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Nairaland Forum / Nairaland / General / Investment / Nigerians Shun Naira For Foreign Currencies To Protect Wealth (30175 Views)
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Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by Chirowman(m): 3:39pm On Apr 22, 2021 |
Is all right , things fall part . The way naira is been devalued sometimes I pity Venezuela . |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by damiloladuke: 3:40pm On Apr 22, 2021 |
while some of us have 90% of our portfolio in digital currency |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by SweetVibe: 3:40pm On Apr 22, 2021 |
kenny714433:your signature got me laughing.. . |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by EndBuhariNow(m): 3:42pm On Apr 22, 2021 |
Nah to shun behavior join |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by malele(m): 3:43pm On Apr 22, 2021 |
horsepower102: Will my Igbo brothers hear? |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by erico2k2(m): 3:43pm On Apr 22, 2021 |
millomaniac:what are you talking about, if you liquidate ur assets and buy $ and £, you are good to go |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by faithfull18(f): 3:44pm On Apr 22, 2021 |
Fragility6:Lol |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by Elliotwaveforec: 3:46pm On Apr 22, 2021 |
Agitations everywhere, it's safe keeping money in foreign currencies just in case Nigeria breaks. 1 Like |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by philipobiz: 3:47pm On Apr 22, 2021 |
gurunlocker:If you had that amount in bitcoin 2015 it would have been worth over 10 billion naira now 3 Likes |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by kenny714433(m): 3:48pm On Apr 22, 2021 |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by millomaniac: 3:50pm On Apr 22, 2021 |
erico2k2: Lolz. All fiat go towards zero sooner or later. Go read about money. |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by Oluwahelpme(m): 3:50pm On Apr 22, 2021 |
Binary options trading is the way forward. Contact me for a deal. U will never regret it. |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by adonainana: 3:52pm On Apr 22, 2021 |
CocoaOla: So you mean in 10 years time 1,000,000 will be worth $600 or less |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by horsepower102: 3:52pm On Apr 22, 2021 |
malele: The wise ones will listen while the stubborn ones will continue on as if everything is okay. Hopefully the wise ones are in the majority. 1 Like |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by hedonido: 3:54pm On Apr 22, 2021 |
Given up on the useless, free-falling garbage called Naira..Now much of my money is safely tucked away in USDT and BUSD. |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by Elsueno: 3:55pm On Apr 22, 2021 |
Fun fact, I kept 3000 naira worth of crypto on block chain in 2019, today that same 3000 naira is worth #36,200. Remember this is something I just did to test block chain app. Now naira was worth around $1- 350 at that time, today naira is around 480 6 Likes
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Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by erico2k2(m): 4:01pm On Apr 22, 2021 |
millomaniac:you have no clue,, when will £ and $ go same value as the naira?? |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by erico2k2(m): 4:03pm On Apr 22, 2021 |
adonainana:not 10 years time, at this trend it will be few months, cos, as we speak £1 =675 pady rate! |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by shiffynaani(m): 4:07pm On Apr 22, 2021 |
yusufu16:can you teach me? If yes, can you help me set everything in motion to start earning after completion of the course? Thanks 1 Like |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by gurunlocker: 4:07pm On Apr 22, 2021 |
philipobiz: Well, that's the essence of my post. |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by ofiko123(m): 4:11pm On Apr 22, 2021 |
The naira has no value..End of discussion. |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by elizabeth24: 4:19pm On Apr 22, 2021 |
just say buhari has finished this country,........ naira does not have value anymore mtchwww useless thing... 2023 should just come let him move out of that seat jare |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by nomenclature(m): 4:28pm On Apr 22, 2021 |
Shocking but true gurunlocker: |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by yusufu16: 4:42pm On Apr 22, 2021 |
shiffynaani: I dont have time to teach or coach someone. But you can check youtube and google. There are tons of tutorials there. I am a self-taught UI/UX designer and I am enjoying every bit of it. |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by DrMeroThaEmperor(m): 4:43pm On Apr 22, 2021 |
Fragility6: Lemme guess.... None? Fragility6: We are saying the same thing.... NONE! |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by ZooOga: 4:54pm On Apr 22, 2021 |
"Nigerians have been accumulating foreign currencies to protect their wealth from naira volatility and surging inflation, according to a research paper in a journal published by the Central Bank of Nigeria." I searched but couldn't locate this research paper that Bloomberg failed to link or reference in the article. Sharp readers, help pls. https://www.cbn.gov.ng/Documents/PressReleases.asp https://www.cbn.gov.ng/Documents/monthlyecoreports.asp#_ 1 Like |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by ZooOga: 4:59pm On Apr 22, 2021 |
I found this Reuters report interesting. Reuters EXPLAINER-Why Nigeria's central bank won't ease its grip on the naira Chijioke Ohuocha March 29, 2021 By Chijioke Ohuocha ABUJA, March 29 (Reuters) - Nigeria is keeping control of its naira currency despite demands for deeper reforms from the International Monetary Fund and World Bank and complaints from businesses. The multilateral institutions say a free-floating naira would help the economy withstand future shocks. But Nigerian authorities fear inflation stemming from a sharp devaluation could throw millions into poverty. Last week, central bank governor Godwin Emefiele denied the country was adopting a new foreign exchange management policy, while vice president Yemi Osinbajo said the government would itself use a more flexible rate. What is happening to the naira, and why? Here are some key facts about Nigeria's currency and recent monetary policies: WHAT'S PRESSURING THE NAIRA? The COVID-19 pandemic and oil price crash hammered Africa's largest economy, 90% of whose foreign exchange earnings come from oil exports, pushing it into its second recession in four years. It narrowly exited the recession in the fourth quarter, but the drop in oil revenues led to a balance of payments deficit of $14 billion last year and has depleted its foreign reserves. WHAT'S AT STAKE? The government of President Muhammadu Buhari, who took office in 2015, has kept the currency artificially high as a matter of national pride. During the last oil price crash, in 2016, the Nigerian central bank created a system of multiple exchange rates in order to avoid a large official devaluation. These included a market-determined rate for investors and exporters called the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX). Faced with a 5.6 trillion naira ($15 billion) budget deficit this year, the government is seeking a $1.5 billion loan from the World Bank. But in return, the World Bank wants Nigeria to do more to bring the official exchange rate of 381 naira per dollar and other rates, including NAFEX, into line. WHAT HAS THE CENTRAL BANK DONE SO FAR? Nigeria's central bank devalued the naira's official rate twice last year and has weakened the exchange rate for retail users. The bank has continued to gradually adjust the currency since the devaluations, limiting dollar access for imports and implementing restrictive forex policies to support the naira. After oil prices crashed in 2014-16, Nigeria raised interest rates to attract investors. But when crude prices plunged last year and foreign money fled, the central bank reduced yields on treasury bills in order to boost naira liquidity. HOW HAS THE NAIRA POLICY AFFECTED INVESTMENT? The naira's value and issues with dollar liquidity are major deterrents to business and investment in Nigeria. Twelve-month non-deliverable forward contracts quote the dollar at 465 naira, which implies the local currency is currently overvalued by around 18%. Patrick Curran, senior economist at emerging markets consultancy Tellimer, said that essentially guarantees a loss on investment when the currency is forced to adjust, unless returns exceed the overvaluation. Nigeria's debt is among Africa's lowest-yielding, which the government is counting on as it seeks to cover this year's large financing needs via cheap local borrowing. But historically low yields mean renewed inflows will be deterred even if the currency issues are resolved, said Samir Gadio, head of Africa strategy at Standard Chartered Bank. Foreign investors have dumped local assets because of the low yields. WHAT NEXT? The central bank has offered cheap credit to try to boost manufacturing and agriculture in order to cut imports. It has also eased rules on diaspora remittances to increase dollar liquidity, after the naira fell sharply on the black market. Those measures have not boosted the economy so far, however, and Tellimer's Curran said the central bank has "effectively sacrificed growth at the altar of naira stability". "This policy has failed to accomplish the stated goal of low and stable inflation, and instead has exacerbated price increases via FX shortages and parallel market depreciation," Curran added. Without a significant oil price rebound, analysts say the cost of imports and of meeting offshore debt obligations will further deplete Nigeria's dollar reserves. ($1 = 380.70 naira) (Reporting by Chijioke Ohuocha, graphics by Libby George; Editing by Alexis Akwagyiram, Joe Bavier and Catherine Evans) https://www.reuters.com/article/us-nigeria-currency/explainer-why-nigerias-central-bank-wont-ease-its-grip-on-the-naira-idUSKBN2BL1MH
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Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by Fragility6: 5:00pm On Apr 22, 2021 |
DrMeroThaEmperor:U dey diz country? if u dey u go know na no sector dey work |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by Nobody: 5:08pm On Apr 22, 2021 |
horsepower102: How can I convert my naira savings to dollars please? 1 Like |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by ciencee(m): 5:09pm On Apr 22, 2021 |
BeerBeerManiple:pls. how do one fund/tranfer money into this binance? thought the fedral govt. has ban the transfer of money into crypto. |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by Nobody: 5:10pm On Apr 22, 2021 |
BeerBeerManiple:Is this Binance like a crypto currency like bitcoin, dodgecoin...etc? |
Re: Nigerians Shun Naira For Foreign Currencies To Protect Wealth by Lilphat: 5:22pm On Apr 22, 2021 |
Lol |
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