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Nairaland Forum / Nairaland / General / Business / Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg (23634 Views)
Checkout Nigerian Currency From Past To Present. / Naira Gains as Nigeria’s Central Bank Boosts Dollar Supplies - Bloomberg / Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg (2) (3) (4)
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by BetaThings: 9:03am On May 29, 2016 |
Sunnycliff: And by May ie 3 months later, Jonathan was borrowing to pay salaries How much was oil price then? $54 http://www.premiumtimesng.com/business/182543-nigerian-govt-borrowing-billions-to-pay-salaries-okonjo-iweala.html Tell us the full story Everybody is an economic expert now Tell us Jonathan and PDP's policy measures to ensure that the Nigerian economy is not dependent on oil which Buhari has reversed I am still wondering what that PDP did in 16 years to strengthen the economy that APC has dismantled in 1 2 Likes 2 Shares |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by BetaThings: 9:04am On May 29, 2016 |
Jengem: I like this very much God will punish him if he (Buhari) deserves it And will not punish him if he does not deserve it Afterall God knows the truth and is not blinded by propaganda from both sides 1 Like |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by BetaThings: 9:07am On May 29, 2016 |
t2luv1: Sovereign fund has just $1b It is minuscule compared to our import bill, reserves and GDP |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by BetaThings: 9:21am On May 29, 2016 |
sapientia:Did Nigeria become fantastically corrupt in one year? When Oprah did a documentary on Nigerian corruption, who was president then? When The boy that cried wolf sacrificed his credibility upfront and when he was telling the truth nobody believed him A lot of people abuse Buhari daily and nobody will listen on those occassions they might be right Nigeria is fantastically corrupt country in opinions, facts and analyses How can people praise Fayose daily because he abuses Buhari, yet Fayose has not paid salaries for months and is keeping LGs fund Will Fayose allow FG to keep his state's money Fayose can write, the people in Chinese Embassy will tell their country the truth Fayose can lie that he went to China for investment But foreign nations see the lie as evidence of corruption 4 Likes |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by nellyelitz(m): 9:26am On May 29, 2016 |
plaetton:you may be right sir, but u need to ask first people are different |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by 989900B: 9:40am On May 29, 2016 |
Immorttal: It will depend on the CBN's policies: are they going to adequately fund the 'inter-bank' window? are they going to let people get their remittances from overseas in hard currency, and stop unilaterally paying out @N197/$? If not, the situation you just described above, is as sure as daylight. Too many parameters are missing to draw any concrete conclusion. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by deenee: 10:05am On May 29, 2016 |
The two tier exchange system is the best alternative at this point. There is absolutely no point allocating dollars for the importation of frivolous things such as toothpick and other consumables at the expense of dollar allocation to critical sectors such as agric, manufacturing and energy. I mean it is OK for a business man to have dollars allocated for capital importation of plant and machinery for primary production which will in turn create jobs. But definitely not for the importation of edibles like tomato paste, cooking oil vegetable oil, rice and other items that can be produced in Nigeria. I quite agree that the business environment is tough but with government investment in agric energy and real sector through the various intervention funds, it is just a question of time before this begin to yield results. We also have to play our our part as citizens. Anybody that wants to import edibles that have an alternative in Nigeria should source for dollar at the secondary market and allow the CBN/Govt allocate for critical sectors. The irony is the market has already even corrected it's self as most importers were already souring from the parallel market and have passed the cost to the final consumer hence increase in prices of essential commodities. Nigerians are funny lot. It is only in Nigeria that people spend and spend without saving and yet still expect to remain in affluence. And at the ND of the day blame the government. God bless Nigeria |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by Uzo1975: 10:11am On May 29, 2016 |
Nigeria has suddenly become a laughing stock in the eyes of foreign countries. So sad. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by Immorttal: 10:13am On May 29, 2016 |
989900B:am not really into economics stuff hence ignore my "supposed" silly questions. are they going to adequately fund the 'inter-bank' window? the CBN were funding the interbank window prior to even this day until the new rule is finally implemented and also doing some hefty payouts to stabilise the unpropitous gap between our import and export market,thereby pegging the rate at $197.Now it seems a smart move to circumvent from this hefty pays thats eating on our incomes. Its apparent the banks and BDC gets their dollars from CBN until they put a stop to it due to shortage of dollars. Now my question is how will the bank and bdc source their dollars if this rule is applied.? are they going to let people get their remittances from overseas in hard currency, and stop unilaterally paying out @N197/$? no matter the outcome the bank would still buy their dollars and resell with profit so in my opinion unilateral paying out still holds,i may be wrong though |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by JaaizTech: 10:30am On May 29, 2016 |
knowyaself3:I can understand that foreign investors may be optimistic that we will devalue very soon and asuch are not eager to buy naira now. For fear that naira will soon become cheaper (i. e devalued), but what I don't understand is how does this stall on foreign investment, which I believe is not up to 15% of the stock market share outweigh the benefits of pegging the naira at 199 and making it available to key and very essential industries ![]() I somewhat feel this call for devaluation is a booby trap for this government, the moment they plunge into it the economy will take a drastic downward spiral, and we would be in serious trouble. If you devalue naira to 290 naira per dollar, the FG will still have insufficient amount of dollars due to low crude oil prices and many will still have to source dollars in the black market. By then dollar to naira will be about 500 naira, and things will be worse for us. What we need is to be dogged and weather the storm, the NSE is on the path to recovery, and the all share market index is better than that of January 2016, and hopefully would grow. Where Govt needs to focus their energy is in reviving the refineries, resolving issues with NDA, in return Govt can get better revenue from oil sales and at the same time generate more power due to free flow of gas. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by goodgate: 10:32am On May 29, 2016 |
psychologist:Burger is made in Ghana now,abi you want blame Buhari. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by goodgate: 10:38am On May 29, 2016 |
YelloweWest:Most people commenting here do not know jack about the economy yet they make noise the most,everybody now claims to be smart and i ask why they have not implemented thier policies on thier lives,they say i'm proud. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by deept(m): 10:41am On May 29, 2016 |
mrvitalis: i believe that was what the government intended but will that happen. if you get dollar at 199,will you invest in agriculture or take it to the parallel market for quick profit? Some of the government policies don't work because we don't allow it work |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by sapientia(m): 11:00am On May 29, 2016 |
BetaThings: mention one president that have told the whole world that his country is corrupt. You may be corrupt.. Am not. Keep praising him till he goes to America one day and tell them Nigerians are terrorists. 1 Like |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by mrvitalis(m): 11:05am On May 29, 2016 |
deept:Lol... That's not even how it's done please, u identify what u are paying for, u deposit the naira equivalent the CBN pays for it in dollars Don't mind PDP and there imagination ( well that's what they used to do sha) |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by deept(m): 11:31am On May 29, 2016 |
mrvitalis: yes, cbn pays for it, i have a deal with the supplier,collect the money, he gets his share wahla QED!!! |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by Pavarottii(m): 11:34am On May 29, 2016 |
mrvitalis:Who will give u dollar at 199? 1 Like |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by achoudeh(m): 12:12pm On May 29, 2016 |
Israel5:you are promising God? He know what you have in mind |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by Nobody: 1:20pm On May 29, 2016 |
Goddex: Score card ma is rigged. Railway? What happened to Railway in 2015- 2016? Amechi said he didn't know we had a functional railway system...... built by someone else but nearly claimed by the charlatans... Nigerians were wise to raise alarm. Agriculture ![]() ![]() ![]() ![]() You see why Lie Mohammed got much more money in the budget than "living " sectors? 1 Like |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by cosade(m): 2:19pm On May 29, 2016 |
chigoizie7: I am with you. I agree that devaluation at this time, is not in the interest of Nigeria. For me, the government should continue to fund essential sectors from the first tier forex and others should go to the parallel market. Even, remittance of foreign school fee should be removed from the first tier. I have children schooling abroad, so I am not unmindful of the implications of this. I don't see how devaluation will help us when there is nothing Nigeria is exporting to take advantage of the devaluation. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by cosade(m): 2:28pm On May 29, 2016 |
JaaizTech: Definitely not in our interests. I don't see how devaluation will help us when there is nothing Nigeria is exporting to take advantage of the devaluation. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by kabman: 2:38pm On May 29, 2016 |
just float the naira already.this is suicide |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by chigoizie7(m): 3:16pm On May 29, 2016 |
cosade: Exactly |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by mikolo80: 5:08pm On May 29, 2016 |
plaetton:how do you intend to re arrange the system. briefly |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by mikolo80: 5:11pm On May 29, 2016 |
Standing5:independent ke. since wen dem de loot dem no invest, na now wen dem no fit pay ordinary salary den wan independent? heaven help us out of this mess. although na only Civil servants and dia family go hia ram |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by t2luv1: 1:24am On May 30, 2016 |
2n2k: People drives/fly more in Summer hence more demand in Oil. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by t2luv1: 1:27am On May 30, 2016 |
Pesuzok: I agree that is the wild card in all this equation. We need to find a solution to the NDA issue. How about an increase in derivatives number going to the region? |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by Achorise: 9:21am On May 30, 2016 |
otiigba1:you are very funny bro.God will help our mindset. |
Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by Achorise: 9:32am On May 30, 2016 |
Israel5:I believe you.It's a good prayer, I'm next in line, I would have loved to established real good in Naija, and probably visits always, but any how it turns out, I prefer a better life, here or abroad. safe trip bro. 1 Like |
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