Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima - Politics (6)

Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima - Politics (6) - Nairaland

Nairaland Forum › Nairaland General › Politics › Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima (24331 Views)

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Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by Mandesz(m): 6:09am On Feb 26

Richtaiwo:
This makes absolutely no sense to me, unless there’s some secret dictionary defining what I just read.

CBN deliberately slowing appreciation of the naira? For what exactly?

It may sound foolish but every decision making has advantages as well as many disadvantages. When currency appreciate 'too much' but the economy is that one just 'soliciting' for export of some of it's products, there may be a problem. I think they are being cautious in this aspect.

Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by Inspirer1: 6:30am On Feb 26

Richtaiwo:
This makes absolutely no sense to me, unless there’s some secret dictionary defining what I just read.

CBN deliberately slowing appreciation of the naira? For what exactly?

perhaps they've been defending (subsidising) it, and had to control how aggressive they are doing so in order for it not to get to 1,000.... which brings the suspicion that the gains it has recorded of late is artificial undecided

Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by Teymanhenry(f): 6:49am On Feb 26

Richtaiwo:
This makes absolutely no sense to me, unless there’s some secret dictionary defining what I just read.

CBN deliberately slowing appreciation of the naira? For what exactly?

He explicitly noted that many of his associates were stockpiling dollars. He also understands that a significant number of public officials preserve wealth in hard currency. In that context, any serious attempt to strengthen the naira would immediately erode the value of those holdings. Naturally, there will be resistance—until such funds are converted, achieving a meaningful and sustained drop in the dollar’s value against the naira will remain difficult.

At its core, this reflects a deeper structural problem: weak confidence in local institutions drives capital flight, and corruption entrenches that cycle. Until trust is rebuilt and accountability becomes real, Nigeria will continue to struggle with currency instability and economic leakage.

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Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by Slymontee: 7:09am On Feb 26

What are they celebrating? Cement is still N10500, antimalarial (ACT) is still N3500, ordinary ciprotab is N5500 and minimum wage cannot pay hospital bill anywhere in Nigeria, unless herbal medicine clinics

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Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by Samtob90(m): 7:15am On Feb 26

TimeManager:
Basic macroeconomics, CBN is duty bound to mop up excess liquidity in the system to avoid driving up inflation in the long term. Whenever there's too much local or foreign currency in the hands of people beyond regulatory requirements, the CBN steps in. Failure to do that in the past led us to where we were a few years ago.
If CBN had looked away, the dollar would fall for the first few weeks and then start rising because people would have horded it and look to sell at higher rate when scarcity hits the market thereby leading to market instability.
The best bet is to allow the right amount of money within the system at a particular time inorder to ensure stability and stronger local currency.

-Kiss the truth!

Don't mind them, ask them to define what they understand by monetary policy, then you will hear when China went back to china and Bangladesh return from Egypt.

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Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by slimthugchimee2(m): 7:46am On Feb 26

Richtaiwo:
This makes absolutely no sense to me, unless there’s some secret dictionary defining what I just read.

CBN deliberately slowing appreciation of the naira? For what exactly?

Actually it happens
A lot more than you think

Lots of countries deliberately do that to improve exports

Countries like china, Japan, Korea are heavy exporters but their currency is as good as that of a 3rd world country

They have deliberately kept their currency low to maintain their exportation

Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by Ahmeduana(m): 7:48am On Feb 26

Richtaiwo:
This makes absolutely no sense to me, unless there’s some secret dictionary defining what I just read.

CBN deliberately slowing appreciation of the naira? For what exactly?

You dey mind the idiots in power, as if na 1000 him meet foreign exchange when they collected government from their predecessor.

Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by slimthugchimee2(m): 7:48am On Feb 26

Richtaiwo:
This makes absolutely no sense to me, unless there’s some secret dictionary defining what I just read.

CBN deliberately slowing appreciation of the naira? For what exactly?

Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by slimthugchimee2(m): 7:50am On Feb 26

Inspirer1:
perhaps they've been defending (subsidising) it, and had to control how aggressive they are doing so in order for it not to get to 1,000.... which brings the suspicion that the gains it has recorded of late is artificial

This nonsense you just typed makes absolutely no sense

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Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by grandstar(m): 7:58am On Feb 26

Trojan8:
But paying high naira interest for USD denominated loans that shoot up from less than 1,000 naira/$1 to over 1,500/$1 in a very short time didn't collapse the economy. Continue fooling yourself

What is the point of having an exchange you can not defend? The CBN only had $3.99bn in net foreign reserves - the actual forex the CBN had access to, and not the gross sum when Emefiele left office. The Central Bank was also owing purchasers of forex $7bn. It was an utter mess.

Today, the net foreign reserves are over $20bn.

The argument that meeting foreign debt obligations will be horrendious when the local currency is devalued is overblown.

It is the least worst option in most.

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Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by fxexperts: 8:22am On Feb 26

nedekid:
Ayaa, such a caring government so concerned they do not want businesses to suffer sudden loses.
They were not concerned of losses when naira was suddenly floated and devalued, but they have now shown remorse and now more caring when the naira is appreciating and don't want people to make loss.

The truth is that every government will care more about the enterpreneurs the business people, more than they will care about you, the consumers. Because the consumers do not have a choice, if the businessman goes out of business, the economy will go into recession.

Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by Inspirer1: 8:55am On Feb 26

slimthugchimee2:
This nonsense you just typed makes absolutely no sense

You have only yourself to deceive.

Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by jamafa: 8:58am On Feb 26

Flame333:
Propaganda can sweet..

Allow drink my garri in peace

Positive news is always propaganda to you.

Negative news is the news you preferred

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Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by dfrost: 10:04am On Feb 26

TimeManager:
Basic macroeconomics, CBN is duty bound to mop up excess liquidity in the system to avoid driving up inflation in the long term. Whenever there's too much local or foreign currency in the hands of people beyond regulatory requirements, the CBN steps in. Failure to do that in the past led us to where we were a few years ago.
If CBN had looked away, the dollar would fall for the first few weeks and then start rising because people would have horded it and look to sell at higher rate when scarcity hits the market thereby leading to market instability.
The best bet is to allow the right amount of money within the system at a particular time inorder to ensure stability and stronger local currency.

-Kiss the truth!

Bros, don't be giving this type of narrations to people. Go and check, the naira is appreciating again.

The VP's explanation makes no sense at all. Bookmark this again and come back by May 19/20 for the next MPR and see the $/₦ movement.

Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by omenka(m): 11:34am On Feb 26

Richtaiwo:
This makes absolutely no sense to me, unless there’s some secret dictionary defining what I just read.

CBN deliberately slowing appreciation of the naira? For what exactly?

You wouldn't understand. Let me ask you, why do you think the dollar holds firm against the Yuan? It's a no brainer.

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Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by fxexperts: 2:05pm On Feb 26

KingOfAmebo:
The most annoying part is their senseless followers who don't use their God given braiin...just imagine the senseless talk some people are still defending.

No Central Bank in the world has the power or special wand to influence the strength or weakness of any currency, if they can, all currencies will be equal to the dollar and render the dollar useless...the most annoying part is that most of APC followers are graduates ooo, imagine a graduate defending an anomaly.

It is you who is seeing a special wand that needs lots of education. You people have so damaged your thinking and you no longer know how economies work. Go on Google and check how CBN of various countries like China and the US, even the BOE (Bank of England is manipulating or controlling their currency exchange rate. Then come back and read your write-up again, and you will be ashamed of your write-up.

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Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by fxexperts: 2:07pm On Feb 26

ZombieDredd:
Shey Una dey clap hand dey support nonsense before

Was it not said here that the rise and fall was being manipulated?

You are not exporting any goods oo but you tell me naira is appreciating and Una dey clap hand last week

This is your VP explicitly telling you it's being manipulated......oya go on and continue clapping

I thnk you really need to go back to school. because what yo wrote up there is a no-no for all.

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Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by Misterone: 2:16pm On Feb 26

oliverwrites:
But he said CBN mopped up excess dollar, the laws of demands and supply means by mopping up the naira will appreciate even more. Unless he meant CBN released more dollars.

You mop up by increasing the price above normal. It's like you saying you want to buy something that's sold for N500 for N550. People will want to take advantage of the additional N50 to sell more because they know that the actual value of the commodity is not up to that

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Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by fxexperts: 2:20pm On Feb 26

Inspirer1:
perhaps they've been defending (subsidising) it, and had to control how aggressive they are doing so in order for it not to get to 1,000.... which brings the suspicion that the gains it has recorded of late is artificial

Their is nothing artificial in these gains. this current FG has been defending the currency in a genuine and legal way.

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Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by Misterone: 2:21pm On Feb 26

geoworldedu:
Stability is not the key when #400 became #1500 overnight. But now stability is the key Dey play

Oga, if it was easy, everyone will be a rich man

Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by geoworldedu: 2:24pm On Feb 26

Misterone:
Oga, if it was easy, everyone will be a rich man

You're shifting the goal post.

Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by SSpeter(m): 2:30pm On Feb 26

Richtaiwo:
This makes absolutely no sense to me, unless there’s some secret dictionary defining what I just read.

CBN deliberately slowing appreciation of the naira? For what exactly?

Yes the CBN did intervene if not the Naira would have appreciated further. The job of the CBN is not to give you a strong Naira, the job is to ensure price stability.

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Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by KingOfAmebo(m): 2:52pm On Feb 26

fxexperts:
It is you who is seeing a special wand that needs lots of education. You people have so damaged your thinking and you no longer know how economies work. Go on Google and check how CBN of various countries like China and the US, even the BOE (Bank of England is manipulating or controlling their currency exchange rate. Then come back and read your write-up again, and you will be ashamed of your write-up.

They can manipulate their currency yet the Dollar maintained dominance for decades while the currency they manipulate remains weak...your thinking faculty definitely needs an upgrade.

Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by obstead200(m): 4:36pm On Feb 26

helinues:
Dropping to N1000 when it has been around N1300- N1400 for a year plus will cause speculation which will lead to market instability

The dropping should be gradual. That margin of N300+ drop suddenly will cause lose for so many business people

makes a lot of sense

Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by fxexperts: 4:40pm On Feb 26

Lekby25:
My friend you are talking trash. So, they are right obstructing naira to appreciate, so Nigerians will keep on suffering with high prices. They drove it up, by mismanagement of the economy several years back by daft past leaders who know nothing about running a viable economy. In my own understanding, i think the present govt should have made every possible effort to allow the naira to appreciate so to lessen the sufferings of innocent Nigerians who know nothing about how the economy has been mismanaged over many years backward

That is your problem and not the problem of the governmnet. The government care more about protecting the business and the enterprenuers that protaecting the consumers. because if the business collapse the consumers like you will not find any place to work so you will also suffer more. So know this and know peace. You have been deceived all your life that a strong currency means a better economy and a better life for the people. What every country need is a stable and readily available currency.

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Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by fxexperts: 4:42pm On Feb 26

KingOfAmebo:
What is this one saying? What has currency management got to do with the strength or weakness of currencies NO Central Bank in the world has control over? Are you ok?

Why can't they manage the currency when it was nose diving to it's present state? Why can't they manage it to where they previously met it or even stronger? Why can't they manage it to ensure the Naira equals the Dollar? You guys are just so annoying.

FIXED

SixSeven

Because you think all of these can be achieved by just waving a magical wand. You must be a huge joke.

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Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by KingOfAmebo(m): 4:50pm On Feb 26

fxexperts:
Because you think all of these can be achieved by just waving a magical wand. You must be a huge joke.

Then tell us what magic wand the Central Bank is using in Managing the Naira to ensure it doesn't get stronger according to your wapped and outdated thinking faculty.

Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by budaatum: 5:52pm On Feb 26

“The rebasing confirms that Nigeria’s economy may be statistically larger, but it is not more productive, nor more industrialised. Without a strong industrial base, GDP expansion may just become a hollow statistic,” Ajayi-Kadir said.

https://africacheck.org/fact-checks/factsheets/factsheet-nigeria-rebases-its-economy-again-heres-what-sets-it-apart

Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by Breaker001: 7:55am On Feb 27

EXPRESSSMAN:
So where is the CBN when the Naira to the Dollar was jumping. If they have the power to witheld it's appreciation.
Why didn't the CBN stop the appreciation of the dollar then.
Useless propaganda.
This is how Tinubu boasted that they have exceeded their revenue targets as at August last year yet he keeps on borrowing and no ministry received their capital votes. Who is fooling who

As much as I am not holding brief for Tinubu, but if you knew anything about the CBN of the pre-Tinubu era, you would not be saying this. 😎

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Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by EXPRESSSMAN(m): 12:23pm On Feb 27

Breaker001:
As much as I am not holding brief for Tinubu, but if you knew anything about the CBN of the pre-Tinubu era, you would not be saying this. 😎

I know much about the CBN of Pre Tinubu era, and I stand by what I said. The CBN of pre Tinubu era were better manager than this era. You people only criticise Emiefele based on rumours. At the end of the day, the only measure of the success of the government is how well they influence the people's welfare.
Tinbu's team can't be suffering the people and be claiming good performance. It does not make any sense. If the crop of these CBN managers is wise, they should have studied what Emiefele was doing and why.

But they would rather turn the economy upside down and start patching it here and there. They are still defending the Naira, which was the major sin of Emiefele. I don't want to go further, but know I have good knowledge of economics and the management of the Nigerian economy.

Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by 9jatriot(m): 12:46pm On Feb 27

Meffy that was doing corner shop level voodoo economics is who you want to glofy here huh

Non be only rumour.

EXPRESSSMAN:
I know much about the CBN of Pre Tinubu era, and I stand by what I said. The CBN of pre Tinubu era were better manager than this era. You people only criticise Emiefele based on rumours. At the end of the day, the only measure of the success of the government is how well they influence the people's welfare.
Tinbu's team can't be suffering the people and be claiming good performance. It does not make any sense. If the crop of these CBN managers is wise, they should have studied what Emiefele was doing and why.

But they would rather turn the economy upside down and start patching it here and there. They are still defending the Naira, which was the major sin of Emiefele. I don't want to go further, but know I have good knowledge of economics and the management of the Nigerian economy.

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Re: Central Bank Stopped Naira From Appreciating To ₦1000/$ – Shetttima by Breaker001: 4:14pm On Feb 27

EXPRESSSMAN:
I know much about the CBN of Pre Tinubu era, and I stand by what I said. The CBN of pre Tinubu era were better manager than this era. You people only criticise Emiefele based on rumours. At the end of the day, the only measure of the success of the government is how well they influence the people's welfare.
Tinbu's team can't be suffering the people and be claiming good performance. It does not make any sense. If the crop of these CBN managers is wise, they should have studied what Emiefele was doing and why.

But they would rather turn the economy upside down and start patching it here and there. They are still defending the Naira, which was the major sin of Emiefele. I don't want to go further, but know I have good knowledge of economics and the management of the Nigerian economy.

Seems you preferred the "make-up" economics of Emiefele which gave the naira a fake value compared to what it ought to have been. A naira which was often panelbeatted to give us an impression of a strong currency while it was rottening inside.
This current value of the naira is it's real value anywhere anytime, and with stronger macro economic activities within the country, it can become even more stronger
.
No matter how you hate a woman, you can't throw away her baby with the bathing water. You can say anything against Tinubu; but when it comes to monetary policies, I believe he is sincere about it.

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