₦airaland Forum

opamoses1:
https://businessday.ng/markets/currency-watch/article/dollar-crashes-to-n1450-after-cbn-hikes-interest-rate/?amp=1

blamingthedevil:
FG Launches CNG-Powered Buses In Abuja

dre11:
https://thenationonlineng.net/fg-launches-cng-initiative-with-seven-conversion-centres/

Bludo:
There is a way out to trade naira on binance. The solution is to choose another fiat e.g usd agree on a particular exchange rate, send the naira equivalent to the person and the crypto will be released.

gabicon:
https://www.google.com/amp/s/punchng.com/over-26bn-funnelled-through-binance-without-trace-cbn-gov/%3famp

SkyFi:
Go register on bitget exchange, send your usdt there and exchange with p2p.
You may use my referral code: SD7XT2H5

Ndipe:
He's been found.

https://www.yahoo.com/entertainment/90-day-fiance-michael-ilesanmi-104008303.html

Spectators:
Nigerian man, Ilesanmi declared missing after moving to US with his white wife (VIDEO)


A Nigerian man, identified as Michael Ilesanmi, has been reported missing eight weeks after he moved to America with his wife, Angel Deem

The 90 Day Fiancé star reportedly left without his passport, phone and all his belongings and is now being treated as a missing person case

His wife, Angel, said she left him babysitting to get him some food and cigarettes and could not find him when she returned

90 Day Fiancé's Michael Ilesanmi has been declared missing two months after he migrated to the United States with his wife.

90 Day Fiancé confirmed the development in a post on Instagram and shared a picture of Michael and Angel Deem, his wife.

Angel Deem said Michael has been missing since January 23.


https://spectatorsng.com/nigerian-man-ilesanmi-declared-missing-after-moving-to-us-with-his-white-wife-video/

Oluwademilade:
P2P is working on other exchanges

Elliotwaveforec:
We go still block am! Bybit, Kucoin, etc. We go dey expose all the exxhanges

Elliotwaveforec:
I tell Una say Bazooka dey come, Una no hear, say nothing can shake Binance.

See Una life? Una yeye USDT don hang Una; Una want fight government abi?

USDT and USD Na the same?

dkidd:
See wetin u miss

dkidd:
U can still buy with ur card and sell via spot wallet still credited to ur card

gabicon:
I can't fully comprehend why some people are complaining, we exchanged $28b value of crypto in 12 calender month,the effects of which are manufacturing companies can't buy raw materials, sick people can't seek treatment, importers are stranded, students can't pay school fees, hyper inflation etc.

HazardAwka:
I sold mine on bybit, 750 usdt for chicken change

AgbadoDie:
My target was for it to reach like 2.5k per dollar then I will sell them. But I don't think it will even reach 2k again

AgbadoDie:
Nigger, I will strongly advice you to sell. Look a today, it is at 1.5k now. I just dey para because I bought mine when it was 1.8k

HazardAwka:
Good day guys. I've got like 700 USDT which I bought at the rate of 1700. Should I keep or sell now that it's depreciating fast?

9jatriot:
Hope the lamba king is learning how to be a purposeful leader. It is not by shouting "if you add the number of cows in China and divide it by the number of goats in Japan, then you will have consumption to production"

Even as a husband and a father, you get to make very difficult decisions that people in the home may not understand or agree with at that time but when the rewards show up, they may even be the ones that enjoy the rewards the most.

That is leadership. You identify the threats and start dealing with them. You can accuse the CBN of trial and error or whatever but what you cannot accuse them of is sitting back and letting things deteriorate.


However, those with financial knowledge agree that CBN is taking a series of decisions that compliment each other, it iis only when you look at them in isolation that it looks like it they do not know what they are doing.

CBN says 26B passed through Binance in the last one year and somehow did not enter the banking system, the CBN cannot seat back and accept defeat. I am proud of them

Babalegba:
I hope that the unpatriotic speculators lost all their money

Truths9ja:
yes. Once you are verified, you can trade and also withdraw via p2p on kucoin app.

Ken4Christ:
I do not agree. It will only limit looting but it will have no effect on the exchange rate. The countries you made references to didn't have a terrible economy like Nigeria does.

The major reason why out currency is low in values is because Nigeria is not a producing country. We import virtually everything.

If we want our currency value to appreciate, what we should do is;

1. Ensure all our refineries are working. It will save us lots of foreign exchange.

2. We need an industrial revolution.

3. We need to invest more in Agriculture.

4. Every local government chairman should be productive rather than administrative.

5. Corruption should be punished.

6. Our tax system should be made more effective.

7. Out railway should be developed to reduce cost of transportation of food items.

8. Our borders should be closed. If possible, fence the country round.

Export should exceed import if our currency must appreciate. After all these is done, then we can take away the high currency notes.

Previous thread: https://www.nairaland.com/4349453/secret-revealed-1-ngn-equate
 

Educate yourself about how 1 NGN can be made to equate 1 USD in no time. This writeup was proposed by CBN on August 14, 2007. You will like yourself for reading this:



Naira re-denomination is the way forward!


The new ‘Strategic Agenda for the Naira’ announced by the Central Bank of Nigeria on August 14, 2007 is generating a healthy national debate. Before we undertake a nation-wide enlightenment programme, (beginning September 2007) to educate the public on the new policy, it is important to clarify some of the issues/questions that are emerging.


The CBN announced a 4- point agenda designed to make the Naira the “Reference Currency in Africa”, as part of the Financial System Strategy 2020 (FSS2020) and the elements of the agenda are:

*.Currency Re-Denomination

*.Adoption of Inflation-Targeting Framework for the conduct of monetary policy

*.Sharing part of the Federation Account funds in US Dollars to Deepen the Forex Market and for Liquidity Management

*.Current Account liberalization/convertibility and accession toArticle VIII of the IMF


Needless to emphasize that to appreciate the full impact of the new policy on the Naira/national economy, we need to take the 4-point agenda as a package.

As a package, the new agenda will:

*.better anchor inflation expectations,

*.strengthen public confidence in the Naira,

*.make for easier conversion to other major currencies,

*.reverse tendency for currency substitution,

*.eliminate higher denomination notes with lower purchasing power,

*.reduce the cost of production, distribution and processing of currency,

*.promote the usage of coins and thus a more efficient pricing and payments system,

*.promote the availability of cleaner notes,

*.deepen the Forex market,

*.ensure more effective liquidity management and monetary policy,

*.convertibility of the Naira and hence greater confidence in the national economy and lead to greater inflow offoreign investment

*.position the Naira to become the ‘Reference currency’ in Africa.

However, most of the questions so far pertain to only one aspect of the agenda i.e. Currency Re-denomination.We have monitored the reactions so far, and note that the concerns/questions raised so far are similar to the ones raised in all the countries that have undertaken re-denomination, including Ghana that is still implementing it now. We clarify some of the concerns as follows:


What is currency redenomination?

Currency redenomination is the process where a new unit of money replaces the old unit with a certain ratio. It is achieved by removing zeros from a currency or moving some decimal points to the left, with the aim of correcting perceived misalignment in the currency and pricing structure, and enhancing the credibility of the local currency.


How will the Naira be redenominated?

It is by dropping two zeros from the currency or moving two decimal places to the left. The name of the national currency will still be the Naira. However, during the transition period, the existing Naira will be referred to as the “Old Naira”, and the new one to be called the “New Naira”. After the transition period, the word “New” may be dropped. For example, the following equivalents will obtain as we re-denominate:


Old Naira(i.e, Existing Naira as at today)
50 kobo, N1, N2, N5, N10, N20, N50, N100, N200, N500, N500, N1000, N2000.

New Naira(as from August 1, 2008)
Half kobo,  1 kobo coin,  2 kobo coin  5 kobo coin,  10 kobo coin,  20 kobo coin,  50 kobo coin or note,  N1 note, N2 note,  N5 note,  N10 note,  N20 note.


continue reading on next comment section

http://www.cbn.gov.ng/redenomination/newpolicy.asp

This is a very simple truth and need to be put into consideration.

Money is a value created in our mind and ascribe to currency notes and coins.

These currencies in themselves have no value except for the values we created in our mind for them.



Edited:
To those economics and financial Gurus calling me names and miscontruing my writeup, you are weldone!

Maybe you people need to read my write up again and consider what you wrote in your comments.

Everybody is contributing their opinion here to find a way forward for the Nigeria economy, some people are here derailing the thread with their You-are-not-an-expert comments.




Edited: You can also check this:

Update: 1 NGN to 1 USD Secret: Interesting Policy Proposed by CBN
https://www.nairaland.com/4355615/update-1-ngn-1-usd

*If government can stop the printing 500 NGN notes and 1,000 NGN notes and officially discontinue its use!

*Reintroduction of Nigeria coins, 50Kobo, 1 NGN and 2 NGN.



Welcome, lets get started by examinining the top 10 performing currencies in the world to gain necessary insights before drawing our conclusions.

*.Kuwait Dinar KWD:  (  1 KWD = 1201.9611 NGN  )
Bank notes: 1/4, 1/2, 1, 5, 10, 20 Dinars
Coins: 5, 10, 20, 50, 100, 200 Fils


*.Bahraini Dinar BHD: (  1 BHD = 956.3254 NGN   )
Bank note: BD 1/2, BD 1, BD 5, BD 10, BD 20
Coins: 5, 10, 25, 50, 100 Fils, BD 1/2


*.Omani Rial OMR: (  1 OMR = 936.2906 NGN  )
Bank note: 1/2, 1, 5, 10, 20, 50 Rials
Coin: 50, 10, 20, 50, 100 baisa and rarely used 200 biasa


*.Jordanian Dinar JDD:  (  1 JDD = 507,65070 NGN  )
Bank notes: 1, 5, 10, 20, 50, Dinars
Coins: 1/2, 1, quirsh, 21/2, 5, 10 Piastras


*.British Pound GBP:  (   1 GBP = 504.8154 NGN   )
Bank notes: €5, €10, €20, €50
Coins: 1P, 2P, 5P, 10P, 50P, €1, €2


*.Caymanian Dollar KYD:  (  1 KYD = 432.7622 NGN   )
Bank notes: 1, 5, 10, 25, 50, 100 Dollars
Coin: 1, 5, 10, 25 Cents


*.Euro EUR:  (  1 EUR = 448.2926 NGN  )
Bank notes: €5, €10, €20, €50, €100, €200 and  €500


*.Swiss Franc CHF:  (  1 CHF = 388.1395 NGN  )
Bank note: 10, 20, 50, 100, 200, 1000 francs
Coins: 5, 10 and 20 Rp/cts, 1/2, 1, 2 and 5 Fracs


*.United State Dollar USD: (  1 USD = 360.5000 NGN   )
Bank note: $1, $2, $5, $10, $20, $50, $100
Coins: 1C, 5C, 10C, $1/4, $1/2, $1.




Go back to the list once again and check what's the highest denominations of each currency (and population of users of each currency), You will discover that the top performing currency do not have high face value like we have 500 NGN and 1,000 NGN in Nigeria.

Also, you will notice that the top performing currencies have coins form of currency with denomination of very low face value.

The highest of the denominaton is 1000 Franc followed by 500 EUR. 1000 Franc is not in frequent use and the highest Franc denomination next to it is 200 Frank ( not like 500 NGN as we have here in nigeria ). Also the use of 500 EUR will discontinue this year 2018.

Get a hold on history of exchange rate in Nigerian, you will find out that every introduction of new high denomination currency note has averse advese effect on it.


Why High Denominational Currency Note Is Bad:
1. Increase in prints of currency notes with high face value e.g 1000 NGN makes other lower currency of less important and less usefull. This can gradually lead to upgrade of price of goods and services in market.

2. It makes stealing and loothing of cash easier as larger amount of money value can be packed into a very small space.

Why do CBN currently print more high denominational currency alone? Methink its in a bid to enhance hoarding of cash against the comming 2019 general election.

3. 500 NGN and 1000 NGN are no money for the common man, go to the market and examine what denomination are most in use.

4. It's in a way opposing the cashless policy by the federal government of Nigeria.


What The Wise Nations Did:
1. United State of Ameria used to have $500, $1000, $2000 currency notes until December 14, 1945, when the high denominational bills were last printed and officially discontinued on July 14, 1969 by the Federal Reserve System.

2. Europian Central Bank announced on 4 May, 2016 that it would phase out the 500 Euro notes by the end of 2018.



Other Factors That May Affect The Exchange Rate Of A Currency Include:
1. Ratio of goods/services importation to exportation

2. Availability of currency and number of complying users.

The Illegal illegal printing of currency by the CBN according to as reported by some news media outlets has a long way to desctroy value on our cash.

3. Inflation rate

4. Government debts and federal reserve.

5. Political policies and stability

6. And many more



My Recomendations:
Nigerian government should permanently discontinue and remove 500 NGN and 1,000 NGN currency notes from circulation. Reintroduction of 50 Kobo, 1 NGN and 2 NGN coins should also be done.

A serious government fighting corruption will yield to my advice as abundance of lower denomination currency will discourage looters from hoading and keeping cash in a safe instead of bank.

Caveat emptor:
This writeup is a personal opinion resulting from my many observations. It is not a scholarly work and should not be treated as one. Copy-and-paste bloggers should please reference the link and author of the article.

Jagabanbattle:
Naira continue to appreciate today as USDT sells for #1,480. It’s expected around #900/#1000 before March ending.

nlfpmod:
https://gazettengr.com/binance-disables-p2p-function-amid-clampdown-from-nigerian-authorities/

Islie:
How Central Bank Of Nigeria Deliberately Prevents Naira From Appreciating Against United States Dollar



https://saharareporters.com/2020/07/02/exposed-how-central-bank-nigeria-deliberately-prevents-naira-appreciating-against-united

Yourprick:
It will go below 1k before march end

CilicMarin:
True....see
Binance this morning.

Peter Obi and his barbarians will not be happy now.

muykem:
1 USD = 1,469.112057 NGN as at today 25th February 2024.