leverage against him.

Alas Nigeria go dey already las las
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by adecz: 8:51pm On Apr 29
Politicians are hiding millions
of dollars and don't want naira to
appreciate... 😡😐😡

1 Like

Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by 99thEnemy(m): 8:52pm On Apr 29
Okortor:
Keep calm guy's....our very own ODUMEJE is back and would use his ABIDO SHAKER 🧂 power to drop it in the coming day's.......
I am subscribed to that comedian. grin

I will surely update you guys very soon on the follow up after https://www.nairaland.com/8042931/used-abidoshaker-bring-down-dollar

whenever it drops
grin

1 Like 1 Share

Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by Amigos12(m): 8:52pm On Apr 29
DeepThroater:
How can you value your entire economy and currency on that of another sovereign nation's?


Here lies the problem.

The sooner we ditch the dollar and diversify our FX like how GEJ attempted the better we be.

Also GEJ proposed opening up a trading house in Lagos for our oil to be priced in naira.

When that proposal was floated , a Swiss Govt sponsored report came up with the fabulous lie of missing $50bn oil revenue to which Sanusi (a BlackRock appointee as VP Africa ) quickly vetted the unsubstantiated fake dossier.

The enemies of Nigeria are more from within than outside.
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by bdon123(m): 8:56pm On Apr 29
ourcrudeoil:
Ok... What are we producing ? Why are trading with dollars even within our country? When is PH REFINERY going to start working?
What's going with our GOLD and LITHIUM ? Who is eating the money from GOLD AND LITHIUM?
Baba hear me n hear me well no refinery run by FG will ever work in naija.Government has no business running refineries as its supposed to be profit oriented not a political tool to appease politicians.dangote refinery will succeed becos its private n profit focused

3 Likes 2 Shares

Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by CheapHomes1: 8:56pm On Apr 29
I was expecting to see Binance as the reason for the depreciation. what happened that Binance and speculators were not mentioned?
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by Nyanabo(m): 8:59pm On Apr 29
The CBN is being run by arm- chair economists.
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by DeepThroater: 8:59pm On Apr 29
SenecaTheYonger:


You’re an import based county. Where will you get dollar to sustain your import based lifestyle?

After you give people to buy oil and pay you Naira (which is a big gain for them since they can keep their dollar in their country)

Will you now force people to accept Naira when you want to import goods from other country?

Who will accept your Naira for trade? Will you force them? They will only accept dollar.

By now you don’t have dollar because your dumbass decided to sell oil in Naira.


Bro your camp is full of dull loosers
Let me break it down for you upper Iweaka economists.

If you trade Nigerian oil in Nigerian trading houses in naira, countries and brokers who require our oil will have to open an account in a Nigerian bank.

Given that oil trade is highly voluminous, trading of oil stocks are usually in a 30 day delivery stock . Meaning , brokers will have to open an account in naira thereby remitting said FX to CBN which will be converted to naira in their merchant bank of choice.

The trading house can then issue regulation that all intended brokers must have a set limit of cash in naira to meet their daily dealings.

So a broker seeking an order of 100,000 bpd for 30 days delivery must have the equivalent value or more (incase of price shocks) in their Nigerian domiciled accounts.

Thus, the broker will have to have in reserve the equivalent of 100k barrels of crude at the given date of registering before allowed to participate in any bidding.

Naturally , this will see brokers flood Nigerian banks with FX .

2 Likes

Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by CheapHomes1: 9:01pm On Apr 29
bdon123:

Baba hear me n hear me well no refinery run by FG will ever work in naija. Government has no business running refineries as its supposed to be profit oriented not a political tool to appease politicians. dangote refinery will succeed becos its private n profit focused

if Government has no business running refineries, who runs the refineries in Saudi Arabi and Qatar?
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by DeepThroater: 9:04pm On Apr 29
Powersurge:


You cannot transact in Naira on a global stage. Not even China can pull that off with significant result.

The only thing keeping the dollar as a global reserve and trading currency is America's military belligerency.

Those nuclear powered and armed Aircraft carriers and submarines in the US arsenal exist as a force projection to defend one thing only - the US dollar's hegemony .

The US defends the greenback with brute military force and nothing else.

The dollar has no single backing and it's the greatest scam ever pulled on the world's people.

3 Likes

Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by 2elliot: 9:04pm On Apr 29
Gboom:

Going from consumption to production is not a day job, it entails a lot of infrastructure to be put in place.
Your obi is just a deceiver because he is one of those importing goods to Nigeria thereby killing production
That how you said going from consumption to production is not a day's job until Buhari's eight years passed without any achievements. And that is the same line you are using now, and before you know it, another eight years will pass without any achievements. Una no wan gree get sense for this corntree.

1 Like

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