9jatriot:
CBN has done a lot of things right in recent times that even when we do not understand their actions, we somehow know that they are trying to achieve an aim.

Who else has noticed that Lamba king is now careful not to criticize the CBN in particular. When USD was increasing arbitrarily, he was always quick to release trader-level economic advice to make his followers think he knew what he is doing. Thank God most of his suggestions were at variance with those of the CBN otherwise his mob would have claimed that CBN took his advice to make the little progress they have been making.

DenreleDave:
when details follow, i will understand

But as for now, i dont understand

LegendHero:


Another way to look at this could be that CBN trying to increase FX inflow.

—Normally when you have cash reserve in $$ as an individual and you want to execute a project in Nigeria, you should have sent it as inflow and convert it to naira and etc.

—But some people got the $$, and instead of inflow, they keep their dollars assets, approach bank and get naira loan backed by that, so they just retain their dollars and put more pressure on the naira.

—Now you won’t be able to do that. Either use your asset in Nigeria as collateral (if you have), or send that $$ you’re keeping abroad back home for that thing you’re tryna do.

Now people can argue that it could cause distortion as those set of people won’t have incentive to get loan again and it might kill business and productivity. But I’m sure CBN have studied the merits and demerits of both arm.

SmartyPants:


You spoke exactly the words in my mind. I really mean word for word! Dollars must be rendered completely useless for anything other than international trade.

Macdeey:

One of the practice that is making the Banks Hoard dollers .
Thus Dollar availability becomes impossible 😞😞😞

Angelfrost:
Every step taken to mitigate the demand and dependence on the Dollar at the detriment of the Naira is most welcome.

Nothing will give me more joy than to see Nigeria's economy soaring high.


I await to see the prices of goods and services plummet all over the nation.

Pharmaceuticals are still very expensive.
And God bless you abundantly for wishing Nigeria well. And you will see those days and me too in Jesus name

DeLaRue:
Good.

[/b][b][/b]Nigerian banks [b][b][/b]are a big clog in the wheel of this economy.

Donaldoni:
Nice one!
Dollar MUST be rendered completely useless within Nigeria

worksmart:
Please this is confusing to me.
Foreign currency can be used as collateral?

If you you have foreign currency why do you need a loan?

It seems like nonsense to me!

Mynd44:
Seem Cardi B's mission this year is to reduce the pressure in the Naira and allow it rise by itself

9jatriot:
CBN has done a lot of things right in recent times that even when we do not understand their actions, we somehow know that they are trying to achieve an aim.

Who else has noticed that Lamba king is now careful not to criticize the CBN in particular. When USD was increasing arbitrarily, he was always quick to release trader-level economic advice to make his followers think he knew what he is doing.

He was hoping that USD goes north of 2500 naira. I hope he learns that there is more to life than just saving cost.

Thank God most of his suggestions were at variance with those of the CBN otherwise his mob would have claimed that CBN took his advice to make the little progress they have been making.

Cantonese:


Have some form of shame please. Do not continue to be that confused and blind follower, who thinks others are like him.

Did APC not meet the Nigerian naira @199 in 2015? Where does the same naira stand today?

Were you five years old when APC took over power, in 2015? Were you a child when APC made several promises and failed them all? Was BAT not actively part of the reduction of Nigerians into severe poverty since 2015? So if BAT is trying to make amendments to what he actively participated in, what is there to celebrate?

Leave other people out of your wrong ideas and ask your principal to let Nigerians have better lives.

Geovanni412:


The opinion about business and productitvity is valid

Until CBN reduces interest rates in their monthly meetings, no sensible Nigerian should rejoice at the change in exchange rate

If I borrow at 22% to manufacture, I have to sell at a higher margin to break even compared to the China guy borrowing at 3-4%

An increase in interest rate also affects the borrower's repayment plan to the banks.

My take is this :

Nigerians should Wait till next CBN 's monetary policy committee(MPC) meeting on May 20, 2024

If they announce another increase in basis points or interest rate from that 22% , expect more manufacturers and companies to shut down and this could lead to increase in prices of goods regardless of whatever the dollar is selling for.

worksmart:
Please this is confusing to me.
Foreign currency can be used as collateral?

If you you have foreign currency why do you need a loan?

It seems like nonsense to me!

SmartyPants:


You spoke exactly the words in my mind. I really mean word for word! Dollars must be rendered completely useless for anything other than international trade.

9jatriot:
CBN has done a lot of things right in recent times that even when we do not understand their actions, we somehow know that they are trying to achieve an aim.

Who else has noticed that Lamba king is now careful not to criticize the CBN in particular. When USD was increasing arbitrarily, he was always quick to release trader-level economic advice to make his followers think he knew what he is doing.

He was hoping that USD goes north of 2500 naira. I hope he learns that there is more to life than just saving cost.

Thank God most of his suggestions were at variance with those of the CBN otherwise his mob would have claimed that CBN took his advice to make the little progress they have been making.

Donaldoni:
Nice one!
Dollar MUST be rendered completely useless within Nigeria

DenreleDave:
when details follow, i will understand

But as for now, i dont understand

donproject2:


You didn't talk about the good side of it...I have a thread here on Nairaland where I talked about pros and cons of increasing MPR. Perhaps, MPR has been increased to 24.75 in the latest MPC held last month.