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Nairaland Forum / Nairaland / General / Business / Naira Now Undervalued After Float, Bank Of America Says (43230 Views)
Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index / Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window / Central Bank Starts Uniform Exchange Rate For Naira, Now ₦380 To $1 (2) (3) (4)
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Re: Naira Now Undervalued After Float, Bank Of America Says by AngelicBeing: 11:50am On Jun 30, 2023 |
emmabest2000: |
Re: Naira Now Undervalued After Float, Bank Of America Says by blaise26abj(m): 11:52am On Jun 30, 2023 |
SmartPolician: By next month Fuel will hit 700 per litre . Maybe then will he understand , When people can’t literally leave their houses because of cost and the economy suffers . |
Re: Naira Now Undervalued After Float, Bank Of America Says by emerged01(m): 11:52am On Jun 30, 2023 |
Racoon:Before the reforms,nigeria inflation keep rising to 22.22% with fuel subsidy and CBN forex in place,why? Spending 95% of our revenue on Subsidy that went to into the hands of few. What kind of development and growth do we expect with 5% revenue? 1 Like |
Re: Naira Now Undervalued After Float, Bank Of America Says by optimusprime2(m): 11:53am On Jun 30, 2023 |
emmabest2000: I will try to explain a little Economic concept that you might not be aware of... Actually, China's exact currency rate to the usd is really not far off as portrayed, however due to China's heavy production based economy they dubiously undervalue their currency deliberately- so as to sustain continuity in mass scale production by attractive production prices & costs. So an ideal instance for China is to keep their currency at least 5 steps behind the USD value. China does not want a situation where 1RMB = 1USD even though theoretically speaking it is almost the case. |
Re: Naira Now Undervalued After Float, Bank Of America Says by MT: 11:57am On Jun 30, 2023 |
optimusprime2: Thank you. People dont even understand that a "strong" currency is a double edged sword. When a country currency is too strong compared to others, it discourages local production (export) and make such country heavily reliant on import, which will eventually kill such country in the long run. 1 Like |
Re: Naira Now Undervalued After Float, Bank Of America Says by Jeezuzpick(m): 12:02pm On Jun 30, 2023 |
jumper524: Any currency devaluation is a direct consequence of the actions of the operators of that currency. |
Re: Naira Now Undervalued After Float, Bank Of America Says by GeneralDae: 12:04pm On Jun 30, 2023 |
JasonScoolari:It's not by giving rubbish statistics. Tinubu himself is an accountant with Honours. He was once a Treasurer at Mobil. So he probably understand statistics better than Obi. Statistics nor be by to quote Bangladesh and China. |
Re: Naira Now Undervalued After Float, Bank Of America Says by Minjim: 12:06pm On Jun 30, 2023 |
JasonScoolari: Prophet of doom There is nothing like that. It's all a rumour
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Re: Naira Now Undervalued After Float, Bank Of America Says by oluwaseyi0: 12:08pm On Jun 30, 2023 |
DeLaRue: It's because we are an import dependent country, if far more than half of what we use daily are imported with dollar, then we are clearly spending dollar through our falling naira The tailor you mentioned above probably all the clothes she is sowing are imported You sister that panicked probably have her work tools, wig, clothes, personal care up to menstral pad been imported with unsubsidized dollar so dollar will for a long time remaining her concerns The only way is for us to earn enough dollar to balance out trade deficit |
Re: Naira Now Undervalued After Float, Bank Of America Says by Codes151(m): 12:10pm On Jun 30, 2023 |
Bidema:I swear. Imagine countries without wealth and resources backing have higher value than nigeria because of our greed and illiteracy. It's so painful |
Re: Naira Now Undervalued After Float, Bank Of America Says by okuta007: 12:12pm On Jun 30, 2023 |
blaise26abj: So that make ona politicians thief am abi ? American government will not give money to Nigeria when they see a convoy of 130 cars harrasing people in the streets forming alaye strongman when they know you gat nothing upstairs... Ukraine is of strategic importance to USA because it checkmates Russia - of what strategic importance is Nigeria to the USA ? Lastly, you think Americans dont read about it or hear about it where snakes and monkey swallow billions of naira ? Accountant General stole N109 Billion ($143.421 Million) and nobody is seeing jail time for it ? If US President Joe Biden himself steals 1% of that money $1.43 million from US Treasury and there is evidence he stole that money (just like there is evidence the accountant general stole Nigeria's money) Joe Biden will be impeached within a month - that money will be taken away from him in restitution and he will see jail time ----- even if him no go prison, him go know say something hit am as he will be so disgraced in the media and run down so badly him no go fit comot from him house again because of shame -----------------------------------------> why can't that be same in Nigeria ? The jobless son of your current President has acquired the home seized from a corrupt former petroleum minister for a whopping $11 Million in London and some people here are expecting a miracle from Emilokan when he is more corrupt than corruption himself - While Emefiele sits in detention due to selective justice of impunity, no one is asking Seyi Tinubu what he invented or what business he did to acquire $11 million to purchase a vacation home in London that he is not even residing ? For him to buy a house for $11m he doesn't live in shows he has at least $100 million to his name kept in some vaults - that is just pure common sense It is only in Nigeria - someone expect good from evil --- in Majek Fasek's voice, "you can't expect to sow cassava and reap up cocoyam - you can't expect to sow rice, and reap up cassava" ------- since we no won get sense for this country and tribalism and religion is our biggest issue then make that sofa kee everybody ... cheers to all - Happy Emilokan 2 Likes |
Re: Naira Now Undervalued After Float, Bank Of America Says by marsup: 12:17pm On Jun 30, 2023 |
jumper524:Please Sir, what is unethical caution? |
Re: Naira Now Undervalued After Float, Bank Of America Says by GeneralDae: 12:18pm On Jun 30, 2023 |
Karnice600:You are crying about fuel subsidy removal today. Wasn't that a benefit? Today some are saying Tinubu should not scrap education subsidy for Tertiary institutions. Wasn't that a benefit? You can say the benefits are not enough but not that you haven't benefited at all. |
Re: Naira Now Undervalued After Float, Bank Of America Says by JasonScoolari: 12:19pm On Jun 30, 2023 |
vanitybutiwanti:You're still mistaking me for your Dad 🤣🤣🤣 1 Like |
Re: Naira Now Undervalued After Float, Bank Of America Says by EgunMogaji2: 12:19pm On Jun 30, 2023 |
Proud retired employee of Bank of America |
Re: Naira Now Undervalued After Float, Bank Of America Says by Bluntemperor: 12:21pm On Jun 30, 2023 |
JasonScoolari: Why do you dish out falsehoods to people? Despite that All DISCOS have debunked the Social Media reports on proposed Power-Tariffs increase,you and other fellow on this Forum continued to be negative on anything Tinubu or Nigeria! Is that the way to win Nigerians to your side. The earlier you desist from this unpleasant paths,the better for you! |
Re: Naira Now Undervalued After Float, Bank Of America Says by Mrfeel: 12:21pm On Jun 30, 2023 |
DeLaRue:From your comment, you have little knowledge of how the currency rate exchange works, and how it affects a common man on the street, whatever happens between the naira/dollar exchange reflex across everything that has to do with Nigerian economy , cause Nigeria depends on imported goods |
Re: Naira Now Undervalued After Float, Bank Of America Says by Brushstrokes20: 12:22pm On Jun 30, 2023 |
The shithole from fry pan to FIRE! |
Re: Naira Now Undervalued After Float, Bank Of America Says by Jayjay1960: 12:23pm On Jun 30, 2023 |
JasonScoolari:😂😂 1 Like |
Re: Naira Now Undervalued After Float, Bank Of America Says by gotnel: 12:23pm On Jun 30, 2023 |
JasonScoolari: Whatever you think about Tinubu government as an OBIDIENT fellow is irrelevant. You people are too bitter |
Re: Naira Now Undervalued After Float, Bank Of America Says by georgeakins: 12:23pm On Jun 30, 2023 |
clydecarson: Jagaban is the greatest politician this country has produced since independence. You must worship and adore him. |
Re: Naira Now Undervalued After Float, Bank Of America Says by vanitybutiwanti: 12:25pm On Jun 30, 2023 |
JasonScoolari:The Apple does not fall too far from a tree, your father is a definitely a peasant |
Re: Naira Now Undervalued After Float, Bank Of America Says by fortunateme: 12:32pm On Jun 30, 2023 |
JasonScoolari:Guy plis apply FIFA fair play in this vawolens. Haba, pipu wey the use bow and arrow fight you(obidients) you go carry ICBM NUCLEAR BOMB THROW. It's not fair. 1 Like 1 Share |
Re: Naira Now Undervalued After Float, Bank Of America Says by JasonScoolari: 12:33pm On Jun 30, 2023 |
vanitybutiwanti:Still, you're still mistaking me for your Dad 🤣🤣🤣 1 Like |
Re: Naira Now Undervalued After Float, Bank Of America Says by BreconHills(m): 12:39pm On Jun 30, 2023 |
JasonScoolari: Did you even understand what op posted especially the analysts comments? |
Re: Naira Now Undervalued After Float, Bank Of America Says by Shattuck(m): 12:47pm On Jun 30, 2023 |
DeLaRue:Nigeria imports everything, when you want to buy from the foreign market you pay in dollars, how do you get the dollars to buy goods to be imported for sale in Nigeria, you convert you naira to dollars, when you buy this goods who automatically prices of commodities go up, Nigeria school in foreign nations when you want to japa do you pay in naira or dollars. |
Re: Naira Now Undervalued After Float, Bank Of America Says by Nobleou(m): 12:57pm On Jun 30, 2023 |
Imperialism is real |
Re: Naira Now Undervalued After Float, Bank Of America Says by Karnice600: 1:23pm On Jun 30, 2023 |
GeneralDae: You are crying about fuel subsidy removal today. Wasn't that a benefit? How? Benefit bawo? Show me one average Nigerian that is benefiting from subsidy removal currently. You don't even know where the said funds are going. No clarity. You just believe as a believer that the government will favor you and your family. |
Re: Naira Now Undervalued After Float, Bank Of America Says by hush15: 1:33pm On Jun 30, 2023 |
JasonScoolari: The part Nigerians don't understand is that they will have to fight tooth and nail to have their lives back cos if they believe that BAT, a master rigger and compromiser will give them a free and fair election ever again, they joking, be it from the north or south. The only person that will continue to be President if the courts don't do the right thing, is for an approved stooge that will further entrench Tinubu ever taxing policies and style of governance. InEC will be forever compromised. Peter Obi on the other hand will be able to survive it cos he has the capacity to, also extended that capacity to Nigerians but they refused. 1 Like 1 Share |
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