Naira Weakens As Banks’ Dollar Sales Plunge By $252m - Politics (3)

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Naira Weakens As Banks’ Dollar Sales Plunge By $252m - Politics (3) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Naira Weakens As Banks’ Dollar Sales Plunge By $252m (13941 Views)

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Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by RotrEmmanuel: 1:10pm On Feb 19

PARADIZEPRIEST:
this is what happens when experts are working the ropes to solve an albatross caused by predessesors, half literates and illiterates are busy rantning in a very lowsy manner. Go get financial edu and stop this ...

I can tell from the way you write that you barely acquire quality Education. It's a pity bro!

Tribalism and religious animosity won't feed your descendants in the near future. Go and think!

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by guideman: 1:11pm On Feb 19

This is their turn to manipulate the forex market the same way they manipulated the stock market some years ago. Stock prices were being manipulated at the Nigeria Stock Exchange on daily basis by their cronies. When the global recession came, our stock market took the deepest dive than other world markets.
While both household and business are adversely affected by this tragic events in our forex market, a group of people smile to the banks. Why can't they repeat the feat recorded when Prof Osibanjo was acting president. With his intervention the naira slide was halted and the exchange rate moved down from 700 naira to 400 naira. The Mafia vowed that he'll never assume the duties of acting president again. They will never allow people with good intentions for this country to occupy leadership positions.

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by RotrEmmanuel: 1:18pm On Feb 19

PARADIZEPRIEST:
you don't rebuild an 8year damaged economy in 10months.So, stop being sarcastic and face reality with positivism. Look at the economic matrixes,it will oscillate like tidal waves till things normalize

Are you guys just seeing the damaged? President Bola Ahmed Tinubu Praised his predecessor throughout his reign as the president! He did not blame him for the fiasco caused my his parry man. See bro, propaganda won't help us. Tinubu is confused at the moment because he lacks ideas on how to maintain a perfect economy! Aso Rock vila is not an OWAMBE Hall bro!

1 Like

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by imbless: 1:24pm On Feb 19

saasala:
As usual, the lot of you who don't know anything about economics and the reason why the Naira is falling will always blame Tinubu. I don't give a hoot about the Emilokan crooner. But y'all need to think well before shifting blames.

When Emefiele was printing the new notes, you people including Obi and Atiku were praising him abi. Shebi they thought you basic economics in secondary school about printing more money. Abi your economics teacher didn't tell you that any country that prints too much money will end up like Zimbabwe. That mofo printed new notes, said he will take back the old ones. He later released everything into circulation. Himself and some of his thieving cronies even piled loads of cash and kept them under their bed.

The weyrey was selling dollar to his goons at a subsidized rate against the real exchanged rate. Who do you think was paying for the difference in prices?

Everything is Tinubu. Una no won get sense.

During COVID-19 the same tinubu you are stylishly defending advised buhari to tell the CBN to print more naira note, so if tinubu understands economics like you guys claim he does, why would he give such advice to an illiterate Buhari?

3 Likes

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by BucketMan: 1:25pm On Feb 19

Chummynoni:
does it change anything? This is simple economics bro'v. Assuming you earn $100 when a $ was #500, that was 50000 and things were relatively cheap so the 50k would get you enough things to sustain, now a $ is 1500 which means you earn 150k with skyrocketed prices of goods and services, then you will realize the inflation doesnt favor you the way you think.

you're right but that's exactly what I meant. Now imagine I was earning a fixed salary here in Nigeria I would suffer more because that 50k would not change no matter the inflation. Earning in dollars means I get a pay raise relative to the economic realities in Nigeria.

3 Likes

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by ArcSEMPECJ(m): 1:26pm On Feb 19

PARADIZEPRIEST:
you don't rebuild an 8year damaged economy in 10months.So, stop being sarcastic and face reality with positivism. Look at the economic matrixes,it will oscillate like tidal waves till things normalize

Are you saying 10 months is not enough to atleast add #5 to make Naira gain against dollar at it was #750 during Buhari's tenure

? Rather than Naira having free fall

So if in 10 months, Naira has depreciated from #750 to #1630 by dollar.....
Pls tell us how many months Tinubu needs to turn the hand to clockwise abeg....

Ok we will all wait for dollar to be #5000 possibly in 4 years time , so we can now begin to be serious as a country

?

Tinubu thought this is an Agbero statistics, you can gain power by force or by crook , but you cant get any administration by same way...

1 Like

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Dancebreaker: 1:26pm On Feb 19

In London back in 2022, Baba said in private to that Hausa lady that he has no plans. I knew that was the truth.

In all honesty, Bubu that Tinubu helped to foist on us damaged 9ja so much that he is now hamstrung.

There is a certain arrogance among our people in SW that they know everything better.

Instead of Tinubu considering better qualified/experienced professionals irrespective of tribe, he hired two local sycophants to handle such vital positions.

It's obvious none of them has anything close to NOI, Sanusi Lamido or Soludo. Even Emefiele until he turned political with Bubu's handlers/cabals.

2 Likes

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Chummynoni(m): 1:27pm On Feb 19

BucketMan:
you're right but that's exactly what I meant. Now imagine I was earnia fixed salary

that is true.

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by sharpchap: 1:28pm On Feb 19

Tinubu's case is like a man who went into the bush and saw a wild cashew plantation with no owner in sight. he now got some baskets, harvested the cashews, and brought them to the market to sell. people now started to hail him as a great and mighty farmer and he started beating his chest and claiming imaginary feats.

1 Like

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by ScamDemicEra: 1:28pm On Feb 19

PARADIZEPRIEST:
this is what happens when experts are working the ropes to solve an albatross caused by predessesors, half literates and illiterates are busy rantning in a very lowsy manner. Go get financial edu and stop this ...

PARADIZEPRIEST:
you don't rebuild an 8year damaged economy in 10months.So, stop being sarcastic and face reality with positivism. Look at the economic matrixes,it will oscillate like tidal waves till things normalize

........ the smart thing to do is to stop the bleeding first, otherwise the patient will bleed to death.

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by BucketMan: 1:28pm On Feb 19

Chummynoni:
that is true.

sorry typo.

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by nairalanda1(m): 1:30pm On Feb 19

ArcSEMPECJ:

Are you saying 10 months is not enough to atleast add #5 to make Naira gain against dollar at it was #750 during Buhari's tenure? Rather than Naira having free fall

So if in 10 months, Naira has depreciated from #750 to #1630 by dollar.....
Pls tell us how many months Tinubu needs to turn the hand to clockwise abeg....

Ok we will all wait for dollar to be #5000 possibly in 4 years time , so we can now begin to be serious as a country?

Tinubu thought this is an Agbero statistics, you can gain power by force or by crook , but you cant get any administration by same way...

It's possible if we earn more dollars

Either we find a new source of income, raise tax income , pray that oil stay above 140 dollars per barrel

Or bite the bullet and take a loan from Mother IMF

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by BucketMan: 1:31pm On Feb 19

yewit37486:

Make sure you don't undervalue or underprice yourself though, always benchmark your skills and demand for the corresponding pay levels regardless.

yes, this is great advice. But sometimes it's wise to charge lesser in order to retain your client's and as time goes on you normalize and increase your charges. This always works.

1 Like

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by WesternPanzer: 1:33pm On Feb 19

PARADIZEPRIEST:
you don't rebuild an 8year damaged economy in 10months.So, stop being sarcastic and face reality with positivism. Look at the economic matrixes,it will oscillate like tidal waves till things normalize

Mugu, you guys said same under Buhari. Making it approximately 16 years economy is being repaired.

Cursed be you and your generation forever. Iseee.

1 Like

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by skyman200(m): 1:35pm On Feb 19

I pity alarmajiri in the north,cha!!!!

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by XPMExchange: 1:41pm On Feb 19

We will keep on talking and protesting yet nothing. angry

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Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by yewit37486: 1:47pm On Feb 19

BucketMan:
yes, this is great advice. But sometimes it's wise to charge lesser in order to retain your client's and as time goes on you normalize and increase your charges. This always works.

You are right with that, as long as the gap isn't too much, that's a wise strategy.

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by ThunderFireAgba: 1:49pm On Feb 19

Las, Las, na Army go take over this country soon.

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Diligence: 1:58pm On Feb 19

Very soon, it maybe OPERATION STEP ASIDE BEFORE OR ON MAY 29, 2024!

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by surgical: 1:59pm On Feb 19

Ogiame:
“We need his BRAIN not his BODY”

“He has been planning for prezidensi since 20 yaaz”

“He built Lagos with half bag of cement and Tamed the pacific Ocean”

“He has First Class degree in Akantin”

“Jagaban is a Master strategist, Obi is a mere trader”

All these and many more were said by his clownish supporters.

See how our Naira and Economy is nose diving... It is safe to call Tinubu an Ineffectual incompetent buffoon.

The one they called drunkard is now better than master strategist by far,time has revealed the truth

1 Like

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Indigbo: 2:01pm On Feb 19

bjdon:

Buhari's govt had banned the importation of a lot of products to encourage local production. This govt removed the ban, which will lead to an increase in demand for FX.
The FG needs to place a very high import duty on items like artificial hair and many other non essential things that eat up FX

Provide your evidence that they ban the importation of a lot of products as you claim. Not just claim. Back it up with your claim.

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by socialmediaman: 2:01pm On Feb 19

PARADIZEPRIEST:
you don't rebuild an 8year damaged economy in 10months.So, stop being sarcastic and face reality with positivism. Look at the economic matrixes,it will oscillate like tidal waves till things normalize

You voted Buhari twice knowing he was damaging the economy. You voted Tinubu again after that, with the same excuses you made for Buhari

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by surgical: 2:03pm On Feb 19

Dancebreaker:
In London back in 2022, Baba said in private to that Hausa lady that he has no plans. I knew that was the truth.

In all honesty, Bubu that Tinubu helped to foist on us damaged 9ja so much that he is now hamstrung.

There is a certain arrogance among our people in SW that they know everything better.

Instead of Tinubu considering better qualified/experienced irrespective of tribe, he hired two local sycophants to handle such vital positions.

It's obvious none of them has anything close to NOI, Sanusi Lamido or Soludo. Even Emefiele until he turned political with Bubu's handlers/cabals.

He is a local champion, he just fill the whole positions with members of his social club instead of technocrats

2 Likes

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by AngelicBeing: 2:13pm On Feb 19

ifytrik:
The problem with Nigeria is our president, I could remember during the regime of jonathan 1.5 million naira was almost all it takes to clear a 16 ft container, buhari came in and it was increased to 6 million naira, today it will cost you between 17 to 18 million naira to clear same size of container if they don't seize it. Now you know why the prices of imported goods are skyrocketing, tasking an importer a whopping 18 million naira to clear his container is like killing Nigerians because the importer will add it to the price of the goods he imported and at the end the consumers are the one paying the 18 million naira you collected from the importer, it's not just the dollar issue that is skyrocketing the prices of imported goods, it's the president alongside the Nigeria custom service who doesn't care if Nigerians are surviving or dieing, I don't have anything against Tinubu but I think his policies shows he doesn't mean well for Nigerians, first he removed the fuel subsidy which was the only benefit common man like me was getting from the government, secondly he floated the naira which is the reason naira is loosing value every second.

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by broadman20: 2:13pm On Feb 19

PARADIZEPRIEST:
you don't rebuild an 8year damaged economy in 10months.So, stop being sarcastic and face reality with positivism. Look at the economic matrixes,it will oscillate like tidal waves till things normalize

Most of you should be ashamed for saying this thing after fighting seriously with Obasanjo's government.

Obasanjo inherited even worst economy from the military who almost steal the country dry but just within a short while, NIGERIANs started seeing turn around.

Sincerely speaking APC people deserve to be only in opposition for goodness sake.

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Ishilove: 2:20pm On Feb 19

ifytrik:
The problem with Nigeria is our president, I could remember during the regime of jonathan 1.5 million naira was almost all it takes to clear a 16 ft container, buhari came in and it was increased to 6 million naira, today it will cost you between 17 to 18 million naira to clear same size of container if they don't seize it. Now you know why the prices of imported goods are skyrocketing, tasking an importer a whopping 18 million naira to clear his container is like killing Nigerians because the importer will add it to the price of the goods he imported and at the end the consumers are the one paying the 18 million naira you collected from the importer, it's not just the dollar issue that is skyrocketing the prices of imported goods, it's the president alongside the Nigeria custom service who doesn't care if Nigerians are surviving or dieing, I don't have anything against Tinubu but I think his policies shows he doesn't mean well for Nigerians, first he removed the fuel subsidy which was the only benefit common man like me was getting from the government, secondly he floated the naira which is the reason naira is loosing value every second.

What is the value of the goods he is clearing for 18 million, oga??

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by 43Ronin: 2:22pm On Feb 19

Tinubu let nigerians breathe. Importers are paying as much as 12-15m to import basic necessities thereby passing the cost to Nigerians. While the NCS keeps increasing in revenue, Nigerians keep nose diving in poverty

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by khattab02: 2:23pm On Feb 19

PARADIZEPRIEST:
you don't rebuild an 8year damaged economy in 10months.So, stop being sarcastic and face reality with positivism. Look at the economic matrixes,it will oscillate like tidal waves till things normalize

U don't damage it further to require 20 years to fix it back.

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by InvertedHammer: 2:23pm On Feb 19

ifytrik:
The problem with Nigeria is our president, I could remember during the regime of jonathan 1.5 million naira was almost all it takes to clear a 16 ft container, buhari came in and it was increased to 6 million naira, today it will cost you between 17 to 18 million naira to clear same size of container if they don't seize it. Now you know why the prices of imported goods are skyrocketing, tasking an importer a whopping 18 million naira to clear his container is like killing Nigerians because the importer will add it to the price of the goods he imported and at the end the consumers are the one paying the 18 million naira you collected from the importer, it's not just the dollar issue that is skyrocketing the prices of imported goods, it's the president alongside the Nigeria custom service who doesn't care if Nigerians are surviving or dieing, I don't have anything against Tinubu but I think his policies shows he doesn't mean well for Nigerians, first he removed the fuel subsidy which was the only benefit common man like me was getting from the government, secondly he floated the naira which is the reason naira is loosing value every second.

/
The problem is not the President. The major problem are the idiots that buy into any propaganda shoved down their throat. From Buhari to Tinubu, how can any sane individual blame those who are always capable of playing the masses like fools? I am glad everyone is suffering it. Don't cry yet. During the next election, the same pattern of voting and rigging will happen.

/

1 Like

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Rutherford2019: 2:26pm On Feb 19

The economic maze

Re: Naira Weakens As Banks’ Dollar Sales Plunge By $252m by Konquest: 2:26pm On Feb 19

ijustdey:

https://punchng.com/naira-weakens-as-banks-dollar-sales-plunge-by-252m/?amp

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