₦airaland Forum

Penguin2:
CBN said there’s about 3trillion Naira currently in circulation.

What I suggest they do is to now regulate the volume of the naira they put out after recalling the old Naira notes.

Let’s assume they are able to recall about 2.5trillion Naira, being the amount in 1000, 500 and 200 denominations, then they should release just about 1trillion Naira back into the economy as replacement.

That way, banks will not even have enough to service their branches before they talk of releasing billions to one politician alone.

So what purpose would the CBN want to achieve with this? A cashless economy, right?


India did the exact thing the CBN is trying to do now a few years back so we can use that as a case in point. The only success we saw was the growth in the number digital banks and fintechs.

Penguin2:
Your point is clear and understood.

Until Nigeria increases its production capacity which will increase its export volume and consequently increase the FX it earns, the problem of dollar exchanging at exorbitant rates against the naira will not be solved.

But there’s a factor you are overlooking which is what CBN is trying to tackle. That factor is maliciousness of some people and FX marketers who either hoard the dollar or engage in the sabotage that further increases the stress on the naira.

Or are you going to rule that out?

It's hard to see the connection between the current fx rate and the cbn announcement.

I believe the announcement, however, has addressed and still addressing the hoarding of Naira notes. People are now putting their monies into use either directly or through the banks (investments), rather than simply hoarding in the house or saving up in piggy banks.

You're wrong. In fact, if Labour Party decides to use the religious card against him at the dying minutes, many south-west Christians will be voting against him.

Everyone seems to have moved on from the muslim-muslim thing but wait for the dying minutes.

Says politicians won’t be allowed to intimidate voters with money

Well, I like this part.

Nayture147:
Yes and his vice will be behind most of that succes.. the ones una still no understand no reach the one una understand.

Okay. Good luck to you and your candidate.

Nayture147:
Oga quiet.. don’t you know how many Northern Govs are under APC?? So how is the north not the home of the APC as the PDP used to claim for themselves too.?.

Infact, APC VP candidate is Much MORE northern than Atiku will ever be. U think d same north are dumb ?

Hehe. In essence, Tinubu will win in the north with bloc votes?

Penguin2:
Where are the idiots who were arguing with me that the Naira redesign is useless?

They are not f00ls. The Naira redesign is still useless to the FX market.

Forex exchange is not Ponzi scheme. A productive economy is the only way to achieve a sustainable Fx rate. There is NO other way.

So if nothing has happened to our productive capacity and earning power, any gain you see now at the street market is only a reaction to market uncertainties.

Moreover, we are approaching the Christmas era where Nigeria traditionally earn the highest remittances from Nigerians abroad.

Finally, the Naira has not gained at the official window yet so even that remittance thing is debatable. Any gain or loss you see now at the street market is part of the reaction to the uncertainty that surrounds the CBN announcement. It is not sustainable.

Aufbauh:
No matter what the effect of vote splitting in the North won't be as pronounce as in the South. Besides the core North has a history of voting en-bloc. It's also the traditional home of the APC.

Obi/Atiku votes splitting is so bad that out of every 10 of my friends supporting Obi today 8 were formerly PDP followers.
I feel for the PDP followers cum obidense.

How's the north a traditional home of the APC? You mean a traditional home of Buhari (CPC)?

Aufbauh:
Honestly I don't know why it's too difficult for Zombidents to see this fact that Atiku & Obi will split & shred their votes in favour of Asiwaju.

Suffix me to be say that 80% of Obi supporters in SE, SS and NC were some months ago PDP apologists per 'Atikulators'. That's why they wish it's either Obi or at least Atiku.

A vote for Obi or Atiku enhances the chance of Asiwaju. There's no gainsaying about this.

You should worry about how Atiku and Kwankwaso will deal with Asiwaju in the north. Where is Tinubu's bloc votes coming from?

If Tinubu wins the election, Reno would not quit the attack against Obidients for disgracing his boss.


I like the fact that Obi's victory or loss at the 2023 polls will torment Reno's life for 8 solid years.

In 2010, Soludo (PDP) lost election to Peter Obi (APGA). You don't expect him to say good things about him.

Who mismanaged these investments? Who should take the blame? The man who left investments or the one who mismanaged? Peter Obi left office about 10 years ago.

Charles Soludo is obviously bitter and vengeful.

Lol

APGA had a presidential candidate in 2011, 2015, and 2019 and PDP won all.

In 2019, Atiku got 524,738 while the APGA candidate came a distant third with less than 40,000 votes.

In 2023, their own son, a former vice presidential candidate, is now a leading candidate. Soludo's allegiance to APGA is inconsequential.

AfahaAbia:
But their value is lower compared to the newer notes.

False.

Tombrown3:
Exactly at the bolded, news alone be it fake or authentic has a way of affecting the economy.

Didn't you watch Money Heist?

That's right. But the knowledge of the truth will lead to more troubles. Only a productive economy can give us a lasting and sustainable FX rate. There is no short cut to a sustainable FX rate.


What we see playing out now is merely a ponzi scheme, i.e., money exchanging hands within the country: individual hoarders ---> street markets---> individuals -> street markets ---> individuals.

The official exchange rate is the only means to know when naira is really gaining or losing value.

totit:
Let me explain this from my little understanding of how this should work or fix itself ;

The street push the $ dollar to the black market, and the Abokis are the buyers, the politicians, or the big buyers buys from them also for whatever reasons known to them. So, who determines the street market? The buyers(Abokis), not the sellers( the street) and the big men.

Now, most of the Big men and followed by the Abokis with bunch of dollars pilled up for periods of years or so within their private chambers, so they are the one that controls the markets ; the big men and the Aboki. Now, unfortunately for them, most of their stock( I believe) are mostly the old tenders and if that's blocked they will be forced to push it or pump them back out into the market/street as a matter of urgency in this case and of course, as a cheaper rate because everybody is looking for the scapegoat and save some losses. And so, where to ? Of course, not the street or back to the Abokis this time but the Banks and CBN who determines the official rates.

Are you seeing what is happening? I stand to be corrected though as this is just my little observation and understanding of what's possibly at stake.

Wait you believed that fake news about old dollar notes??

The writers of that fake news achieved their exact goals, which is to make people flood the market with their old tenders.

A blogger sat at the corner of his house in Ojuelegba, wrote an article and quoted Reuters as the source without a link and people believed him? Nothing on Channels, AIT, Reuters, Arise, Punch, Blomberg, BusinessDay, Vanguard, CNN, Etc. gave that impression. The news is so fake that no credible media house bothered about debunking.

If that fake news is why we are seeing a decline in exchange rate, then the sponsors of that article truly deserve a "short-term" award.

Penguin2:
I told riffraffs here that the naira redesign by CBN will yield results but they chose to argue with me with their criminal mindset, that it won’t go anywhere.

They said all the criminals would change their Stashed billions of Naira to dollars at the black market.

The idiots forgot that it’s CBN that supplies dollar to the black market. And that they can decide to seize it which they have done.

They wanted to use “dollar is skyrocketing” as excuse to arm twist CBN but even the dollar is now crashing against the naira.

...but this explanation is not clear. Are you saying that there are no stashed billions of Naira notes anywhere or that the CBN has flooded the market with too much dollars?

All markets operate on the principle of supply and demand. Naira gains value when there's more demand for the naira than the dollar. Naira loses value when there are too many Naira notes chasing fewer dollar notes.

So which exactly are you saying?

Ddokie:
My guy, whether it is fake news or not, it is already having a lot of effects.

As i speak to you, all the bdcs in Ikeja are buying dollar at 700 or slightly more or less depending on the bargains, and they are not buying much. If you have dollars, you may want to consider selling.

If the trend continues, in 2 weeks, dollar will be 500.

This is true. However, bear in mind that the decline is only for a moment.

Tinubu has turned himself to a joke in the north because of personal ambition.

Kagd10:
Says the unintelligible OSU loserr.

This guy is suicidal

socialmediaman:
I watched the video. Very poor presentation. Can't believe this is really the Tinubu that governed Lagos those days. He really needs rest

This lady in the first screenshot looked like someone watching in awe, I'm sure they want to confirm for themselves if he's really unfit as publicized by critics, and there you have it. These men in the second screenshot were just busy with what they were doing because his content was boring

Then he named Atiku Bagudu chairman of the committe of all the farmers to come up with some audio blueprint. So essentially, a committee of people who will be given tens of millions of Lagos tax payers' money

That's how he intends to win. He looks down on Nigerians. Give them money and they will vote for you

Unfortunately Nigerians don wise this 2023. Buhari has reset everybody's brain

Honestly

Oh you forgot something. We are using BVAS this time not local government collation tricks

Kagd10:
Says the Ipob miscreantt. Eediot who was talking about Yoruba just now. Na that lie go kee you. Bunch of Hateful loserrrs. I repeat, leave Tinubu alone if you don't want to kpai like your Hateful ancestors. Hateful loserrrs!

You want to kpai me like you kpai Funsho Williams?

Kagd10:
You should hate your politician who ruled your accursedd self. That was how your Hateful ancestors went to kill other people's ethnic leaders that had nothing to do with them. Your Hateful self should go face your leaders if you don't want to kpai like your ancestors. Yeye dey smell.

This crook doesn't even know that I share the same ancestral link (Ile-ife) with Thief-lum-bu.

But I get the fact that your self-inflicted assumptions make you feel good So if you think that I'm from alaigbon (or what do you guys call it), then go ahead and enjoy yourself

Kagd10:
You're the tribalist the moment you started to hate on Tinubu who didn't rule your accursedd self. Bunch of Hateful losers!

You're becoming suicidal.

"Hating" any politician who intends to rule over the Nigerian state has nothing to do with tribalism.

Na Tinubu (the APCheat presidential drug pusher) I dey "hate" not Yoruba culture or Oduduwa. Seems your problem is more complex than I thought.

adekolaelect:
you will know them from their statement. You lack moral and home training than what can be corrected. This is the product of baby factory or the mistake of forgetfulness of #100 protector during sex.

You will know the perpetual and unrepentant ethnic jingoist and godforsaken tribalists by their utterly disgusting statements.

If education has not failed you, then you should know that there are over 200 ethnicities in Nigeria. You should also know that one may not be Yoruba, Hausa/Fulani, or Igbo at the same time.

But I can't blame you too much, the kind of names you hear everyday (Waheed, Saheed, etc.) has constrained and shrinked your mental faculties to a pitiable state. Your brain can no longer handle the complexity and diversity of the Nigerian state. Like the other suicidal motor park tout who goes about calling everybody's papa and mama on Nairaland, you're completely finished!

Kagd10:
You're still describing your usele...sssss father and leaders who caused untold Hardship to you because Tinubu didn't rule you or your papa. I repeat Tinubu didn't rule you or your papa. Any uselesssss miscreantt who continue to say gibberish about Tinubu who didn't rule him or his papa will kpai. It's what it is

"Tinubu didn't rule ygghghghgh shsksisk"

Isn't that already stale? I read the same line every 4 market days on Nairaland. Come up with something new and justify the 35k you collect as ransom for your children's future.

Kagd10:
Your father na the finished person na. Tinubu didn't rule you or your papa. You dey mad? Tell your Peter Obi to go make his Anambra great first.

At least I have a father. You don't have one in your life and the indicted drug pusher you now call a father has brought nothing but untold hardship and shame to you and yours. It is my duty to punish him with my voice and ensure that the APC curse in your life right now is not transferred to your children.

I will not allow you destroy the lives and future of your children because of 35K BMC fee.

Tinubu cannot address farmers and miners without reading from the book? This man is completely finished.

If you have anybody campaigning for Tinubu in your family, ensure you give them a very very wide distance.

You may never make it in life if Tinubu is your best option for Nigeria as a Nigerian living in the country. You're completely out of touch with your own reality and your future isn't worth a kobo.

StrongAlphMale:
Obaseki is 101% Obidient. He is even more Obidient than we binis..I wonder why the labour party decided to choose such a place instead of the Samuel ogbemudia stadium

Might be what the governor approves.

Ttalk:
There are thousands of Igbo Agbero at Upper Iweka, and also many at Jabi in Abuja, I guess Tinubu is the one the are working for.

Remove the speck in your eyes before busying yourself with that of others

Well I don't know any agbero in these states that is as famous as Mc Oluomo and Kabaka.

In fact, MC Oluomo right now is more powerful and more popular than Ambode and Sanwo-Olu.

DamnnNiggarr:
incoming first lady!

Am I right??

Yes!