Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown - Business (2)

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Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown - Business (2) - Nairaland

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Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by SalamRushdie: 5:40pm On Feb 23

Segzy19:
As far as I am concerned Cardoso is on the right track. After all we had a CBN governor there before who was busy trading in dollars and ruining our economy

The ones you claim were trading dollars handed over 650 to a dollar to Cardoso after 60 years and in just 8 months Cardoso wrecked the Naira from 650 to almost 2 thousand Naira yet because he is Yoruba you say you he is on the right part ... have some shame man

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Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by Adolfnigeria: 5:43pm On Feb 23

This sounds like corruption fighting back.

these were audited by one of the premier audit firms, they should not be paid .

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Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by BJanta: 6:03pm On Feb 23

You stink like fermented rubbish with this year partisan write-up. Go and tell your sponsors that we Nigerians reject you and your filth.

Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by khattab02: 8:48pm On Feb 23

If I say I understand this CBN and dollar thing again, then I lied.

Forex backlog, E and I, I&E windows, $3 billon backlog, $2-7 billion dollar,

Floating naira, floating dollar, etc.

Dem don succeed in confusing me all the time.

Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by khattab02: 8:50pm On Feb 23

Adolfnigeria:
This sounds like corruption fighting back.

these were audited by one of the premier audit firms, they should not be paid .

The funny thing is that, this said perpetrators are ghost and invisible.

Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by Konquest: 9:31pm On Feb 23

nairajotter:
Invalidation of $2.4Bn Forward Contracts by the CBN; How many more manufacturers will be forced out of business?

SRC: https://dailynewsreporters.com/cbns-2-4bn-contract-invalidation-how-many-more-businesses-will-be-forced-to-close/

Invalidation of $2.4Bn Forward Contracts by the CBN; How many more manufacturers will be forced out of business?

Imagine sailing on a calm sea, charts meticulously plotted, course set for prosperity. Suddenly, a colossal wave looms on the horizon, threatening to engulf your vessel and everything you hold dear.

This is the chilling reality facing Nigerian businesses, investors, manufacturers and citizens alike, thanks to the Central Bank of Nigeria's (CBN) recent invalidation of $2.4 billion worth of forward contracts. The governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, during an interview on Arise TV, on the February, 5th 2024 addressed concerns about the recent volatility in the currency market and said that about $2.4bn of the $7bn foreign exchange backlog he met when he got into office were from non-existing entities, requests without import documents among other infractions.

Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by RhinoChest: 9:52pm On Feb 23

Dobodobo04:
The CBN governor succinctly explained himself well during the interview that CBN had external auditors to look at those claims and found a few of them to be bogus.

He stated that money owned will be released to genuine claimants, which is the right approach.

If we can’t run our affairs well and signal to the rest of the world that we intend to do things rightly, foreign investment won’t come into the country.

Exactly and if any claimant has been unfairly treated, take it up with CBN or court.

Do you want CBN to be paying claimants without proof? This is why fraud is prevalent in Nigeria. What stops me from also claiming?

Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by Teenaira: 10:19pm On Feb 23

SalamRushdie:

The ones you claim were trading dollars handed over 650 to a dollar to Cardoso after 60 years and in just 8 months Cardoso wrecked the Naira from 650 to almost 2 thousand Naira yet because he is Yoruba you say you he is on the right part ... have some shame man

Oga, why don't you just make your point and leave Yoruba out of it. Incase you don't know when the CBN says they are defending the Naira it only means the exchange rate known to the public is not the exchange rate. They are just giving you a rate you will like to see. We have bastard our foreign exchange system and it will take more than luck to restore sanity. If you are privileged to see a few of what is happening in the forex market you will weep for Nigeria. The challenge we have is pure economic so whether you put a Hausa or Igbo or Yoruba as your CBN governor he will face the same challenges. Today, the North will disown Sanusi because he will tell them the true position. The east will disown Soludo for same reason. We are all in Nigeria when Obaseki was shouting that they are printing Naira recklessly. He got into a big trouble for spilling the beans. Let's face the issues and forget about Yoruba or Hausa or Igbo.

Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by SalamRushdie: 2:44am On Feb 24

Teenaira:

Oga, why don't you just make your point and leave Yoruba out of it. Incase you don't know when the CBN says they are defending the Naira it only means the exchange rate known to the public is not the exchange rate. They are just giving you a rate you will like to see. We have bastard our foreign exchange system and it will take more than luck to restore sanity. If you are privileged to see a few of what is happening in the forex market you will weep for Nigeria. The challenge we have is pure economic so whether you put a Hausa or Igbo or Yoruba as your CBN governor he will face the same challenges. Today, the North will disown Sanusi because he will tell them the true position. The east will disown Soludo for same reason. We are all in Nigeria when Obaseki was shouting that they are printing Naira recklessly. He got into a big trouble for spilling the beans. Let's face the issues and forget about Yoruba or Hausa or Igbo.

When Sanusi defended the Naira was I able to buy dollars at 160 when ever wanted ? Yes ..was inflation single digit ? Yes..Was Nigeria economy growing faster ? Yes.... Stop all this APC misinformation please ... Tinubu and Cardoso have wrecked the economy because they know nothing about how to manage one

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Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by Teenaira: 9:12am On Feb 24

SalamRushdie:

When Sanusi defended the Naira was I able to buy dollars at 160 when ever wanted ? Yes ..was inflation single digit ? Yes..Was Nigeria economy growing faster ? Yes.... Stop all this APC misinformation please ... Tinubu and Cardoso have wrecked the economy because they know nothing about how to manage one

I am totally in agreement with you but I will like to ask you a few questions that will guide our views.
1. How much is the external reserve figures at take off of Sanusi and Cardoso.
2. What is the average production volume of oil during Sanusi and Cardoso era.
3. What is the price of petrol during Sanusi and Cardoso
4. How much forward contracts ( Maturing debt and money already collected for sales yet to be made )
5. What is our total debt portfolio local and foreign at take off of Sanusi and Cardoso
6. How much of your revenue goes for debt repayment during Sanusi and Cardoso
7. How much of your reserve do you use to import nonsense into the country during Sanusi and Cardoso but still expect Naira to grow in value

8. How much foreign exchange do you earn from Non oil export during Sanusi and Cardoso

All these factors and others will determine the real exchange rate. If you like you can pad the exchange rate as much as your foreign reserve could go, when your reserve is zero, the true value of your currency will show for everyone to see. Remember Sanusi and Soludo are insider. They understand what the baselines are and they did not hide it from Nigerians. So, I don't understand what another magician would have done. This is purely an economic issue.

Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by Segzy19: 10:18pm On Feb 24

Wetin ds one dey talk? To you everything is about tribal sentiments. You should have the shame that your tribesman messed up

SalamRushdie:

The ones you claim were trading dollars handed over 650 to a dollar to Cardoso after 60 years and in just 8 months Cardoso wrecked the Naira from 650 to almost 2 thousand Naira yet because he is Yoruba you say you he is on the right part ... have some shame man

Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by PARADIZEPRIEST: 10:40pm On Apr 10

PARADIZEPRIEST:
Anybody that wanna get Nigeria cleaned up will face heaps of garbage in nnplc,banking system,in ministries,mdas,assemblies,aso rock, fec etc that was left behind by predecessors who will in turn use the ignorant masses to rant and cover his mess.This is what is happening now.
ALL NAIJA CRUDE FROM 1999 TODATE,WHERE ALL THE REVENUE GO? NO NAIJA PERMANENT REFINERY NO STEADY POWER FR OBJ TO JONA TO BUHA SAME GARBAGE YOU HEAR.
UNA DEY SHOUT TINUBU,YEYE PPL.

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