₦airaland Forum

erico2k2:
U wont unless by luck.it's as worthless in the world of BDC like the Naira.U need dollars then convert it once U r there to local currency

blackpanda:
Shame will not allow wailers visit this thread. Whenever there is improvement in Nigeria, they tend to be greatly frustrated!

RichYoungNigga:
Analysis from uneducated people.
So, because naira gained 60 naira, you have the courage to dance around ??

The oil sale is only source of Nigeria income, what happens when the top dogs like Saudi Arabia and Iran floods the market with excessive oil ?? and they also sells way cheaper.

This your jubilation will turn to sorrow soon.
Let's watch and see.
Next month, $1 will exchange for 500 naira.

Nichobabe:
So bro what are you waiting for? Go buy at 310 and sell next month at 500. Ewu

plaetton:
Pure bullshyte.

It was simply demand and supply economics.
The drop was to steep, too fast, hence the anticipated near term correction or dead cat bounce, as it is called.


Based on visible economic fundamentals, and a government that has NO clear economic policy or vision going forward, the Naira should continue it's free fall down to 500 in the next two months and 600 by year end.

Do not forget that this government is going into debt, foreign denominated debt, to fund a bloated budget that is guaranteed to do nothing to stimulate the economy.

Currencies are usually defended with foriegn reserves or gold, not by mouth.

There are no Hail Marys in economics.

tinsel:
No matter how bad things are in Nigeria, I am sure of one thing. And that is Buhari has good intentions to turn things around in Nigeria.
The irony is that majority of the youths especially from one section of the country wants him to fail. But also these are youths without a job clapping for people that stole billions for themselves and families. Time for us to think.

RichYoungNigga:
Analysis from uneducated people.
So, because naira gained 60 naira, you have the courage to dance around ??

The oil sale is only source of Nigeria income, what happens when the top dogs like Saudi Arabia and Iran floods the market with excessive oil ?? and they also sells way cheaper.

This your jubilation will turn to sorrow soon.
Let's watch and see.
Next month, $1 will exchange for 500 naira.

erico2k2:
I'm not Igbo but all I can say is U lack morals as the so called IPOB are the ones who demand dollars more than anyone else in Nigeria.frm last I check buying and selling of cows don't involve dollars

olu77:
beautiful you.

I run a home for fatherless children, all the proceed would have gone there.

Now am I patriotic or not?

kahal29:
You are so pained. Sorry inu..... Better days ahd. The worst you wish won't happen.

HungerBAD:
Sai Buhari.

Where are those that called Buhari a Dullard?

Where are those that insulted the Minister of Finance?

Where are the Doom Prophets?

When we said this artificial scarcity of Dollars, was orchestrated by the last standing soldiers of the Clueless one, we were called names. It's alright, Nigeria is getting there now.

Buhari 5- Boko Haram 0

Buhari 5- Corruption 0

Buhari 5- Artificial scarcity 0

Buhari 5- MTN 0

Buhari 5- The Economy IMPROVING.


Changeeeeee.

erico2k2:
Food for thought. If you have a bad mind.u manage to secure forex at 199 frm cbn to import PMS and at the parallel mkt it's 400 what will U do?import fuel or sell to BDC and make instant gains?

Kachisbarbie:
cc
iAmCharis

HungerBAD:
Sai Buhari.

Where are those that called Buhari a Dullard?

Where are those that insulted the Minister of Finance?

Where are the Doom Prophets?

When we said this artificial scarcity of Dollars, was orchestrated by the last standing soldiers of the Clueless one, we were called names. It's alright, Nigeria is getting there now.

Buhari 5- Boko Haram 0

Buhari 5- Corruption 0

Buhari 5- Artificial scarcity 0

Buhari 5- MTN 0

Buhari 5- The Economy IMPROVING.


Changeeeeee.

Where is that foolish "CONSULTANT" Ifeanyi Ubah.......... who said until we make him "Oracle", Dollar cannot regain its true value?
Where are his #Wailing Brothers from up there?

Foolish SaTANoid pretending to be intelligent in whatever form!

Let him shove his greedy and illiterate "consultancy", down his "you-know-what" hole

Tokt:

Who cares if u are an ipob nonentity or not. If u are for them then u think likewise. Am sure u got the above conclusion from ur anus. Nonsense.

AbuMaryam1:
Finally it's resting today at #200/$. Call Lagos and Abuja. Kano yet to priced the $

hehheehe!
I see it going down as much as #130/Dollar by the end of March. ... with Sai Baba persuading Saudi Arabia to limit production ad Iran too coming on board to limit production.

God pass dem!

All Enemies of Nigeria will fail woefully, in all they are doing.

We will not cease to curse them...... "curse with a good reason" shall land

onatisi:
What many don't realize is that the gain in naira is due to mainly 2 reasons,one is that the demand for dollars has fallen which means many importers are no longer importing and they are just waiting for government policies,secondly many businesses and traders have left the nation and relocated to other neighboring countries to transact their businesses from there. After sometime ,the demand will still rise again and so will the rates .

plaetton:
You keep harping on " saving the Naira ".
Saving the Naira from what ?
For whom ?
And till when ?
Till Jesus comes to save us all?

And yes, remittances from Nigerians in the diaspora has been a key pillar of support for the Naira for several decades now. That is fact.

And yes, remittances contribute a substantial percentage to our foreign reserves, as well as being a lubricant for economic activities.

Every nation, except Nigeria, pays great attention, not only to the remittances, but also to those remitting the funds.

Now, I laugh when you say that the UK economy is enjoying it's healthiest span in over a decade, I laugh out loud.
Anyway, that's those are irrelevant and unconnected to the issues we are addressing here.

The issue is that Nigeria is in a perfect storm of low oil prices that are sure to reverberate pain throughout the economy, and a confused, erratic, inept leadership made of very strange bedfellows.

Currency values are sensitive to short and long term economic policies, which unfortunately, Nigeria does not have at the moment.

olu77:
beautiful you.

I run a home for fatherless children, all the proceed would have gone there.

Now am I patriotic or not?

azzima:
Biafrans are about to have heart attacks from this news. When you have a group of people that is FIERCELY ANTI-NIGERIA, then we have our enemy number #1, their aim is for Nigeria to fall so they can have a laugh.........people must beware of these folks and their noise, there is an ulterior motive and not because they love our country Nigeria.

SirShymexx:
Lmao. You just say a lot without actually saying anything. How would the IMF and other forces who co-signed the dubious GDP figures naij churned out based on guesstimates, with a dysfunctional nollywood, which was/needs bailout ridiculous percentage, even have a clue about naij's economy to give an opinion on how to fix it? Most of you just hear about devaluation and think it's the new kid on the block to start wearing around like a fashion trend - without examining the downsides.

Also, how does the current FOREX policy stop remittance from Nigerians abroad, apart from the fact that you want more dollarisation to the detriment of the naira?

Well, the U.K's economy is going through its healthiest span in over a decade, with a decent growth. It escaped a double dip recession and deflation.

Devaluation won't solve any problem both in short and long term. However, the current policy, if well managed, with decent fiscal policies can be a blessing in disguise in long term. I'm a logical realist but you are too emotional.

plaetton:
Lol.
I think you're the one being emotional here.

You say the " current policy".
What current policy are you referring to ?
Part of the Naira's problem is the absence of a clear policy.

Burying one's head in the currency sand is not a policy. At best, it is an ad-hoc policy, with no long term goals.

In case you're missing the point, devaluation is not intended to solve anything problem. It just the market trying to find it's equilibrium point, it's equilibrium value.

You create bigger problems and distortions when you try to play economic acrobatics not based on realities.

How long can you artificially "save" the Naira ?
Till which shoe drops?

Concrete and long term reajustments in consumption and productivity is what is needed to give REAL value to our currency, not presidential fiats.

odiks:
• BDCs to introduce forex band, reforms for parallel market

Foreign currency speculators, who launched an unprecedented attack against the naira in the last two weeks, got their fingers burnt on Tuesday when the nation’s currency staged a major recovery, rising to N310 to a dollar at the close of business, compared to N375 at which it sold on Monday.

The naira fell to an all-time low of about N400 to a dollar on the parallel market last week fuelling concerns that it would plummet further to N450-N500/$ this week.

But findings from THISDAY showed that the naira defied expectations, climbing to as high as N305 to the dollar at some parallel market points in Lagos on Tuesday afternoon, before settling at N310.

Good news. More of this expected joor

Forex dealers and currency analysts attributed the significant gain on the parallel market to excess supply of the greenback in the market, even as it looked like a lot of speculators lost the shirts on their back.

THISDAY gathered from a reliable source that speculators who thought that by attacking the currency last week, coupled with misplaced concerns that the Central Bank of Nigeria (CBN) was going to stop the allocation of forex for school fees and medical bills abroad, this would compel the central bank and President Muhammadu Buhari to alter their stance against the devaluation of the currency.

But they were disappointed when Buhari, in Egypt at the weekend, adamantly ruled out the devaluation of the naira on the grounds that Nigeria does not have the competitive advantage to benefit from an official currency adjustment.

Reacting to the president’s stance, speculators who had been betting that the naira would depreciate further, started dumping the dollars with reckless abandon, effectively creating excess supply of the greenback in the parallel market.

Commenting on the situation in the secondary forex market, the chairman, Association of Bureau de Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, said: “The market is moving from perception to reality.”

Similarly, an analyst at Ecobank Nigeria, Mr. Kunle Ezun, predicted that the naira would edge higher in the coming days.

“We expect that the naira would appreciate further. We have always said that what happened last week was purely a speculative attack.

Some people felt that if they pushed the naira down to that level, they could force the CBN to devalue, so that when the naira is devalued and the gap widens further, they would now bring out the dollar cash to make a kill,” Ezun said.

He however urged the fiscal authorities to introduce policies that would help stimulate economic activities, saying that the fundamentals of the economy were still weak.

ABCON also aligned with the federal government’s decision not to further devalue the naira.
Gwadabe said this at a media briefing, pointing out that devaluing the naira would create more problems than it would solve.

He said that as a way of enhancing transparency in the BDC sub-sector, his association had decided to introduce a forex rate band weekly.

This rate band is expected to serve as a guide for all BDCs and the public on the prevailing exchange rate across the country, he added.
In addition, it will be operated in line with the regulated forex rate in the economy.

“This is to forestall exploitation of forex end users, and also to ensure that end users are informed to avoid falling victims of exploitation.

“The band will be announced via weekly press releases that will be circulated to the media for publication.

“ABCON will introduce a series of measures aimed at transforming the operations of BDCs in Nigeria to align with global best practices. These include: review and updating of BDC operational manual; introduction of live trading platforms; automation of all transactions and documentation requirements; and increased partnership with the CBN and other relevant agencies.

“Further, as part of its responsibility as a self regulatoryorganisation (SRO), and also in continuation of its aim to transform its members to compete within the global regulatory currency market, ABCON will seek the approval of relevant monetary and fiscal authorities as well as partnership for effective use of the nation's external reserves to enhance domestic trade and foreign exchange management.

“To this end, our website and internet platforms will be developed to position BDCs to serve as agents of Western Union and currency auctioneers.

“We would also develop platforms that will allow our members to access sources of autonomous foreign exchange like govt agencies, embassies, IOCs and export proceeds, etc,” he explained.
He also urged the federal government to introduce policies that would diversify the economy to increase non-oil export earnings, and reduce imports.

This, according to him, would lead to increased foreign exchange inflow and a reduction in demand for foreign exchange.

In addition to policies that would diversify the economy, ABCON suggested that the CBN should review the policy of dollar importation into the economy for the purpose of defending the naira.

According to the association, the central bank should introduce a policy whereby the naira is used to intervene in the real sectors of the economy to boost productivity.

Furthermore, Gwadabe said as a way of reducing demand for dollars, the CBN should explore the option of promoting the use and acceptability of naira for transactions within the West African sub-region.

He added: “We observe that this is already happening at the level of informal trading activities within the sub-region, and it is our belief that this can be replicated at the level of formal economic activities.”

http://www.thisdaylive.com/articles/speculators-get-their-fingers-burnt-naira-strengthens-to-n310-/232783/

PentiumPro:

You are obviously one of the unpatriotic speculators trying to make gain without adding value to the economy.

RichYoungNigga:
Analysis from uneducated people.
So, because naira gained 60 naira, you have the courage to dance around ??

The oil sale is only source of Nigeria income, what happens when the top dogs like Saudi Arabia and Iran floods the market with excessive oil ?? and they also sells way cheaper.

This your jubilation will turn to sorrow soon.
Let's watch and see.
Next month, $1 will exchange for 500 naira.

Arizonaguy:
Na lie if i hear....realistically all the proceeds would have gone to your personal coffer without you bettering any lot...you need to be injected away to a very remote and deserted place

RichYoungNigga:
Analysis from uneducated people.
So, because naira gained 60 naira, you have the courage to dance around ??

The oil sale is only source of Nigeria income, what happens when the top dogs like Saudi Arabia and Iran floods the market with excessive oil ?? and they also sells way cheaper.

This your jubilation will turn to sorrow soon.
Let's watch and see.
Next month, $1 will exchange for 500 naira.

femmy2010:
You are still not patriotic. You would have made more fatherless children out of the businesses of those with fathers cos over thinking of lost business kills the father thus making their kids fatherless.