Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,162,491 members, 7,850,723 topics. Date: Wednesday, 05 June 2024 at 08:03 AM |
Nairaland Forum / Nairaland / General / Business / CBN Devalues Naira To 630/$1 (45855 Views)
Nigeria Devalues Naira In Bid To Attract Foreign Investors - Financial Times / CBN Further Devalues Naira, Now N411 To Dollar / Report Suggests CBN Devalues Naira By 15% (2) (3) (4)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (Reply) (Go Down)
Re: CBN Devalues Naira To 630/$1 by 2mch(m): 8:22am On Jun 01, 2023 |
remsonik:It’s the true impact of Bihari’s decisions at play. The economy was being propped artificially till he japa. That is why he was threatening with running away to Niger and Niger defending him if Nigerians attack him when the full impact of his bad economic decisions hit us. 4 Likes |
Re: CBN Devalues Naira To 630/$1 by Parada: 8:22am On Jun 01, 2023 |
Which strong economy in the world run such aboki exchange ? emerged01: |
Re: CBN Devalues Naira To 630/$1 by kenny714433(m): 8:22am On Jun 01, 2023 |
Brainless orchines.. When Black market exchanged for 740 and CBN 430 Orchines: Arrest all the black marketers, they are the ones sabotaging our country. Now the official rate has been pushed to where it's supposed to be. Orchines: Tifnubu is the best after Afang soup... Una go get sense before the end of four years 8 Likes 1 Share |
Re: CBN Devalues Naira To 630/$1 by Elsueno: 8:23am On Jun 01, 2023 |
Omoh*30 😂 |
Re: CBN Devalues Naira To 630/$1 by CasNova(m): 8:23am On Jun 01, 2023 |
I hope this is not a trial-by-error policy. While watching the outcome, we pray for the best. |
Re: CBN Devalues Naira To 630/$1 by Omoteloyeayo: 8:24am On Jun 01, 2023 |
Yahoo boys go dey vex 6 Likes 1 Share |
Re: CBN Devalues Naira To 630/$1 by Lannister360: 8:24am On Jun 01, 2023 |
domDva:Even if Tinubu rape your wife and shoot your leg you go still find one stupid excuse to support am because you are a slave who loves his chains. Ozuor. 4 Likes |
Re: CBN Devalues Naira To 630/$1 by Omoteloyeayo: 8:25am On Jun 01, 2023 |
Yahoo boys go dey vex |
Re: CBN Devalues Naira To 630/$1 by Lannister360: 8:25am On Jun 01, 2023 |
HacheNoire:Even if Tinubu rape your wife and shoot your leg you go still find one stupid excuse to support am because you are a slave who loves his chains. Ozuor. |
Re: CBN Devalues Naira To 630/$1 by LordAdam16: 8:25am On Jun 01, 2023 |
Greyworld: E shock u abi? Una go just dey rake like say una dey chop bottle. -Lord 1 Like |
Re: CBN Devalues Naira To 630/$1 by NinjaMetahuman: 8:26am On Jun 01, 2023 |
Civetcat:I hope tinubu's media people are reading this. Especially in area of agriculture. If food is cheap, every other thing will be luxury that people won't have to worry about. All the freed up money must be channel to curbing food inflation. Enough with the irrelevant fly overs already. 19 Likes |
Re: CBN Devalues Naira To 630/$1 by Omoawoke: 8:26am On Jun 01, 2023 |
PoliteActivist: Subsidy has been causing problem back to back, subsidy today subsidy tomorrow. Fuel scarcity today, fuel scarcity tomorrow. Subsidy issue has been a pain in the ass, a distraction…. So taking it out and let everybody eyes clear is a good way to go 8 Likes |
Re: CBN Devalues Naira To 630/$1 by Gajagojo: 8:26am On Jun 01, 2023 |
nairalanda1: Not true the exchange rate gap existed long before IBB. Bristol Hotel was the centre of Forex dealing even when Gowon was in power. Right from the moment Shagari took over from Awolowo as Finance Minister In 1971 When Adamu Ciroma was CBN governor there were several scandals Those old enough to remember Bristol Hotel on Lagos Island know this . If You were travelling abroad you could only get 1000 Naira = $1500 at official rates whilst it was selling for 2 to 3 Naira at Bristol Hotel It was called Travel allowance and subject to a lot of fraud. If you wanted more you had to go to the Bristol. What happened under IBB is he legalised Bureaux de changes whilst previously they were unregulated 13 Likes 3 Shares |
Re: CBN Devalues Naira To 630/$1 by mistarsam(m): 8:27am On Jun 01, 2023 |
Mynd44:@mynd44 how do I get my thread about order cancellation on Jumia to frontpage? They've stopped responding to my emails. Calling the customer care number is just a waste of airtime and time itself Thanks. This is the thread: https://www.nairaland.com/7698332/jumia-please-refund-me . 1 Like 1 Share |
Re: CBN Devalues Naira To 630/$1 by legba1(m): 8:28am On Jun 01, 2023 |
As laudable as this is, we have to and see counter reactions.. government should know those whose pockets will be affected will push back and devise new strategy. Lets see if @officialAbat and his goons will have answers and strength for there new approach. Also, government have to earn more dollars to sustain this. Only one way of doing that is to diversify. Let earn more of dollars from many different fronts. Most importantly, government should not backdown when sabos (rich, influentials and highly connect) individuals that have hitherto beneffited from unpatriotic activities fight back. We should expect they wont go down without a fight. It is now keft for government to look out for them, especially among the civil service, the most corrupt arm/ part of government. 11 Likes 1 Share |
Re: CBN Devalues Naira To 630/$1 by THeUNIFIER: 8:28am On Jun 01, 2023 |
Mynd44: My thoughts exactly. Does Tinubu have the courage to step on peoples' toes? Including those who helped him on this journey, if it will lead to the growth of the nation. I am by no means a BAT supporter but if he can stiffen up and address the foundational issues of Nigeria then great, he'll have my support . Otherwise, I'm afraid his reign would be tantamount to building castles in sand. All it would take is for the worst amongst us to grace that seat then boom! We're back to square one. 6 Likes 1 Share |
Re: CBN Devalues Naira To 630/$1 by almarthins(m): 8:29am On Jun 01, 2023 |
domDva: E don finally happen again. |
Re: CBN Devalues Naira To 630/$1 by onatisi(m): 8:29am On Jun 01, 2023 |
Hotwest:his is actually my fear , these decisions may end up been counter productive if care isnt taken. 2 Likes |
Re: CBN Devalues Naira To 630/$1 by sonnie10: 8:29am On Jun 01, 2023 |
This is rubbish, black market is hitting 900 by tomorrow Who will bet? |
Re: CBN Devalues Naira To 630/$1 by ehemwhy(m): 8:30am On Jun 01, 2023 |
Finally ...a president with balls,with this move and Dangote's expected supply in July, Naira should gain with USD by at least 100Naira 2 Likes |
Re: CBN Devalues Naira To 630/$1 by viodemus: 8:31am On Jun 01, 2023 |
The fraudulent amateur aka sillybu, director of a low flying, building level maneuver administration, is just continually showing his naivete. He really got away with his lack of leadership experience in Lagos. No wonder, even him was delusional on his past achievements, and started yelling that he created Lagos. He just subsidized the currency. Force floating it. He has not built foundation, but he is trying to build a heavy structure on a faulty foundation. In real life, the house will not fall immediately, but one heavy vibration, one heavy rainfall, or when people pack in - way below the capacity expected, the building will just collapse. It is something similar he is doing. As concerned as we are, we should stand by and be doing us, while we watch his fo*lery on display, his impersonation lies are catching up to him. If you try to help him now, he will claim credit and be forming genius. Nigeria is in for the an aimless journey and tribulations of an extremely aloof driver. One chance tinz. It is becoming clearer and clearer, that the fraud will not practice equality and might resort to divisiveness to deceive peoples daily attentions. 1 Like |
Re: CBN Devalues Naira To 630/$1 by solacong: 8:33am On Jun 01, 2023 |
You call it good, Dnt you think this devaluation would also affect the price of dollar in black market ? So the circle goes round, nothing is really changing. Devaluation might bring in Investor, but how many foreign investors are confident on policies in Nigeria at this time. We should focus on what would make us earn more dollars to our economy and not devaluation |
Re: CBN Devalues Naira To 630/$1 by FireUpNow(m): 8:33am On Jun 01, 2023 |
I want to see how it pans out at the end of the day. Making policies alone is not enough but the effects on the masses is what matters. Are we going to see positive effects? What happens to production and manufacturing? |
Re: CBN Devalues Naira To 630/$1 by emerged01(m): 8:34am On Jun 01, 2023 |
iCauseTrouble:I think no effect,there wont be need to withdraw your dollar to exchange in the hands of Abokis. Every transaction will be done in the bank when you know that exchange rate is the same in the hands of Aboki. 5 Likes |
Re: CBN Devalues Naira To 630/$1 by emmanuelpopson(m): 8:35am On Jun 01, 2023 |
my take is. since subsidy had been removed now and gone for good. what sacrifices will the elites or political class offers too. will they be driving 20 vehicles in a convoy, will they be allowed to go for medical trips with array if aides too. if Nigerians will bear the brunt more. what else can the people benefit like? On the devaluation of Naira. its a good step to eradicate parallel market since the CBN is now turned to ABOKI FX as the BDCs who have privileges to getting $$$ in CBN but ordinary Nigerians cant get it. the only thing is Customs will have to increase their tariffs which will bounce back on the people in the economy. the Nigerian nomenclature is a corrupt one which can take a strong will person to do.. 2 Likes |
Re: CBN Devalues Naira To 630/$1 by enemyofprogress: 8:36am On Jun 01, 2023 |
Uncle Bola is really stepping on toes. Oladeji245 o ti ri nkan kan. You go suffer well well |
Re: CBN Devalues Naira To 630/$1 by Octopusssy(f): 8:37am On Jun 01, 2023 |
The Naira will always be weak in an import based economy 1 Like |
Re: CBN Devalues Naira To 630/$1 by Reference(m): 8:37am On Jun 01, 2023 |
How did they arrive at 630 in the first place. We need to know the details of this. If it to chase the black marketers then the CBN had better have enough in it's warchest or the black rate will surge after a while. Though 750 to 630 will reduce illegitimate profits from round tripping but the gap remains too wide to exert enough pulling power to crush the black market. A full float is what Nigeria needs. Depreciation alone is not enough. 1 Like 1 Share |
Re: CBN Devalues Naira To 630/$1 by justmi1: 8:37am On Jun 01, 2023 |
Hotwest:Are infrastructures built in a day or without finding mechanism to save money going to the pockets of few? There are short term policies and long-term planning. Don't just comment, not a must to comment; save your data. 6 Likes 1 Share |
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (Reply)
Dangote Refinery: Roaring To Life On The Lagos Blue Sky / Today's Naira Rate Against The Dollar, Pounds And Euro / ICPC Arrests Osun FCMB Manager Over New Naira Notes Policy Violation
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 44 |