₦airaland Forum

There has been so much noise about devaluation of naira. One time, a headline made mention of ‘murdering’ the naira. But all that seems to be a hoax.

Today CBN bans Nigerians from withdrawing or depositing cash into their own domiciliary account, the next the ban is lifted. Today you can use your Naira-denominated cards abroad, the next you can’t, even the following day, you wake up to see that a little window has been opened on it whereby you can only make some certain limited transactions.

It seems CBN churns out all these policies per time just to witch-hunt some set of people and enrich others, only to reverse it when they have achieved their immediate aim. From what I have observed, CBN has meted out untold hardship on some hardworking Nigerians.

CBN de-listed BDC and is making moves to import a BDC to take over the business.

I’ll really need someone to elucidate more on the reason CBN refused to devalue Nigeria, and yet banks continue to run parallel foreign currency markets. Are the banks now no longer under the reins of CBN?

How can CBN say official exchange rate is N198/199 per $, and the commercial banks boldly display on their info boards in their banking halls “we buy 196, we sell 199”, and yet when you make any transaction through them, you buy at as much as N283/$?

The most heart-rending matter on ground is that moneygram has joined the train of parallel fx marketers in Nigeria. Moneygram sold about N202/$ last Friday (12/02/16), but by Monday (15/02/16), they joined the ‘Mallams’ around GRA to sell N250/$. What is happening?

I think CBN should just come out plain and tell us what they are doing. You can’t announce N198/$ and allow banks and other financial institutions to sell same for between N250 and N350. They should announce official devaluation already, it’s been devalued.
Please feel free to drop your comment


http://www.obitteleo..com.ng/2016/02/cbn-unoficially-devalues-naira.html

U haven't seen nofin yet, wen PMB is done it wll be: $1=1million naira.

Lionize:
There has been so much noise about devaluation of naira. One time, a headline made mention of ‘murdering’ the naira. But all that seems to be a hoax.

Today CBN bans Nigerians from withdrawing or depositing cash into their own domiciliary account, the next the ban is lifted. Today you can use your Naira-denominated cards abroad, the next you can’t, even the following day, you wake up to see that a little window has been opened on it whereby you can only make some certain limited transactions.

It seems CBN churns out all these policies per time just to witch-hunt some set of people and enrich others, only to reverse it when they have achieved their immediate aim. From what I have observed, CBN has meted out untold hardship on some hardworking Nigerians.

CBN de-listed BDC and is making moves to import a BDC to take over the business.

I’ll really need someone to elucidate more on the reason CBN refused to devalue Nigeria, and yet banks continue to run parallel foreign currency markets. Are the banks now no longer under the reins of CBN?

How can CBN say official exchange rate is N198/199 per $, and the commercial banks boldly display on their info boards in their banking halls “we buy 196, we sell 199”, and yet when you make any transaction through them, you buy at as much as N283/$?

The most heart-rending matter on ground is that moneygram has joined the train of parallel fx marketers in Nigeria. Moneygram sold about N202/$ last Friday (12/02/16), but by Monday (15/02/16), they joined the ‘Mallams’ around GRA to sell N250/$. What is happening?

I think CBN should just come out plain and tell us what they are doing. You can’t announce N198/$ and allow banks and other financial institutions to sell same for between N250 and N350. They should announce official devaluation already, it’s been devalued.
Please feel free to drop your comment


http://www.obitteleo..com.ng/2016/02/cbn-unoficially-devalues-naira.html

even if CBN devalues naira today the problem will still continue. do u knw tha #0.87 was equal to 1 dollar b4,

NA wa ooo

The situation is just a mess

It's N380+ already

I had written off this government economic policies since July last year or problaby before then.

Buharis understanding of economics is lamentable and worse he has made himself defacto CBN governor.

What is happening now is free fall. Everyone believes the naira will keep falling so everyone keeps buying before it falls further preventing further falls.

The solution is simple.

Sack Emefiele and employ a competent technocrat to take over.

Next, ensure Buhari has no influence. overr the governor by respecting the semi autonomy the CBN has.

[b]....there are very many commentary on depreciation of ₦ nowadays expecially in parallel market, although parallel or black market can be manipulated by the traders, they either do it on their self interest, so those who doesn't beleive in the prosperity of nigeria can harbour $ as they can on imported goods hereby cause hike!
But in my own point of view the depreciation of ₦ is a great success to this nation if well manage to nigeria situation today. the looted fund is in $ and it must be refunded back in $, so if $1 is ₦198 when the money is looted, then if the money is refund today at $1 to ₦350 the nation has gained ₦152!
imagine if $1=₦1000, the gain is ₦902!
So in conclusion if the government managed to refund the $trillion looted and the refunded money, change it in parallel market, this will reduce the pressure on ₦ and the scarcity of $ in parallel market so the ₦=$.

(take note all the money took out of CBN during jonathan regime were changed in parallel market before ditributed)

you have other opinion?[/b]

grandstar:
I had written off this government economic policies since July last year or problaby before then.

Buharis understanding of economics is lamentable and worse he has made himself defacto CBN governor.

What is happening now is free fall. Everyone believes the naira will keep falling so everyone keeps buying before it falls further preventing further falls.

The solution is simple.

Sack Emefiele and employ a competent technocrat to take over.

Next, ensure Buhari has no influence. overr the governor by respecting the semi autonomy the CBN has.

it's pathetic my broda

The problem of d naira is not a rocket science. Its very simple. Buhari should immediately sack emefiele. He is a thief and a fraud. If u sack him, the revelations about his evil operations @CBN will shock nigerians.

divineappo:
The problem of d naira is not a rocket science. Its very simple. Buhari should immediately sack emefiele. He is a thief and a fraud. If u sack him, the revelations about his evil operations @CBN will shock nigerians.

You sure he's not working for his employer?