ositadima1:
Imagine holding money but you can't buy food because it is simply not available. What about the problem of getting out of your house because it is not safe outside?

So whose fault is it

The Man banned binance but failed to ban BDCs

I mean what do u expect us to do 🤷?

Unless you want us to stop analyzing the situation and stop talking

VeeVeeMyLuv:

So whose fault is it

The Man banned binance but failed to ban BDCs

I mean what do u expect us to do 🤷?

Unless you want us to stop analyzing the situation and stop talking

ositadima1:
It is plain weird. Do you even pause and think, or is this a case of being blinded by the thrill of short-term gains? You converted your money into dollars, so why don't you give it a rest? Yet you have to come here, to a thread meant for Treasury bills, to promote dollar buying. I think subconsciously, or maybe consciously, it is more about monkey hunting than real concerns towards the other readers.

The continuous wailing gets very tiring. "It will go to 1500, it will go to 2000, it will go to 3000," what the heck is wrong with you people? Let me explain what you don't seem to understand.

Yes, the naira has devalued for a long time, but not at this rate. Look around you and see the effects - people are being stretched thin. If it continues like this, your money will mean nothing. When 20% of the population is pushed to criminal activities, your dollar-denominated assets that are now doing 500% returns will mean nothing. But shortsightedness will not allow you to see what is coming.

The rate at which the naira is falling is not good, especially for a country that is import-dependent. The chaos that will ensue will render your profits useless. You keep encouraging everyone who has spare naira to change their money at the expense of everyone - your eyes will clear eventually.

Before you delete this your comment, let me bookmark it

ositadima1:
It is plain weird. Do you even pause and think, or is this a case of being blinded by the thrill of short-term gains? You converted your money into dollars, so why don't you give it a rest? Yet you have to come here, to a thread meant for Treasury bills, to promote dollar buying. I think subconsciously, or maybe consciously, it is more about monkey hunting than real concerns towards the other readers.

The continuous wailing gets very tiring. "It will go to 1500, it will go to 2000, it will go to 3000," what the heck is wrong with you people? Let me explain what you don't seem to understand.

Yes, the naira has devalued for a long time, but not at this rate. Look around you and see the effects - people are being stretched thin. If it continues like this, your money will mean nothing. When 20% of the population is pushed to criminal activities, your dollar-denominated assets that are now doing 500% returns will mean nothing. But shortsightedness will not allow you to see what is coming.

The rate at which the naira is falling is not good, especially for a country that is import-dependent. The chaos that will ensue will render your profits useless. You keep encouraging everyone who has spare naira to change their money at the expense of everyone - your eyes will clear eventually.

In one Whatsapp group i belong to, that was how somebody was getting excited and making fun by posting rates every hour. I then told the person that i hope he knows that by the time he buys dollars and deposit in Dorm account to keep that i hope he knows that when he no longer has Naira to buy food to eat, he will then have to go and withdraw the dollars in the Dorm account to then convert to Naira to buy food and the bank can say that there is no cash dollar available to give him and since he has to feed, he will now have to convert at whatever rate he is given by the bank.

VeeVeeMyLuv:

So whose fault is it

The Man banned binance but failed to ban BDCs

I mean what do u expect us to do 🤷?

Unless you want us to stop analyzing the situation and stop talking

The man is obviously stupid. I expected him to have hanged the two foreign officials by now.You can book mark this post.The dollars will stabilize and it won't be above #1500 rather down word.You better convert the one you are speculating with and invest in agriculture. That line of business has ended

ositadima1:
It is plain weird. Do you even pause and think, or is this a case of being blinded by the thrill of short-term gains? You converted your money into dollars, so why don't you give it a rest? Yet you have to come here, to a thread meant for Treasury bills, to promote dollar buying. I think subconsciously, or maybe consciously, it is more about monkey hunting than real concerns towards the other readers.

The continuous wailing gets very tiring. "It will go to 1500, it will go to 2000, it will go to 3000," what the heck is wrong with you people? Let me explain what you don't seem to understand.

Yes, the naira has devalued for a long time, but not at this rate. Look around you and see the effects - people are being stretched thin. If it continues like this, your money will mean nothing. When 20% of the population is pushed to criminal activities, your dollar-denominated assets that are now doing 500% returns will mean nothing. But shortsightedness will not allow you to see what is coming.

The rate at which the naira is falling is not good, especially for a country that is import-dependent. The chaos that will ensue will render your profits useless. You keep encouraging everyone who has spare naira to change their money at the expense of everyone - your eyes will clear eventually.

That line of easy money making has ended and that is why they are all crying wolf. You go soon begin to see them in stock market asking. What can I buy now and make 100% in 2 months

NL1960:


In one Whatsapp group i belong to, that was how somebody was getting excited and making fun by posting rates every hour. I then told the person that i hope he knows that by the time he buys dollars and deposit in Dorm account to keep that i hope he knows that when he no longer has Naira to buy food to eat, he will then have to go and withdraw the dollars in the Dorm account to then convert to Naira to buy food and the bank can say that there is no cash dollar available to give him and since he has to feed, he will now have to convert at whatever rate he is given by the bank.

So why won't he transfer to Aboki and get better value for money? Why will he take the rate given by the bank? Are they putting a gun to his head?

Itsrm:


So why won't he transfer to Aboki and get better value for money? Why will he take the rate given by the bank? Are they putting a gun to his head?

He can do that but Aboki will likely give a lower rate if it is physical cash.

Those transferring from abroad, why are they not transferring to Aboki directly?.

NL1960:


He can do that but Aboki will likely give a lower rate if it is physical cash.

Those transferring from abroad, why are they not transferring to Aboki directly?.

Why will anyone in Nigeria need physical dollar cash?

You can only receive Naira when money is sent through IMTOs. Doesn't apply to wire transfers to Dom accounts nor money deposited into dom accounts.

zrocky:
for how long will they interven. Next time the Naira crash it will reach 3k straight

I gave them ordinary 2weeks test (ie stabilise USD at 1500) and they are failing , USD currently at 1600 from 1450 two days ago.

The thing is that big men and politicians will be the ones to get USD at 1310 from CBN which they will still hoard to resell later.

They will mop up every USD available at that price while scarcity will persist leading to Naira crashing.

There is need to place ban on importation of all items with local alternatives to stimulate local production

AngelicBeing:
Before you delete this your comment, let me bookmark it

Darkness falls across the land
The midnight hour is close at hand
Creatures crawl in search of blood
To terrorize y'all's neighborhood
And whosoever shall be found
Without the soul for getting down
Must stand and face the hounds of hell
And rot inside a corpse's shell

The foulest stench is in the air
The funk of forty thousand years
And grizzly ghouls from every tomb
Are closing in to seal your doom
And though you fight to stay alive
Your body starts to shiver
For no mere mortal can resist
The evil of the thriller

Hahaha aaah hahaha, hahaha.

ositadima1:


Darkness falls across the land
The midnight hour is close at hand
Creatures crawl in search of blood
To terrorize y'all's neighborhood
And whosoever shall be found
Without the soul for getting down
Must stand and face the hounds of hell
And rot inside a corpse's shell

The foulest stench is in the air
The funk of forty thousand years
And grizzly ghouls from every tomb
Are closing in to seal your doom
And though you fight to stay alive
Your body starts to shiver
For no mere mortal can resist
The evil of the thriller

Hahaha aaah hahaha, hahaha.

Hian, Wetin person no go read for nairaland

AngelicBeing:
Hian, Wetin person no go read for nairaland

Na lyrics of one of Michael Jackson song

VeeVeeMyLuv:

Na lyrics of one of Michael Jackson song

l know, just making a sarcastic comment because of the poster that often deletes his comments

AngelicBeing:
l know, just making a sarcastic comment because of the poster that often deletes his comments

Okay

ositadima1:
It is plain weird. Do you even pause and think, or is this a case of being blinded by the thrill of short-term gains? You converted your money into dollars, so why don't you give it a rest? Yet you have to come here, to a thread meant for Treasury bills, to promote dollar buying. I think subconsciously, or maybe consciously, it is more about monkey hunting than real concerns towards the other readers.

The continuous wailing gets very tiring. "It will go to 1500, it will go to 2000, it will go to 3000," what the heck is wrong with you people? Let me explain what you don't seem to understand.

Yes, the naira has devalued for a long time, but not at this rate. Look around you and see the effects - people are being stretched thin. If it continues like this, your money will mean nothing. When 20% of the population is pushed to criminal activities, your dollar-denominated assets that are now doing 500% returns will mean nothing. But shortsightedness will not allow you to see what is coming.

The rate at which the naira is falling is not good, especially for a country that is import-dependent. The chaos that will ensue will render your profits useless. You keep encouraging everyone who has spare naira to change their money at the expense of everyone - your eyes will clear eventually.

Those ones are foo.lish people.

They full this particular thread.

Most of them were already hoarding the dollar, they will all learn the hard way.

Only a foolish person will buy dollar when it's over 1500 and keep. Their speculation won't work again.

They will be showing one after the other predicting rubb.ish 😀 jus wait and see

Streetinvestor2:
That line of easy money making has ended and that is why they are all crying wolf. You go soon begin to see them in stock market asking. What can I buy now and make 100% in 2 months

This thread is funny 🤣🤣

People who invested heavily in Naira denominated investments and platforms would do and say anything to defend the Naira. Conversely, those who bought dollar or invested in dollar denominated mutual funds will say just anything to defend their decision.

At the end of the day, Naira/Dollar do not care about your emotions, prayers, or your trust in the government. 😂 Do not trust the Naira/Dollar fully unless you're the blood that flows through Cardoso's vein.

The news we read do not matter either. Government wey ban importation na im still give the Dendes of this world full backing to smuggle just anything with his collaborators. The same government that talked about a $10bn fine against Binance in the morning came back in the evening to deny the news report.

Do what you have to do and stick to your belief. At the end of the day, what will be will be.

ogawisdom:


I gave them ordinary 2weeks test and they are failing , USD currently at 1600 from 1450 two days ago.

The thing is that big men and politicians will be the ones to get USD at 1310 from CBN which they will still hoard to resell later.

They will mop up every USD available at that price while scarcity will persist leading to Naira crashing.

There is need to place ban on importation of all items with local alternatives to stimulate local production

facts

Acidosis:
This thread is funny 🤣🤣

People who invested heavily in Naira denominated investments and platforms would do and say anything to defend the Naira. Conversely, those who bought dollar or invested in dollar denominated mutual funds will say just anything to defend their decision.

At the end of the day, Naira/Dollar do not care about your emotions, prayers, or your trust in the government. 😂 Do not trust the Naira/Dollar fully unless you're the blood that flows through Cardoso's vein....

Hehe... most people now see they ultimately have a dog in the game. All said, Nigeria is a country with little or no social security net meaning there is no depth to which folks can't potentially fall to. People are now waking up to the reality of protecting their investment.


I expected CBN to come fighting at 1500. For a brief period, I worriedly thought they lost the battle but kudos to them, they threw almost the whole sink at it. It was at 1500 they devalued the official rate, changed rules for importers, started selling USD to banks, relicenced BDCs and started supplying them, settled many airline debts, heavily targeted crypt0 exchanges, further increased interest rates... Main thing untouched is dom accounts
Some of these have little effect but when used together, should count for something and I'm expecting relative stability at the level for sometime.

The big question now is whether underground work is being sone to ensure longterm stability. The biggest announcement in all this was the end of the reckless money printing of PMB called 'ways and means'. Excessive printing was the major driver of the devaluation we see today. If they stick to their guns and don't devise underhand means to print recklessly, then that should ultimately tame inflation and enable the radically different approach by BATs government to bring some rewards.

The 2nd Quarter NTB calendar is below

skydiver01:
The 2nd Quarter NTB calendar is below

You no send all these USD arguments. Your own na just to drop TB calendar and rates and waka

Acidosis:
m

The news we read do not matter either. Government wey ban importation na im still give the Dendes of this world full backing to smuggle just anything with his collaborators. The same government that talked about a $10bn fine against Binance in the morning came back in the evening to deny the news report.

Do what you have to do and stick to your belief. At the end of the day, what will be will be.

Seriously mhen...I sooo much want to believe those in charge know what they are doing..... I was really disappointed seeing that customs video, I guess I wasn't shocked cause deep down, I know things ain't really good

jedisco:


Hehe... most people now see they ultimately have a dog in the game. All said, Nigeria is a country with a little social security net meaning there is no depth to which folks can't potentially fall to. People are now waking up to the reality of protecting their investment.


I expected CBN to come fighting at 1500. For a brief period, I worriedly thought they lost the battle but kudos to them, they threw almost the whole sink at it. It was at 1500 they devalued the official rate, changed rules for importers, started selling USD to banks, relicenced BDCs and started supplying them, settled many airline debts, heavily targeted crypt0 exchanges, further increased interest rates... Main thing untouched is dom accounts
Some of these have little effect but when used together, should count for something and I'm expecting relative stability at the level for sometime.

The big question now is whether underground work is being sone to ensure longterm stability. The biggest announcement in all this was the end of the reckless money printing of PMB called 'ways and means'. Excessive printing was the major driver of the devaluation we see today. If they stick to their guns and don't devise underhand means to print recklessly, then that should ultimately tame inflation and enable the radically different approach by BATs government to bring some rewards.

Printing money is not the only potential source of inflation, and a falling exchange rate of an import-dependent nation can also contribute to inflation.

Here's a breakdown of the two:

Printing money:
* Increases the money supply in circulation, potentially exceeding the growth in available goods and services.
* This imbalance can lead to higher prices as demand for goods and services outstrips supply.

Falling exchange rate:
* Makes imports more expensive for the domestic economy.
* As imported goods become more costly, businesses may raise prices of their products and services to maintain profit margins.
* This increase in import prices can then ripple through the economy, pushing up overall inflation.


Key differences:
* Origin: Printing money directly influences the money supply, while a falling exchange rate is an external factor impacting import prices.
* Control: Governments have more control over printing money, while exchange rates are determined by market forces and can be influenced by various factors beyond a single nation's control.
* Impact: Both can contribute to inflation, but the mechanism and potential scale of their impact can differ. Printing money can have a broader and more direct impact, while the impact of a falling exchange rate depends on the extent of a country's reliance on imports.
...Copied

OMO bills came in hot.

Prepare for T-bills

ositadima1:



[i]Printing money is not the only potential source of inflation, and a falling exchange rate of an import-dependent nation can also contribute to inflation.

Quote you struck out said 'Excessive printing was the major driver of the devaluation we see today'. Keyword: major driver not only driver.

Secondly, the exchange rate is a secondary index primarily driven by certain fundamental economic functions such as productivity, money supply, etc.. The question should be what has driven up our exchange rate?

In 2015, our naira in circulation was 21 trillion. Today, it is 93 trillion. Thats 4x increase while our productivity (in GDP) has remained stagnant over same period.
If our CBN keeps printing tens of trillions and handing over to politicians to loot as it did over the last 8 years, it does not matter if we go on dry fasting for the next 4 years, the resultant inflation would get worse.

Yes ooooo I don talk diversification tire

Tranquility2345:


You no send all these USD arguments. Your own na just to drop TB calendar and rates and waka

ositadima1:



Printing money is not the only potential source of inflation, and a falling exchange rate of an import-dependent nation can also contribute to inflation.

Here's a breakdown of the two:

Printing money:
* Increases the money supply in circulation, potentially exceeding the growth in available goods and services.
* This imbalance can lead to higher prices as demand for goods and services outstrips supply.

Falling exchange rate:
* Makes imports more expensive for the domestic economy.
* As imported goods become more costly, businesses may raise prices of their products and services to maintain profit margins.
* This increase in import prices can then ripple through the economy, pushing up overall inflation.


Key differences:
* Origin: Printing money directly influences the money supply, while a falling exchange rate is an external factor impacting import prices.
* Control: Governments have more control over printing money, while exchange rates are determined by market forces and can be influenced by various factors beyond a single nation's control.
* Impact: Both can contribute to inflation, but the mechanism and potential scale of their impact can differ. Printing money can have a broader and more direct impact, while the impact of a falling exchange rate depends on the extent of a country's reliance on imports.
...Copied

Exactly
Printing can be advantageous if judiciously and prudently utilized in vital sectors of the economy.

But what they were doing is reckless looting, embezzlement and diversion of these printed monies running into trillions and trillions of Naira

They didn't just stop there, they went ahead and started using these looted printed trillions of naira to mop up any available dollars $$$ from the entire economic system thereby severely starving the nation's economy of direly needed Forex.

jedisco:


Quote you struck out said 'Excessive printing was the major driver of the devaluation we see today'. Keyword: major driver not only driver.

Secondly, the exchange rate is a secondary index primarily driven by certain fundamental economic functions such as productivity, money supply, etc.. The question should be what has driven up our exchange rate?

In 2015, our naira in circulation was 21 trillion. Today, it is 93 trillion. Thats 4x increase while our productivity (in GDP) has remained stagnant over same period.
If our CBN keeps printing tens of trillions and handing over to politicians to loot as it did over the last 8 years, it does not matter if we go on dry fasting for the next 4 years, the resultant inflation would get worse.

No devaluation is main reason for that
When dollars was 400 naira .you needed only just ₦400 cash to get a $

Now you need much more cash, ₦1600 cash to get a $

Now please 🙏 tell us why naira in circulation won't increase X4 like you rightly stated

Let's do the maths ₦1600/₦400 = 4!

You see it has increased four times.

QED.

Emefiele tried to intervene u guys casted him away like a piece of trash.

Had it been his policy was allowed to mature it would have crashed significantly to below ₦500 @ parallel market rate.

jedisco:


Hehe... most people now see they ultimately have a dog in the game. All said, Nigeria is a country with a little social security net meaning there is no depth to which folks can't potentially fall to. People are now waking up to the reality of protecting their investment.


I expected CBN to come fighting at 1500. For a brief period, I worriedly thought they lost the battle but kudos to them, they threw almost the whole sink at it. It was at 1500 they devalued the official rate, changed rules for importers, started selling USD to banks, relicenced BDCs and started supplying them, settled many airline debts, heavily targeted crypt0 exchanges, further increased interest rates... Main thing untouched is dom accounts
Some of these have little effect but when used together, should count for something and I'm expecting relative stability at the level for sometime.

The big question now is whether underground work is being sone to ensure longterm stability. The biggest announcement in all this was the end of the reckless money printing of PMB called 'ways and means'. Excessive printing was the major driver of the devaluation we see today. If they stick to their guns and don't devise underhand means to print recklessly, then that should ultimately tame inflation and enable the radically different approach by BATs government to bring some rewards.

Very well said, my brother. Should the CBN remains steadfast and curb any clandestine printing activities, we may see a positive impact on inflation. But how far can one trust the government to do the right thing? Most of the issues we've come to know about the Buhari administration and his "ways and means" only came to light at the end of his tenure.

Elsueno:


Seriously mhen...I sooo much want to believe those in charge know what they are doing..... I was really disappointed seeing that customs video, I guess I wasn't shocked cause deep down, I know things ain't really good

I've never been so upset as a Nigerian as I was upon seeing that video. One thing that is clear is that the man is very, very close to the government.

VeeVeeMyLuv:

No devaluation is main reason for that
When dollars was 400 naira .you needed only just ₦400 cash to get a $

Now you need much more cash, ₦1600 cash to get a $

Now please 🙏 tell us why naira in circulation won't increase X4 like you rightly stated

Let's do the maths ₦1600/₦400 = 4!

You see it has increased four times.

QED.

Emefiele tried to intervene u guys casted him away like a piece of trash.

Had it been his policy was allowed to mature it would have crashed significantly to below ₦500 @ parallel market rate.

What led to devaluation?

The naira has historically lost an average of over 10% of its value against the usd for over 2 decades. Likely worse of late. If our politicians could, they'd fix the 1 usd to 1 naira and campaign on it.

In the modern world, the valuation of currencies largely boils down to supply vs demand. Other variables such as economy size, growth, productivity, consumption etc ultimately affect those two.

Our classic scenario is simple- due to governmental waste and poor revenue, the FG has little money left after obligatories. Rather than do the hardwork, they turn to the CBN which prints more to satisfy them. This extra naira supply that is not matched by production eventually drives up prices (i.e a fall in the true value of the naira) which also results in devaluation as more naira is chasing the few dollars we earn. PMB only took this to another level.

Let me finally ask- why do you think countries just dont print unlimited amounts of local currency and convert to usd or use to sort all their needs?