ogawisdom:
Floating naira was a terrible decision at this point in time.

In a sane clime everyone will be on the street demanding a reversal.

But in Nigeria everyone will be playing with fire

lol the Night Nixon floated the dollar people expected the Markets to crash the next day followed by worldwide depression.....but no such thing happened....the price of Naira today is the true reflection of its true value based on Nigerias consumption of the dollar....with that said something should be done to slow its continued slump.......this is a step towards that......it will stop the speculation of the dollar in the banking system and among the BDCS

Patch patch CV

atiku4President:

It means that if you have, if a bank has cash less than 20% of your money and it's going to 0% and you don't have need for it, maybe you have people in the abroad you can rely on, you can call them and find out what's really the problem with the exchange that makes it impossible for the naira to dollar rate to crash beyond what the masses can explain in their little way.

do you yourself really understand what you just wrote or you.. I can't even call you sarcastic... Maybe you just feel like writing something.

Crazy people
When they were sharing $ in primaries you guys didn’t look for who to arrest

Another trial and error lol
Clueless bunch

ogolemati:
it's my turn,it's my turn under 8month dollar is now 1500 from 750 where the other generation curse left it.i said leave all this generation old men make them rest una no gree.you go just allow ancestors they run 21st century program.but on a serious note dollar should hit 2000 before June Biko any plan against it hitting 2000 by June fire

fire o my brother.

You and who is going to the streets?

Have you finished teaching Peter Obi the lessons?

I'm earning in dollars, if u are not, face the calamity u brought upon yourself!

ogawisdom:
Floating naira was a terrible decision at this point in time.

In a sane clime everyone will be on the street demanding a reversal.

But in Nigeria everyone will be playing with fire

skj1377:
What this central bank Governor is doing is crashing the currency. He had better stop this Naira floating policy and be more realistic.

So you think he's unilaterally making decisions? Don't you know the CBN has team of experts that work round the clock for stability of the financial system? Some of you will just be typing as if you are more knowledgeable than the expert working in CBN.

The Central Bank of Nigeria (CBN) on Wednesday said the Net Open Position (NOP) limit of banks’ overall foreign currency assets and liabilities both on and off-balance sheet should not exceed 20 percent short or 0 percent long of shareholders’ funds unimpaired by losses using the gross aggregate method.


What the fukk does this hump of weasel words mean?

Nigerian journalists write like they expect their readers to be ChatGPT.

Same when they're reporting legal cases:

"The court finds ultra vires that the defendant garnishee'd the plaintiff's omnibus sanctis and in vino veritas in the penultimate judicial rascality, which the prosecution witness alleged was hoc est corpus meum ad nauseum which the honorable judge decided ex parte was ultra judice exetera from the originating summon under appeal hitherto"

Medicine after death
Some banks may already be in trouble
They did deal under buhari at 400, now the have to look for 1400 to settle same deals

ClearFlair:
Productivity is the only solution. Only Peter Obi understands these things. It is not by making mouth. Nothing will change until quality of life improves

Oga, keep quiet and stop shouting Peter Obi, Peter Obi every time. If he knows how to cause disruption, why didn't he do that in Anambra state. His mediocre performance when he governed Anambra state is what is hurting him today.

Let them allow us to be using our Naira cards for international transactions, reduce importation, and ban domiciliary accounts.
Under 2 months, Naira will bounce back.

I am sure government is afraid that people who have stolen Naira will use the opportunity of opening our Naira card to move their illicit funds abroad. This may be right but we have to win some and loose some. We can’t win on all fronts.

Open the Naira card for international transactions and let those importers /students etc be able to pay online. There would be less need for applying for Dollars in/at banks or going to Abokis’ shops.

I feel utilizing those I suggested would help crash prices of things and reduce inflation.

skj1377:

Yes. But not all Forex demand are legitimate. Our economy has to be regulated to prevent abuse of Forex request. Wealthy individuals want every Naira they make converted to dollars simply because they don't believe in Nigeria. A better regulated economy will filter out such Forex request.
Secondly, remittance from diasporas don't get to the central bank. What we have is an app that keeps Forex outside our economy only to credit recipient in Naira so the economy depends on only Government Dollar inflow from NNPC. A better regulated economy will stifle out such transaction. Finally am of the opinion that only Government should hold Forex. All domiciliary accounts should be closed.

Swell, I wish we live in a sane clime, mopping out forex from the hands of individuals is really the only way forward, but what kind of policy would actualize this as forex is not govt currency and those who own the currency enjoy seeing countries currency crumble before them. IMF wants this disparity, there is little really that can be done than increasing local production.

ClearFlair:
Productivity is the only solution. Only Peter Obi understands these things. It is not by making mouth. Nothing will change until quality of life improves

What was produced in anambra or is Peter obi the only producer

This CBN governor that looks like a child who escaped slowpoke. He should better wake up

MeineMutter:
Let them allow us to be using our Naira cards for international transactions, reduce importation, and ban domiciliary accounts.
Under 2 months, Naira will bounce back.

I am sure government is afraid that people who have stolen Naira will use the opportunity of opening our Naira card to move their illicit funds abroad. This may be right but we have to win some and loose some. We can’t win on all fronts.

Open the Naira card for international transactions and let those importers /students etc be able to pay online. There would be less need for applying for Dollars in/at banks or going to Abokis’ shops.

I feel utilizing those I suggested would help crash prices of things and reduce inflation.

So how would banks get the fx to settle the merchants after their customers have been debited in naira?

No amount of prophetic statements can control the value of Naira against other Foreign Currencies.
Kindly read through the document below and persuade your Men of God or God of Men to read through before their next predictions about economic growth and developments.

Die if you like, the Dollar will keep rising against the Naira !



People in Government must read and heed this.

1. Appreciation and depreciation of Currency is not related to race or colour. It isn't who is the President either; be he Hausa, Igbo or Yoruba.

It is basically about the production of goods and services and the demand of your products in the World Market.

A confused Country that produces almost next to nothing will never meet up. Policies only control your Currency, not the value of other Countries' Currencies against yours.

2. A Country where over 500 Industries died within 30 years must be stupid to complain of depreciation of her Currency.

We keep killing local Industries and expect policies to make it up, it's a joke Sir !

Don't use China as an example of depreciating Currencies and strong economy. China produces and may attract more export with that strategy, unlike Nigeria that produces nothing.

3. A Country where someone made away with $2+billion simply to be shared, is already a doomed one in terms of monetary policy and value.

A Country that produces a Dizeani and a Bafarawa, who spent billions to appease Demons. Those money without economic value is an economic waste and poison injected into the system.

4. A Country that favours importation over local production is doomed because it creates employment for other Countries while sacking her own Citizens.

Some people are working in Michelin and Dunlop somewhere, yet we use the tyre here.

Don't tell me about the principle of comparative advantage here; it's not applicable.

5. A Country that exports all raw materials without adding value to them, is shameless to talk of depreciation of her Currency, and will later re-import finished Products of those materials, is the peak of daftness.

A Bag of Cocoa will go for, like N1million Naira, but when it is processed, its worth is around N7million.

Even Farmers who produce the raw Cocoa can't buy the end product, Chocolate !

6. A Country that deliberately operates a banking system which gives loans to Importers at the expense of local Industries, is doomed and should say nothing about depreciation.

Most of the loans are given to Senators and Representatives not Industrialists.

7. A Country that gives loans in billions to the agric sector without monitoring and evaluation of such loan on how it gets to the real Farmers, is a sham.

A Guy collected over N2 billion agric loan. He bought a Jeep, built a nice House and used the rest to import processed Pork.

Meanwhile, local Pork Farmers are dying here. Is that not double tragedy, stressing Forex and at the same time killing local Industries ?

8. A Country that spends more on few privileged Politicians at the cost of the populace who are unemployed, should not talk about money depreciation.

A Country that keeps paying NNPC Staff N10 billion as salaries every month, when a single drop of Petroleum Products was not processed, should shut up about depreciation of Currency.

The only value-added product to the system is rising crime and criminality !

9. A Country where it is difficult for Investors to register businesses because of the demand for bribes by Governent Officials.

Right from the Airport to the Hotel; to the Ministers and to Governors, Investors will bribe. All these are part of cost of investment.

A friend brought an Investor on Estate Development just for the State Commissioner for Lands to demand 30% of the investment !

To see the Governor in a State will cost you N2 million as bribe before you can be scheduled. This is a State as poor as anything.

10. A Country where the cost of travelling for treatment Abroad by Government Officials will build World Class Hospitals should not talk about Naira against Dollar parity.

Money taken on that trip is part of stress on forex. Same as forex spent on Pilgrimage.

Let religion Fanatics keep off me here. Without going to Mecca or Jerusalem, you can still make Heaven.

Yes ! You waste forex on Pilgrimage and later talk rubbish about forex. Pilgrims get Dollars for N160 while Industries get it for N350 ! Is that not Crazy ?

11. A Country where a
few People have access to Federal reserves and those few can get loans, not because of what they can produce but the connection they have. Is that Country not doomed already ?

12. A Country where we import what we produce because it's "cheaper" to do so, is doomed.

13. A Country that has arable Land and teeming idle Youths but still complain of hunger, should not talk about Currency depreciation. It's not only annoying but nauseating.

14. A Country where free money flows can never control inflow and outflow of Forex.

Imagine someone who wants to hide his loot went to "Aboki", the Forex Dealer, to buy Dollars worth $50 million just to hide it in the basement of his House.

That money has no economic value, yet it deprived those Companies that needed it to import raw material. The same Companies go to "Aboki" to buy the hard Currency at exorbitant price.

15. A Country where a strong Bank Owner can influence shares from within the Stock Exchange Floor to inflate their shares' worth from N20 to N150, crash the same share to N30 and ready to buy it back at N28, all within a year.

Forget it, the Currency will never appreciate in such an economy.

16. A Country where Banks are involved in round- tripping and inflated cost to siphon money, is doomed.

A Company wants to import Caterpillar worth $50,000. A Bank made the forex for such import $550,000.

Meanwhile no Caterpillar was imported at last, yet the money faded into private accounts.

Who strained the Forex exchange rate in that case ?

Copied

Smithkafors:
Please can someone tell me any new thing the government is doing differently from previous government?..

Just one?.

Any improvement anywhere please?.

I think the level of hardship is on a different level oh!

masseratti:
Grammar, can someone please explain.

me sef no understand. Make I wait for Rotus Odiri on Arise news later.

THEM SAY NA STASTICS WE. GO CHOP?


THEM GIVE PEOPLE MONEY TO CHOP AND CLEAN MOUTH.


NOW NA MASSES. DE CHOP THE HUNGER. FROM INCOPETENCES OF A FEW

ogawisdom:
Floating naira was a terrible decision at this point in time.

In a sane clime everyone will be on the street demanding a reversal.

But in Nigeria everyone will be playing with fire

...@the bolded, and they would be forming prayer warriors and saying "it shall favor me and my family".

The earlier we hit the streets the better for us and our future generations!

If this year ends without a revolution then Nigeria then we are the cause of our own problem!

This dollar thing will cause lots of drama, but bet me, it'll go down well and against the saboteurs.. inshallah!

Smithkafors:
Please can someone tell me any new thing the government is doing differently from previous government?..

Just one?.

Any improvement anywhere please?.

CC Seunmsg

You'll never see Seunmsg on threads like this.

🤡

Dude come and answer this guy if e sure for you

ogolemati:
it's my turn,it's my turn under 8month dollar is now 1500 from 750 where the other generation curse left it.i said leave all this generation old men make them rest una no gree.you go just allow ancestors they run 21st century program.but on a serious note dollar should hit 2000 before June Biko any plan against it hitting 2000 by June fire

CC Seunmsg

Seunmsg will avoid this your comment like plague

They are devaluing the Naira faster than others

MrSundry:


Source: https://businessday.ng/news/article/cbn-imposes-limit-on-banks-foreign-currency-exposure/

ogawisdom:
Floating naira was a terrible decision at this point in time.

In a sane clime everyone will be on the street demanding a reversal.

But in Nigeria everyone will be playing with fire

So defending the naira with $1.5billions every month is the best in your sanely sense abi....
Awon despicable patriots.
Don't know where you people got this idea from. Or is it the pain of losing an election ni still...

ClearFlair:
Productivity is the only solution. Only Peter Obi understands these things. It is not by making mouth. Nothing will change until quality of life improves

Keep waiting for peter Obi way dey use owner catch cruise to come better your life nor go hustle

MrSundry:


Source: https://businessday.ng/news/article/cbn-imposes-limit-on-banks-foreign-currency-exposure/

Good move

DONT BE FOOLED.
The problems of past eight years misrule cannot go away overnight. just follow and fall in line with PTinubu and stop your negativities

franugo:


So how would banks get the fx to settle the merchants after their customers have been debited in naira?

It is an automated transaction. That debit of Naira is converted to an equivalence of whatever currency is agreed at the moment the payment is made.

It’s only values (numbers) we are just spending, not real paper.

As conversion is made, your Naira balance decreases after considering current exchange rate used at that moment and the Dollar (or whatever currency) account of the merchant increases (credited) in value of his or her currency you agreed when making the contract of sales.

For example, if an American buys something online from European seller (merchant) and uses his card, an American is debited the equivalence of Euro at that moment he was making payment, using official rate, then an European merchant is credited with Euro value of the sales. It’s as simple as that.
The same thing will be applicable to someone buying in Naira.

We were using our cards for international payments online before in Nigeria until FG blocked it because Nigerians were using the opportunity to move stolen money abroad.

At that period, there was No pressure on Naira at all because you can easily buy with your Naira card. More so, we were importing less then, our refineries were working.

I witness an era when N0.34kobo was equivalent to $1.