₦airaland Forum

Anyone finish reading can summaries the story for me pls.

There is nothing we will not hear in this Nigeria...
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Are they saying cryptocurrency is only fighting Naira and not in other African or other countries?

The language from the leadership is different compared to Buhari and Jonathan’s eras.

It’s obvious presido has a vision that is gradually magnetizing the whole nation into alignment.

God bless Nigerians.

Islie:
Speculators count losses as naira rises against dollar

Naira will continue to appreciate against dollar – Shettima



https://thenationonlineng.net/naira-concerns-over-fresh-threat-from-crypto-traders/

Angelawhite:
Use your brain not your emotions

I'm sorry there is no sense in what you just said.

Saturnalia:
From what I just read in this write-up, the Crypto Exchange Platforms “BYBIT” and “BITGET” are the cause of the latest depreciation of the Naira.

The solution is very simple.

I expect the FG & the CBN to immediately launch massive offensive against them and begin clamping down on them like they did to Binance.

The FG must understand that there a lot of enemies & saboteurs within and outside the Country, fighting and working assiduously against the interest of Country; some are still bitter for losing a credible election while others are just outright sadists that are averse to prosperity & blessings.

It is known locally and internationally that CRYPTO EXCHANGE PLATFORMS are shady & disreputable schemes that are servicing the interests of Yahoo Boys, Kidnappers, Drug Peddlers, Armed Robbers & corrupt Government officials.

This is the reason CRYPTO EXCHANGE PLATFORMS are being haunted & shut down in almost every Country overseas.

The FG must not allow the comments and opinions of the “unscrupulous elements” in the social media (who are actually the perpetrators & enablers of these schemes) to deter it from taking the necessary actions and doing what is needed to be done to save-guard the integrity of the Naira.

Drastic times call for drastic measures. I repeat, do not be dissuaded by their “Reverse Psychology”. I can already see some of them on this thread saying the Government is chasing shadows.

In fact, if I were the President, I would do what General Sani Abacha and Olusegun Obasanjo would have done.

These cockroaches do not care whether the Country burn or collapse. They are the ones speculating & manipulating our currency with their CRYPTO SCHEMES and at the same time cursing the Government for not doing anything to curb the depreciation of the Naira.

They have even sworn that the NAIRA must trade for 5000 against the DOLLAR before December.

It doesn’t take a rocket science to identify those that are defending these “Economy Wrecking CRYPTO EXCHANGE PLATFORMS” as their enablers and perpetrators.

Google the list of Countries where CRYPTOCURRENCY is restricted or banned, and you will understand the monstrosity of what we’re dealing with.

I do not like Tinubu and did not vote for anybody BUT I AM A PATRIOT AND WANT NIGERIA TO WORK.

Haters are free to masturbate on my mentions. It doesn’t add or remove anything from me.

Tinubu also doesn't know about your existence.

But thanks for your patriotism

PressMyButton:
Repeat the same trash over and over again to make it sound true despite the fact that you have been enlightened over and over again. Bunch of slowpokes.

The central bank simply sold there bonds to buyers. What else do you think they sale again. The country is not exporting enough and that is a huge problem. Even the one we managed to export is being rejected because it didn't meet the international standards. You guys aren't asking the right questions instead you keep defending what you don't even understand

Islie:
Speculators count losses as naira rises against dollar

Naira will continue to appreciate against dollar – Shettima

The Naira appears to be up against a fresh threat from two crypto exchange platforms, just six weeks after the clamp down on Binance operations in Nigeria. The national currency had slumped badly in the forex market in the weeks preceding the clamp down on Binance, exchanging for as much as N1,950 in mid-February.

But soon afterwards, the Naira started to recover and was at a time N1,200 until the middle of last week when it lost some grounds to the dollar again.

Observers blamed its earlier misfortune on alleged manipulation of the market by Binance and are citing the new crypto exchange platforms BYBIT and BITGET as the cause of the latest slip.

But Vice President Kashim Shettima declared yesterday in Abuja that the Naira would continue its upward mobility against the dollar.

An investigation by The Nation also showed that many speculators who had invested in the dollar in the hope that the naira would go further down are now counting their losses.

On Monday last week, the Naira was N1,100 to a dollar at the black market. It depreciated to N1,148 by Tuesday and N1,169 on Friday. Observers believe this is on account of the operations of the peer to peer platforms and say government must step in to stop the naira slide.

Following the recent recovery of the naira, the global investment banking, securities and investment management firm Goldman Sachs Group, Inc. rated it one of the best performing currencies around the globe.

The firm had initially predicted a naira to dollar exchange rate of 1,200 by year-end 2024 but later said the Nigerian currency could exchange for 1000 to a dollar or even below provided the authorities are able to maintain the tempo of their economic reforms.

This bullish forecast, it said, followed capital inflows and interest rate adjustments, aiding the naira recovery from substantial losses incurred due to two devaluations since June, following the government’s relaxation of currency controls.

Naira’ll continue to appreciate against dollar, Shettima tells LCCI team

But Vice President Shettima is optimistic that the naira is on course to regain its status as a currency to reckon with.

“The naira went haywire and some people were celebrating. But inwardly, we were laughing at them because we knew that we have the leadership to reverse the trend,” the VP’s spokesman, Stanley Nkwocha, quoted him as telling his visitors.

He added: “Asiwaju knows the game, and truly the naira is gaining and the difference will drop further.”

Shettima said government’s decision to end fuel subsidy and unify the multiple exchange rate was necessary to address the challenges facing the country.

On efforts to boost the power sector and generate jobs for youths, he said: “We are determined to ensure that we generate jobs for our youths.

“Honestly, the President’s obsession is to live in a place of glory, to transform this country to a higher pedestal.

“He wants to leave a legacy, one of qualitative leadership, because the hope of the black man, the hope of Africa rests with Nigeria.

“I want to assure you that President Bola Ahmed Tinubu is one of you. He understands your ecosystem. In this government, you have an ally and a friend,” VP Shettima further noted.

The LCCI delegation presented recommendations to the VP, including the need for more innovations to address insecurity and promote credit access, stimulate investment and support entrepreneurship.

“This could include targeted interventions such as concessional lending facilities, loan guarantees and interest rate subsidies tailored to the needs of SMEs and key sectors of the economy like agriculture, manufacturing and power technology,” he added.

Other members of the LCCI on the delegation included Chief John Odeyemi, Chief Dr. Nike Akande, Asiwaju (Dr.) M. Olawale-Cole, Prince Funayo Okeowo, Gwueke Ajaifa, Sir Ladi Smith, Abimbola Ola, Olufemi Bakare, Ayotunde Coker, Tolulope Adeleke, Stephen Alangbo, Dr Chinyere Almona and Mrs Temitope Akintunde.





Currency speculators count losses as naira rises against dollar

It was gathered that many speculators have lost money following the recent resurgence of the naira.

Such speculators had invested massively in the dollar in the hope that naira would depreciate further.

An investigation by our correspondent revealed that many of the currency hoarders who had envisaged that the value of the naira would depreciate further as low as N2,000 or more to $1 as anticipated in mid-February, have all being proven wrong as the nation’s legal tender has witnessed a rebound.

Some black market operators reportedly lured some of their patrons to dollarise their cash as the naira, in their calculation, would depreciate further.

However, the naira recorded a rebound even beyond the expectations of many, such that the gains of the naira have been the loss of many currency speculators who borrowed money to dollarise their assets.

Confirming this development, one of the BDC operators in Mushin, Lagos, who simply gave his name as Adamu, said: “Some BDC operators lured individuals to buy dollars when it was between N1700-N1800 to the dollar. But now that the naira has recorded a rebound, most of them are counting their losses, no doubt.

“It’s very painful that they had to stake a lot of their hard earned money to do currency speculation.”

Chukwudi Iwuchukwu, a financial lawyer, noted that some individuals who bought N10 million worth of dollars at the black market on February 24 suffered huge losses as the current value of their liquid asset is worth only half the sum.

“If you bought N10 million worth of dollars at the black market on February 24, it’s currently worth about N5 million,” he said.

Writing on his former X handle, A. Ayofe @abdullahayofel last Tuesday recounted the experience of one of the currency speculators who is now in debt as a result of his wrong investment decision.

“Someone I know borrowed N18 million from a money lender to buy $10,000 at N1,800 to $1 in February to pay back N19 million in May (three months) when the dollar gets to say N2,000 or more.

“Today, that N18 million is worth N11 million at N1,100 to $1. He is now looking for where to get extra N8 million to clear his debt as the three months is fast approaching.

“He used his bungalow as collateral. The problem now is that before May, the money could further reduce to N9 million at N900 to $1, making it impossible to retrieve his house.”

Dr. Aminu Gwadabe, the National President of Association of Bureaux de Change Operators of Nigeria (ABCON), said the otherwise awkward situation of the naira in the last few months has given way to optimism.

He said: “It is really exciting and interesting as we witnessed profound and significant naira rebounds faster than expected.

“It is a triumph of reality over behaviours that have no economic fundamentals.”

Gwadabe said all those who lost their investable funds during this period have to accept their fate.

“As regards the complaints of people borrowing money to speculate and make a margin, my take is that for any economic activity, there is reward and there is loss.

“So it is a gamble where you either win or lose. They should move on and next time be careful in jumping into what they cannot control.”

On the way forward, the ABCON boss appealed to the CBN and the fiscal authorities to proactively continue to induce confidence in the economy, strengthen stakeholders engagement, quick and fast responses including service delivery.

“Other hanging fruits include harnessing proceeds of diaspora remittances to inject liquidity through the BDCS. There should also be concerted efforts from all agencies of government to de-risk non-oil exports products to have a paradigm shift in our sources of foreign exchange to boost our external buffers.”

He added: “The excellent job of the security agencies in tackling corruption and money laundering should remain the cornerstone of this government. Above all, we must all as Nigerians have a change of mindset.”


https://thenationonlineng.net/naira-concerns-over-fresh-threat-from-crypto-traders/

=>https://thenationonlineng.net/naira-concerns-over-fresh-threat-from-crypto-traders/

Hashabiah:
...and yet Nigeria's foreign reserves has depleted . Which goes to show that the Nigerian government is secretly keeping the naira afloat with dollars. Soon and soon the floodgates will pour open and the naira will depreciate further .

Obviously you don’t assimilate anything you have been reading over time as news concerning this.


Are you aware of the forex backlogs at all?

tollyboy5:
I'm sorry there is no sense in what you just said.

Because my post is not for the senseless

LandMann:
Naira is depreciating because inflation is rising.

There is a negative relationship between inflation and the value of a currency.

If inflation rises the value of a currency will fall.

Over the past two months Nigerians can confirm that inflation has been rising as cost of goods and services has been increasing. NBS also confirmed it. Yet, despite the rising inflation, Cardoso and CBN was using propaganda to prop up the value of the naira, which goes against any know economic principle. How long will CBN and Nigerian government continue to use propaganda to prop up the value of the naira?

The long term effect of this bad behaviour of CBN is that foreign investors and foreign lenders will lose confidence in Nigeria. When this happens the CBN and the government will have a bigger problem on it's hands that no amount of propaganda can solve.

If you want to truly fight naira depreciation then you have to fight the true cause which is inflation caused by several factors such as insecurity, high cost of power (fuel/diesel), terrible road infrastructure.

Insecurity has prevented farming and production of food, leading to high prices of foodstuffs.

Removal of subsidy has lead to high cost of diesel and fuel which serve as input in the production process and transportation process. Higher cost of production and transportation lead to high cost of goods, high inflation and lower value of naira. The government made it worse by recently increasing cost of electricity by around 300%. All this will lead to higher cost of production which will be transferred to the price of goods in the market.

Lastly the state of federal roads in Nigeria is beyond bad. It takes extremely long time to get goods from production point to final consumer because the roads are just terrible. The bad condition of Nigerian roads lead to delay in delivering goods, leading to waste of more diesel, accidents and damaged goods...all this is cost to the producer, seller or transporter and they factor it into the price of the goods which ends in higher prices, inflation and a depreciating naira.

All the above is just a summary of the real cause of naira depreciation. Instead of CBN and Nigerian government to be chasing Crypto they should focus on tackling the above issues.

Crypto has been in Nigeria since 2015 yet the naira did not lose as much value or fluctuate so widely as it is doing now that Tinubu in all his wisdom decided to announce subsidy removal and exchange rate deregulation on inauguration day knowing fully well we have the aforementioned problems bedeviling the country plus Nigeria does not produce sufficiently for export to earn foreign exchange.

Relying on propaganda to run the country will fail eventually.

Tinubu is a huge disappointment

You are absolutely spot on Binance and other crypto platforms have been around right from the time of gej and buhari yet the naira didn't witnessed a free fall like when tinibu came to power.

DMerciful:
Guys, keep your dollars close. They know that they cannot sustainably defend the naira for long with borrowed money so they're already shopping for excuses.

How much in dollar are you keeping that you are advising others to keep their own.
Do you know that some people borrowed money to buy dollars thinking it will continue to rise and they are already in debt. If you think naira will fall very soon and it doesn't what will the fate of people in debt position

PressMyButton:
Repeat the same trash over and over again to make it sound true despite the fact that you have been enlightened over and over again. Bunch of slowpokes.

There’s nothing enlightening about propagandas and lies.

In the write up, mention was made of two fools.
The one who borrowed N18m hoping to make a profit of N2m and then pay N1m as interest on the borrowed sum.

The other fool is the one who lent out N18m and expecting a paltry N1m as interest.

A fool will soon be parted from his money.

I asked them to keep their dollars because what the CBN is doing won't last 2 months without emptying our reserve or putting us into larger debt

Gboom:
How much in dollar are you keeping that you are advising others to keep their own.
Do you know that some people borrowed money to buy dollars thinking it will continue to rise and they are already in debt. If you think naira will fall very soon and it doesn't what will the fate of people in debt position

The worst mistake is CBN to sell dollar at less than what is being sold now. It will just have desperation written all over such action...

The damage is done already. It will be bloody for Naira in the coming weeks

Gboom:
How much in dollar are you keeping that you are advising others to keep their own.
Do you know that some people borrowed money to buy dollars thinking it will continue to rise and they are already in debt. If you think naira will fall very soon and it doesn't what will the fate of people in debt position

The people advising other to keep their dollars do not have a shishi of dollars in their custody.

Online braggadocio and boasting.

Why do we need BDCs? Government selling dollars to black market/ BDCs, ? Why does government need them?

jayce232:
Please shut up!
How many people even know her??
See the nonsense u are writing?
How does the statement of a single individual affect the value of a nation currency & u are not ashamed to say this?? Can any Ghania make such statement & the cedi will depreciate? You people are very shameless

I won't insult you back because I knew you understood nothing other than attacking others irrationality. Every sensible person know that one of the major causes of weak naira is artificial hoarding. Nigeria economy is not totally import dependent as we exports alot of stuffs as well.

Come down to the main issue, Aisha is an influential person with a lot of followers that look up to her. She is like a leader to many, therefore, whatever she say means alot to his teaming followers. Aisha of old is a kind of person we should all regard as mother of all youths and great activist of our time ( base on what she has done before joining partial politic). It is quite unfortunate that she has joined the bad wagons, downgrading every effort of government as if we are not suffering for it together. It is wrong for her to encourage people to do one of the major causes of weak naira.

If her followers are so dumb and unintelligent, at least, she is well educated to know the implications of hoarding dollars. Whether hoarding is current cause of weak naira or not, we shouldn't in any way encourage it. She is a big disappointment to sain Nigerians.

A poorly written piece.
With a title like "Naira: Concerns Over Fresh Threat From Crypto Traders"

I expected to read about the set of potential threats and how they are a threat, instead it's just yapping all over the place.

yemmit90:
I won't insult you back because I knew you understood nothing other than attacking others irrationality. Every sensible person know that one of the major causes of weak naira is artificial hoarding. Nigeria economy is not totally import economy as we exported alot of stuffs as well.

Come down to the main issue, Aisha is an influential person with a lot of followers that look up to her. She is like a leader to many, therefore, whatever she say means alot to his teaming followers. Aisha of old is a kind of person we should all regard as mother of all youths and great activist of our time ( base on what she has done before joining partial politic). It is quite unfortunate that she has joined the bad wagons, downgrading every effort of government as if we are not suffering for it together. It is wrong for her to encourage people to do one of the major causes of weak naira.

If her followers are so dumb and unintelligent, at least, she is well educated to know the implications of hoarding dollars. Whether hoarding is current cause of weak naira or not, we shouldn't in any way encourage it. She is a a disappointment to sain Nigerians.

You are still writing more nonsense!!!
Are trying to say Aisha is more influential & popular than Reno Omokri?? Reno has been shouting for people to sell their dollars, why has the naira not appreciate to 500 per dollar?

DMerciful:
I asked them to keep their dollars because what the CBN is doing won't last 2 months without emptying our reserve or putting us into larger debt

How much are you keeping in dollars?
Do you know why people keep money with reference to elementary economics?

If you are rich and keeping your dollars may not be your problem but if you are speculator on borrowed fund cut your losses and hope for better time

Angelawhite:
It’s not about her advice, it’s about the right thing to do. The right thing is to save your money in USD and preserve it’s value. It’s common sense

This is what we are saying, this one is even saying it is right thing to save in dollar to keep the value of your money withiout consider its implications on his country economy.

You guys are unrepentant saboteurs and real definition of black people.

jayce232:
You are still writing more nonsense!!!
Are trying to say Aisha is more influential & popular than Reno Omokri?? Reno has been shouting for people to sell their dollars, why has the naira not appreciate to 500 per dollar?

To even think you don't understand that Reno is doing the right thing by telling people to sell their dollar is more than enough reason for me to stop replying you.

Find your kind and don't quote me again.

It shall never be well with those that are not wishing Nigeria and Nigerians well

yemmit90:
The main reason is that, speculators has started accumulate for profit.

I notice since the day that foolish woman "Aisha Yesufu" or whatever they call her, advise people to start keeping their dollars, naira has been on steady decline.

What these people don't know is that, whatever they say can influence alot of people decision, how will you make such a statement, having know that there are set of people in millions who are always looking up to you for direction.

If Nigeria government is serious enough, such character should've been putting behind the bar since making that statement.

You are still looking for who to assign blame instead of seeing the handwriting on the wall.

yemmit90:
This is what we are saying, this one is even saying it is right thing to save in dollar to keep the value of your money withiout consider its implications on his country economy.

You guys are unrepentant saboteurs and real definition of black people.

Yes. It is the right thing to do. If I am worried that in the next 2 months the N30m in my account will turn to N15m because dollar will go from N1,000 to N2,000, the right and sensible thing to do to preserve my hard earned money is to at least try to preserve its value until the government learns to govern. Only a foolish person will sit and watch his savings go down his drain because wants to love he loves his country. Na love to pay your bills ? lol

Nigerians actually are the cause of Naira devaluation. Let me explain better.
One thing I observe with Nigerians is the we always overdo things.. The Abuse of Crypto is the sole reason for Naira devaluation. If we tell ourselves the truth.

Nigerians actually are the cause of Naira devaluation. Let me explain better.
One thing I observe with Nigerians is that we always overdo things.. The Abuse of Crypto is the sole reason for Naira devaluation. If we tell ourselves the truth.

Sniper101:
I hope say no b Nigerian get that ByBit app sha

Keeping my $60 transaction "pending" since last week Tuesday after deducting $12 for charges. I hope they ain't tryna reap me off though.

I pray you are able to get back your money because those people are notorious for holding people's money to ransom without any reasonable reason. You can read reviews about them on Reddit. The reason why I deleted their app from my phone.

BigIyanga:
Got any contrary proof other than propaganda from Bayo Onanuga and co? Nope.
Economist, Bloomberg, BusinessDay and other economists have collaborated the fact that our reserve is being depleted to shore up Naira value.

African Dev Bank and co have confirmed that FG approached them for some loans to be used in


You keep wallowing in self-imposed ignorance

..

....it is spelt "corroborated" ....not "collaborated"

KingKO22:
Enemy of progress, we know your motive an intention is to see Nigeria to born down bcs Pandora Obituary lost election

The funny thing is that he still have family members in the village suffering due to this dollar to naira thing , but he doesn't care. All he cares about is himself.