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Nairaland Forum / Nairaland / General / Business / CBN Devalues Naira To 630/$1 (45817 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)
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Re: CBN Devalues Naira To 630/$1 by ferhyntorlah(f): 8:55am On Jun 01, 2023 |
emerged01: It's time for them to find another source of income. The money they have made via this round tripping is enough. Nothing lasts forever. 2 Likes |
Re: CBN Devalues Naira To 630/$1 by RomanGreen: 8:55am On Jun 01, 2023 |
emerged01: It's not only fuel this country imports besides Dangote alone won't be able to meet local demands and trust that other importers would want to remain in business. Dollar will still be needed for other products being imported. Until we have an economy largely dependent on local production, the demand for dollar will continue, whatever Tinubu is doing now will only be temporary, only the natural forces of production, demand supply will strengthen the naira, let's hope this is matched with enabling environment for local businesses and production especially to thrive else it will all be effort in futility 4 Likes |
Re: CBN Devalues Naira To 630/$1 by richmond500: 8:56am On Jun 01, 2023 |
Mynd44:na that multiple taxation be my problem. I know what I am suffering |
Re: CBN Devalues Naira To 630/$1 by kay29000(m): 8:56am On Jun 01, 2023 |
Civetcat: I don't know much about Jonathan and the oil marketers, but for sure Buhari allowed the loophole that led to round tripping cos it benefitted some of his people. 1 Like |
Re: CBN Devalues Naira To 630/$1 by Benwems(m): 8:57am On Jun 01, 2023 |
People hailing him are just talking nonsense. CBN should make Nigerian debit cards to start working abroad and they should make exchanging naira to usd easy via internet banking to send funds abroad. The black market rate will have drop to very close to the official rate. It’s because these aren’t possible that’s the reason the huge difference between the official rate and black market rate. 13 Likes 1 Share |
Re: CBN Devalues Naira To 630/$1 by enemyofprogress: 8:58am On Jun 01, 2023 |
sonnie10:this is how, when and where the decision was made
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Re: CBN Devalues Naira To 630/$1 by Greyworld: 8:58am On Jun 01, 2023 |
LordAdam16:But it was APC supporters that said he was against tinubu and would be axed immediately tinubu wins |
Re: CBN Devalues Naira To 630/$1 by Jaykid0x: 8:58am On Jun 01, 2023 |
keymatt: Make them just dey play |
Re: CBN Devalues Naira To 630/$1 by Jaykid0x: 8:59am On Jun 01, 2023 |
Tinubu reign as President would be like Chelsea last season |
Re: CBN Devalues Naira To 630/$1 by LordAdam16: 9:00am On Jun 01, 2023 |
Greyworld: Those are minions. Their opinions don't count. -Lord |
Re: CBN Devalues Naira To 630/$1 by pweeryambre: 9:00am On Jun 01, 2023 |
Can someone explain this post in a lay man's term... aka summary 1 Like |
Re: CBN Devalues Naira To 630/$1 by Greyworld: 9:01am On Jun 01, 2023 |
LordAdam16:Okay then. Peace |
Re: CBN Devalues Naira To 630/$1 by Civetcat: 9:01am On Jun 01, 2023 |
Cantonese: He who brought them on , knows them ,should chase them away . They were new and not embedded within the system . He should have withdrawn all those new licenses. |
Re: CBN Devalues Naira To 630/$1 by RomanGreen: 9:02am On Jun 01, 2023 |
Mynd44: You really think this is sustainable in an import dependent country like Nigeria? Fuel isn't the only thing we import and Dangote can't even meet local demands. Until this action is matched by dependable local production for most goods we import this will be exercise in futility. Forget the initial market reaction at the moment, only the natural forces of production, demand and supply will strengthen the naira, any other thing is temporary 2 Likes 1 Share |
Re: CBN Devalues Naira To 630/$1 by Pravedk: 9:02am On Jun 01, 2023 |
Civetcat:You seem to understand how public policy works. Nice one 1 Like |
Re: CBN Devalues Naira To 630/$1 by ferhyntorlah(f): 9:03am On Jun 01, 2023 |
Lordofalmajiri: Before nko? Were you expecting it to be different? Welcome to a new era. |
Re: CBN Devalues Naira To 630/$1 by mblarry1(m): 9:03am On Jun 01, 2023 |
Do you think banks.are going to sell dollar to you? How much do aboki sells there 765$, so what has BAT done? domDva: 1 Like |
Re: CBN Devalues Naira To 630/$1 by twosquare(m): 9:03am On Jun 01, 2023 |
emerged01:No bro. People will still use them,especially when you need the cash. Also, if you don't want your transactions monitored..I think. In the days when there were no Fx scarcity, people still patronised them... |
Re: CBN Devalues Naira To 630/$1 by Omoawoke: 9:03am On Jun 01, 2023 |
PoliteActivist: Easier said than done |
Re: CBN Devalues Naira To 630/$1 by Talk2nanro(m): 9:04am On Jun 01, 2023 |
Now watch dollar drop to 1000 in parallel market. |
Re: CBN Devalues Naira To 630/$1 by Gbogbowa: 9:04am On Jun 01, 2023 |
Ahmed0336:do you even know what you are saying but my joy is we are in the country together many of you will cry, the first thing Tinubu should do his to cut government running cost, cut the take home of executive and law maker after which you can come and negotiate with the masses.The goverment should discussed with Dangote refinary how much he will refine for Nigeria, you give him crude oil, he give you petroleum product. I will not talk much because the govt will fail 1 Like |
Re: CBN Devalues Naira To 630/$1 by Assurance2023: 9:06am On Jun 01, 2023 |
domDva: Good move. May he succeed. God bless Nigeria 2 Likes 1 Share |
Re: CBN Devalues Naira To 630/$1 by Mistermamus(m): 9:07am On Jun 01, 2023 |
Mynd44:lol get off from your high horse |
Re: CBN Devalues Naira To 630/$1 by emerged01(m): 9:08am On Jun 01, 2023 |
solacong:Let see how it goes but I'm positive about this. |
Re: CBN Devalues Naira To 630/$1 by bolabadmus38: 9:09am On Jun 01, 2023 |
Civetcat: Very good tips. Security of the farms and the farmers is also very important. The major problems of high rise in price of food is because most farmers ran away from farms due to incessant attacks on them . What we need is basically to pray for President BAT and his team. Irorun igi ni irorun eye ... 5 Likes |
Re: CBN Devalues Naira To 630/$1 by IkeAnumudu: 9:10am On Jun 01, 2023 |
Civetcat: My gawd 👏🏽👏🏽👏🏽👏🏽!!! This is so much unlike regular comments you get on Nairaland because the forum has been turned to a platform mostly for dimwits, ethnic jingoists, rabble rousers and jobless online trolls. Standing ovation!!! Your comments are so spot-on and so incisive that I hope it gets to those in government. 3 Likes |
Re: CBN Devalues Naira To 630/$1 by PoliteActivist: 9:11am On Jun 01, 2023 |
Omoawoke: That's why you do gradually as people and wages adjust. Why suddenly so massively devalue official rate Naira when that's what the budget is based on. And how about those who sell $ to CBN , all of a sudden overnight they are being paid 600 instead of 400! |
Re: CBN Devalues Naira To 630/$1 by Corrections: 9:11am On Jun 01, 2023 |
Hotwest: Correct...and one of the adequate infrastructures that should be on ground is grounding corruption at all level of the economy. The judiciary arm of the law must come alive to serve JUSTICE to all who deserve it, if not all these policies will just be like punishing Nigerians for the fun of it with nothing reasonable to show for it. CORRUPTION IS A DEADLY VIRUS AGAINST GROWTH THAT MUST BE DEALT WITH FOR ALL THESE POLICIES TO TAKE EFFECT The few people that are smart and intelligent will understand this!!!!! |
Re: CBN Devalues Naira To 630/$1 by Brek: 9:12am On Jun 01, 2023 |
PoliteActivist:Ok |
Re: CBN Devalues Naira To 630/$1 by boltwings: 9:12am On Jun 01, 2023 |
Parada:shut up. the guy you quoted is correct. with this move, Tinubu will be a total failure more than Buhari. |
Re: CBN Devalues Naira To 630/$1 by emerged01(m): 9:12am On Jun 01, 2023 |
RomanGreen: I belong to this guy school of thought. Those that are benefitting in the gap between official rate and black market are losing already and they are part of the people that create scarcity. 5 Likes 1 Share
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Re: CBN Devalues Naira To 630/$1 by DGOODLYF: 9:14am On Jun 01, 2023 |
I just dey laugh....By next year we go know whatsup....all dis na sakamaje 1 Like |
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