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Nairaland Forum / Nairaland / General / Business / FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom (22253 Views)
FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours / Job Losses, Factory Closures Loom As Unsold Goods Pile Up — MAN / Economic Crisis: Naira To Fall Further In January, Says CBN Report (2) (3) (4)
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Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by PrincessDiana: 8:53am On Oct 11, 2023 |
Stop being delusional. Nobody is sabotaging this government. Removing fuel subsidy and floating the Naira at the same time are bad economic policies. To make matters worse, the administration had absolutely no contingent plans, just balabluuing their way. "THOSE WHO FAIL TO PLAN, PLAN TO FAIL". BOSSkesh: 3 Likes |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by Saidfx(m): 8:55am On Oct 11, 2023 |
Spxz: Werey, no be your grandpa zik no gree regional government. History, you know not |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by poiZon: 8:55am On Oct 11, 2023 |
The funniest thing in this is, someone will walk into CBN n get this dollar at 200naira per dollar,.and he can get more than 1million dolls at once. Corruption plus connection. 1 Like |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by VeeVeeMyLuv(m): 8:55am On Oct 11, 2023 |
lightwind:Very bad and terrible governance 1 Like |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by coputa(m): 8:56am On Oct 11, 2023 |
This is the result of neglect by successive government to diversity the economy.corruption is a major stumbling block.the short term solution is to peg the exchange rate. |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by Angelfrost(m): 8:56am On Oct 11, 2023 |
kushe: Leaders like Roosevelt inherited nations at the brink of economic collapse, and changed the narratives within 4 years. Singapore, Vietnam, China, Rwanda, Kenya, etc, were not revamped by gods or fairies. Stop electing power-hungry crooks whose approach to Leadership begins and ends with grabbing power at all costs. Let's start from there. 5 Likes |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by Artscollection: 8:57am On Oct 11, 2023 |
grandstar: It has nothing to do with inflation at this point, the floating of the Exchange Windows at this point with subsidy removal is the main issue. |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by VeeVeeMyLuv(m): 8:58am On Oct 11, 2023 |
BOSSkesh:What is he waiting for? |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by maestro299: 8:59am On Oct 11, 2023 |
TOPCRUISE:Not as if the PDP were saints but people do not understand the gravity of destruction that 8 years of Buhari did to this country. It set us back 50 years in development. The next 4 years (minimum) of BAT is to finish the carnage Buhari started. APC is evil... 5 Likes |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by Adolfnigeria: 9:00am On Oct 11, 2023 |
The chance of the government increasing interest rates is low, remember that Tinubu already said he believes in low interest rates. Most likely there would be another devaluation as Nigeria approaches the IMF. The CBN reserves are much lower than advertised i.e., $33bn. Once the government releases the true value of the reserves expect a run on the naira. grandstar: 1 Like |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by kushe: 9:03am On Oct 11, 2023 |
I have never ever supported the APC,not even before Buhari talkless of Tinubu. I am not in Tinubu's mind,so I have no idea if he means we'll for Nigeria, but my point is at the state we are right now,there is no messiah. What wand would Peter Obi have used? I am so happy he didn't replace Buhari because all that energy behind him would have turned to hate if he starts getting the same result. The real culprit here is Buhari who destroyed this country for 8 years,but at this point that is not the issue. Oga don give housegirl belle and she no gree comot am,madame what's up ? Shout all you want or pull your hair out of your scalp,a problem child is about to be born. In our case,a problem child has been born,what next? |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by specialmati(m): 9:03am On Oct 11, 2023 |
Saidfx:seems like you are one of those assholes from hell supporting the worst of it all.i cast you out of my comment |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by specialmati(m): 9:05am On Oct 11, 2023 |
Elvis2kay:when the head is a mess the leg wont do much |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by Swiftgrp: 9:06am On Oct 11, 2023 |
iwaeda:The Dangote Petrochemical Refinery and other refineries in PH have to urgently start working by November 2023 ending at over 95% capacity in order to conserve FX and strengthen the Naira since refined crude oil derivatives can be exported to also generate FX. More local jobs and businesses would be generated as well to make Nigerian folks happy with reduced hyperinflation. Dangote Refinery will completely breakeven and be in profit in 2 years of operation so the modern refinery business model is highly profitable with Dangote Refinery being a major source of FX for the Central Bank (CBN). Petrochemicals for export and local industrial use would make the Nigerian currency stronger while conserving a whopping 10 billion USD per annum from fuel subsidy removal. |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by kushe: 9:06am On Oct 11, 2023 |
Angelfrost: I actually totally agree with you,but what is the koko ? We don't lost,how do we find our way to where we dey go ? |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by Glister: 9:07am On Oct 11, 2023 |
Bliss52: |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by Jlow2: 9:08am On Oct 11, 2023 |
Sophisticated tribe of oluwole |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by Angelfrost(m): 9:10am On Oct 11, 2023 |
kushe: The way forward, the right way forward lies in the hands of the Parliament (The Senate)... Nothing you or I can do at this point. The Senate is supposed to call the Executive to order, and if nothing changes, should begin Impeachment proceedings without delay. Sadly, we don't have that kind of Parliament... Honestly, we don't have a Parliament. So, there is really no way forward at this point... Except an Act of God, which I firmly believe will never happen. God won't meddle or intervene, no matter how many prayers we send on behalf of this nation. This is why it seems like Democracy is not really working in Nigeria and most parts of Africa. 2 Likes |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by Spxz: 9:11am On Oct 11, 2023 |
Saidfx:Zik really messed up but current Bleep up of today is all thanks to Una mumu way from buhari to tinubu. Renewed shege banza for almajiris |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by Ventura1: 9:14am On Oct 11, 2023 |
Why are we obsessed with dollars? No reasonable administration will inherit the over $6bn FX backlogs and still continue with the policy that birth. In as much FX do not significantly affect our basic staple foods and other needs, Nigerians will still survive. |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by Gofwane(m): 9:15am On Oct 11, 2023 |
Even blackwood, that ogogoro is now #200 this morning! |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by PecE2Make: 9:16am On Oct 11, 2023 |
Tinubu una president is doing well. Because of what I have seen in Nigeria, non of my children will read law and Economics as profession. |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by emmanuelbrown26: 9:19am On Oct 11, 2023 |
Saidfx:Rice bandit,
|
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by kushe: 9:19am On Oct 11, 2023 |
Angelfrost: My point all along. Akpabio don chop better seafood okro with orisirisi this morning, u think he gives a hoot about some correct English speaking fellows reacting to current affairs. I don't envy Tinubu because I think the man really thought he had a plan till he realized he was an outsider all along. He never realized the enormity of Nigeria's problem. Buhari on the other hand put Nigeria on autopilot without a care in the world of the resultant consequences. |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by 9gerian: 9:21am On Oct 11, 2023 |
The genesis is the thinking that Nigeria has a foreign reserve of 33 billion USD as at the change of government only to later find out that the actual available is 3 billion USD. It turns out the previous government had artificially defended the Naira in a manner that completely depleted the foreign reserves on the one hand, and equally subsidized PMS consumption on the other hand all through foreign debts. Serious double whammy of exponential proportions that could have led to a Sri Lanka type of economic collapse if it had been continued. The manner this was realized compounded issues, especially when the international banks declared a counter position against an initially corrected figure that the foreign reserves was about 18-20 billion (down from 33 billion) after adjusting for the declared foreign intervention debts of about 13 billion usd. As a result, currency Speculators became confident that the government can’t intervene much and have therefore doubled down on consistently buying up the dollar once made available through any government interventions. They know there is not enough reserve for the government to intervene or adequately supply the market. They are fully in charge controlling the market in conjunction with corrupt government officials who roundtrip the forex to maintain scarcity. The other underlying cause is stolen crude oil that prevents Nigeria from meeting its daily opec quota. This one is a major cause in addition to the discovery that Some major oil wells were producing zero crude, hence the need for new major investments for finding and developing new wells. The inefficiencies and corruption (including the just removed fuel subsidy) in the oil/energy sector are actually the biggest undoing of the Nigerian economy. The close second undoing is the pervasive corruption in the land fueled by corrupt politicians and the even more corrupt civil service that constantly sabotage the people and economy for personal benefits. A very worrying development indeed. It does appear that corporate governance was at its lowest ever during the last government. The short term solution may be to stop the physical importation and use of dollar and other hard currency notes and taking such needs and transactions online for needed traceability and control. Another solution (short to medium term) is to increase crude production intentionally through every possible means including stopping crude oil theft and the injection of new investments for starting new oil wells. The government already kick started the gas pipeline to Europe. That needs to be completed in record time too. lightwind: 1 Like |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by nnewsnjobs: 9:22am On Oct 11, 2023 |
coputa: When will you people stop using this punch line? In 2012, somebody wanted to remove subsidy but those SW and North gang up to frustrate him because of politics, now Tinubu has come to remove the same subsidy and the whole Nigeria is supporting him and enduring the hardship. Can Nigerians really know when they will have relieve on this hardship or is this how we will continue. The time Tinubu was supposed to use to plan how he will turn Nigeria to a better Country, he was using it to plan how to win election by hook and cronies. Even after he won, he was busy traveling up and down and throwing parties. How can he just come on board and anounce two serious economy policy changes without a very serious plan on how to mitigate the changes. Now the whole thing has become a total mess even though the intention was a good one, without proper strategy and mitigation plans, it has fail. 1 Like |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by emmanuelbrown26: 9:22am On Oct 11, 2023 |
Angelfrost:That ur uncle ought to be in d list of men that saw tomorrow, d most foolish tribe I hv ever come across in dis life is just Yorubas bcs as for d hausa, we all know that from d beginning their politicians hv being using them while Yorubas they call themselves sophisticated tribe but in reality, they are d dumbest |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by emmanuelbrown26: 9:23am On Oct 11, 2023 |
Yugoslavia247:What did she say when u talked to her on that? |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by emmanuelbrown26: 9:25am On Oct 11, 2023 |
kushe:Pls Mak una dey remove Obi from dis nonsense govt, when a candidate was busy avoiding debates here and their and his idiots followers were hailing and applauding him, dis is d end result. Don't just tell me that an applicant avoiding interview for job should be giving a chance to work, it doesn't work that way. Let them ronu finish first 1 Like |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by emmanuelbrown26: 9:27am On Oct 11, 2023 |
Blitzking:U sounded like one that just finished eating ewedu, una go explain tire. Shey na ronu una want |
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by kushe: 9:28am On Oct 11, 2023 |
9gerian:I love when intellectuals comment,but sir how do Nigerians make it to Christmas because in case you are not aware, "igborotidaru " 1 Like |
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