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Forex Policy: IMF Lauds CBN, Naira Appreciates - Business (4) - Nairaland

Nairaland ForumNairaland GeneralBusinessForex Policy: IMF Lauds CBN, Naira Appreciates (38017 Views)

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Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by Reference(m): 9:30am On Jun 19, 2016
And that Emefiele is talking trash about rates settling at 250 to pacify who, to make who look good. Is leadership no more about taking tough, unpopular decisions like Obama and Cameron did for the greater good. 250 will depend on if they can get back those investors who have bailed, the venture capitalists who have found greener pastures and local enterprise that have re - cultured into the Nigerian system of rent seeking, that is getting the economy working again. It is not about sentiments or fear. Nigerians must get to know how economies work so they can be a part of real decision making and share in the sacrifices to be made equitably.
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by grandstar(m): 9:32am On Jun 19, 2016
ozor1:
If you're expecting the new open market policy to push up the naira against the dollar ,then you are on a long thing,the multinational corporations responsible for the rise wouldn't want to stop making their profit hence they'll device a way to induce scarcity
The multinationals will probably be the biggest beneficiaries as a stronger naira reduces their production and this policy effectively ends the scarcity of forex that has devastated production.

Imagine, foreign airlines can not remit $580m because no forex available.
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by grandstar(m): 9:39am On Jun 19, 2016
omenka:
When things go bad, Baba gets the blame, when things turn out for the better, anyone but Baba gets the credit.

Well, what can we say- it is a fundamental human right for people to be excessively idiotic.
What credit should go to Buhari? Is he not the one that foolishly pegged the naira to the dollar at 197.

What right does he have to fix the exchange rate? Is the CBN not an independent institution.

Soludo, Sanusi and Utomi all condemned Buhari. Utomi even told Buhari to shut up as his utterances were a disgrace to the country.

His impeccable integrity does not magically make him a mathematician. Neither does it make him an economist.
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by izzy4shizzy(m): 10:01am On Jun 19, 2016
houstonia:
Very soon in this country we would start to commend the key players in the different sectors. Everyone must show competence. No more God bless Buhari, Buhari has don this or that. Let these ministers and governors take up the challenge. Because the overall boss has no educational qualification.
Even if he might have no educational qualification, he had the forsight to appoint these ministers who are working well under his leadership

So i'll say well done to all of them
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by izzy4shizzy(m): 10:01am On Jun 19, 2016
houstonia:
Very soon in this country we would start to commend the key players in the different sectors. Everyone must show competence. No more God bless Buhari, Buhari has don this or that. Let these ministers and governors take up the challenge. Because the overall boss has no educational qualification.
Even if he might have no educational qualification, he had the forsight to appoint these ministers who are working well under his leadership

So i'll say well done to all of them
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by quadritaofiq: 10:04am On Jun 19, 2016
houstonia:
Very soon in this country we would start to commend the key players in the different sectors. Everyone must show competence. No more God bless Buhari, Buhari has don this or that. Let these ministers and governors take up the challenge. Because the overall boss has no educational qualification.
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by busyfishing(m): 10:21am On Jun 19, 2016
houstonia:
Very soon in this country we would start to commend the key players in the different sectors. Everyone must show competence. No more God bless Buhari, Buhari has don this or that. Let these ministers and governors take up the challenge. Because the overall boss has no educational qualification.
All his military trainings home and abroad mean nothing to you..I bet he his more educated than your dada..bloody simpleton
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by busyfishing(m): 10:23am On Jun 19, 2016
ozor1:
If you're expecting the new open market policy to push up the naira against the dollar ,then you are on a long thing,the multinational corporations responsible for the rise wouldn't want to stop making their profit hence they'll device a way to induce scarcity
your myopic opinion.. What can I say.we are all entitled to one no matter how f**lish it is
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by ManTiger(m): 10:58am On Jun 19, 2016
This is a wonderful beautiful nonsense.
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by santos2020: 11:30am On Jun 19, 2016
ok,BUT some never understand the efect to the parallel market, mark my word by monday dollar will be sold like 335 to 340,but from wensday up it will be sold for 365 to 380,. huh
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by amtaken(f): 11:37am On Jun 19, 2016
Oh yes but the silly policies he was so ashamed to reverse are being reversed now.

tbaba1234:
Nothing happens in Nigeria without Buhari's permission even if he spends the rest of his tenure in London.

The flexible forex regime has been on the cards since the budget was passed.
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by emmykk(m): 12:24pm On Jun 19, 2016
Raxxye:
Optimistic that it Naira would stabilize at 250 to a dollar?
That, to me, isn't cheery enough.
I'll only be happy when naira gets to be 150 to a dollar. That's the exchange rate I've always had in my subconsciousness!
naira will appreciate when will start exporting cocoa,rubber,groundnut,palm oil,pounded yam and fruit juice from benue,when electricityis staple and people start manufacturing tyres,when will stop import fuel and producing it here.

Whatever ever appreciation cbn is envisaging is mere appreciation caused by deman and suppyof the dollar.

The real appreciation iswhen we can sell alot to the world than will buy from them.


It is only nollywoodthathave achieve that feat for now
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by grandstar(m): 12:34pm On Jun 19, 2016
themosthigh:
[size=18pt] lol...the dollars will rise to 400 on monday follow by a continous rise for 3 weeks whike cbn clears the debt at that high rate but after that,the dollars will collapse but still settle at the rate of 420 naira where it will remain for at least 1yr

[/size]
Completely wrong. The naira will start straightening in value as it finds its equilibrium after sometime. This happened in 2009
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by davspog2(m): 12:35pm On Jun 19, 2016
Mylove55:
i dont know where u ipod came from, when things were bad, u blame pmb, it was dis same Godwin with phd that cause d own problem, but u flat head ipod insult pmb for cbn failure, God bless pmb for bearing all d insult cause by cbn
Guy, may GOD bless you for that wonder comment!
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by davspog2(m): 12:43pm On Jun 19, 2016
Mylove55:
i dont know where u ipod came from, when things were bad, u blame pmb, it was dis same Godwin with phd that cause d own problem, but u flat head ipod insult pmb for cbn failure, God bless pmb for bearing all d insult cause by cbn
Guy, may GOD bless you for this wonderful comment!
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by tulipsmadra: 1:10pm On Jun 19, 2016
Truth234:
Their comments will boost investors' confidence, especially from credit rating bodies, which in turn will translate to more FDI and of course capital importation.
If only we are truly giant of Africa as we calm with a stable economy all these won't have been necessary.
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by feldido(m): 1:25pm On Jun 19, 2016
ever811:
use the money u were using to import consumable and start producing here in this country so that u can take few people out of the labour market that's simply what the current administration wants.
And what makes u think we have the resources for the consumables here in Nigeria?

I've done my best in sourcing for the consumables that I can get here in Nigeria, the rest I import.
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by southpole: 1:32pm On Jun 19, 2016
houstonia:
Very soon in this country we would start to commend the key players in the different sectors. Everyone must show competence. No more God bless Buhari, Buhari has don this or that. Let these ministers and governors take up the challenge. Because the overall boss has no educational qualification.


FYI Buhari didn't even pass any of the officers training. He was manipulated up the ranks as typical of the northern oligarchs, if you doubt me why is Buhari the only General without those abbreviated course suffixes and titles after his name.

Make una sit down make pant dey wear you. I am not judging him based on certification, but I believe the Constitution understands the necessity of education
I am a security officer by all standard and want to tell you that he couldnt have become a general without going throuh and passing those courses. What we need in Nigeria of today are people that can deliver not people carrying titles around without nothing to show for it. We had a PhD holder as a president in this country who may be by your standard is the type of title holder we need to govern this country but turned out to be the most ascribed clueless president we ever had that a foreign company had the courage to describe him an ineffectual Buffon.

We had those generals with such titles you admire in the last administration yet bokoharam almost take over half of this country. Have you heard this saying that almost every house in Ekitti state has a professor? yet with these titles everywhere ekitti state is one of the backward states in this country in terms of political and economic viability and cannot even pay salaries of its workers.

My advise is that don't let your hate for BUHARI to impede on your reasoning, by the way God allowed him to be their if it is the will of God you may find yourself fighting God.
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by musicwriter(m):
ozor1:
If you're expecting the new open market policy to push up the naira against the dollar ,then you are on a long thing,the multinational corporations responsible for the rise wouldn't want to stop making their profit hence they'll device a way to induce scarcity
You're actually correct.

This is when the IMF and the western machinery that control the world go for the kill. The stage is set!.

They'll buy up all the dollar in Nigeria with printed money!!. (Real looking Naira but not printed by the CBN).

Some years back, North Korea acused the US of printing its local currency which they denied, so North Korea started printing REAL looking dollar but not printed by the US Federal reserve. Yet, it passes all tests!.

Jot this down.

Within 2 months there'll be no single dollar at the CBN reserve and on the streets of Nigeria. These global neo-slavery syndicate will buy up every single dollar on the street of Nigeria. Then, they'll determine how much the Naira should exchange. You can't get dollar anywhere without them.

Angola tried it, and their currency Kwansa fell 500% within 6 months!!.

Egypt tried it, Egyptian pounds fell 300% within 2 years!!.

The only savior Egypt have is they can manufacture few thing they export to other nations.

But what can we ship to the world to earn the much needed dollar?. NOTHING!. Cause crude oil is no longer working.

The CBN that could not defend the Naira at N197/$1, will they defenc it at N370/$1?.

Remember, no new dollars is coming in from the west, IMF, world bank, foreign investors. All those talks of foreign investors coming in is to perfect the scam!. No foreign investors have flooded Angola!. None went to Egypt!. These countries best understand what I'm talking about.

And remember this is all about buying up every government parastatal, like the NNPC, the Nigerian railway, the Nigerian water corporation, all the electric companies. They'll never rest until western multinational companies own up Nigeria.

The Nigerian government would become so poor that we will be begging foreigners to buy the NNPC as scrap!. They've done it in Greece. Putin understands their game and is checkmating them in Russia, though its not easy.

Nigeria is the next Greece!.

If we're lucky we could have the Naira at 300% fall i.e N1,000/$1 (like Egypt) and if unlucky we would have it like Angola at 500% fall i.e N1,500/$1.

The Naira is dead!!. It's a done deal!!. Forget it!!.

Remember, ''Neo-colonialism is the last stage of imperialism''............... Lord Kwame Nkrumah.
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by Mylove55(f): 2:01pm On Jun 19, 2016
IVORY2009:
bros are u okay @ all? Are u sure? The question is who controls the CBN? I leave dis for u to figure out
u smoke weed, d guy i quoted said we should praise cbn for d new policy, and it was d same cbn that ban 41 items, and u all blame pmb, so why not also praise pmb for d new policy, hypocrisy
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by IVORY2009(m): 2:06pm On Jun 19, 2016
Mylove55:
u smoke weed, d guy i quoted said we should praise cbn for d new policy, and it was d same cbn that ban 41 items, and u all blame pmb, so why not also praise pmb for d new policy, hypocrisy
When u hv a dictator controlling the aims of affairs, anything is possible in this part of the world, bros u don mad finish oooo shocked
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by Mylove55(f): 2:31pm On Jun 19, 2016
grandstar:
What credit should go to Buhari? Is he not the one that foolishly pegged the naira to the dollar at 197.
What right does he have to fix the exchange rate? Is the CBN not an independent institution.
since d time of clement isong, cbn have be pegging d naira, for ur quick memory- soludo peg d naira @150 to 1$, sanusi peg it @160, and before gej left, dis same godwin peg it @180-190, and dis is d first time to operate single window forex trading, black mark
https://www.nairaland.com/do_newpost
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by berrystunn(m):
Where did they meet the dollar before they came into powerhuh

Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by grandstar(m): 2:45pm On Jun 19, 2016
Mylove55:
since d time of clement isong, cbn have be pegging d naira, for ur quick memory- soludo peg d naira @150 to 1$, sanusi peg it @160, and before gej left, dis same godwin peg it @180-190, and dis is d first time to operate single window forex trading, black mark
https://www.nairaland.com/do_newpost
Was Buhari's peg market determined? No. And it should be the CBN governor that should peg and not the president. The president has no right to say he won't devalue the currency as he used to say. That decision is left in the hands of the autonomous Central Bank
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by houstonia(m):
southpole:
I am a security officer by all standard and want to tell you that he couldnt have become a general without going throuh and passing those courses. What we need in Nigeria of today are people that can deliver not people carrying titles around without nothing to show for it. We had a PhD holder as a president in this country who may be by your standard is the type of title holder we need to govern this country but turned out to be the most ascribed clueless president we ever had that a foreign company had the courage to describe him an ineffectual Buffon.

We had those generals with such titles you admire in the last administration yet bokoharam almost take over half of this country. Have you heard this saying that almost every house in Ekitti state has a professor? yet with these titles everywhere ekitti state is one of the backward states in this country in terms of political and economic viability and cannot even pay salaries of its workers.

My advise is that don't let your hate for BUHARI to impede on your reasoning, by the way God allowed him to be their if it is the will of God you may find yourself fighting God.
[size=15pt]

I respect your reasoning, but bringing God into this is utterly unnecessary. For your information God doesn't play politics, men do. Man whom God created for the sole purpose of serving him by spreading his word deviced a means of government over his fellow man.

Seriously am I really talking about this? I believe lately the same foreigners have called president Buhari the Nigerian problem and not the Nigerian solution , hence, you might need to be watchful when using the west as your unit for measurements of viability.they call you whatever they want whenever they desire to.

As for the military exams, sir, I stand to tell you that being a security operative doesn't give you a heads up on every top tier military dynamic.

It might interest you to know that in every government of the world there is a government within (late Yaradua confirmed that when he said there was a cabal ). So what you know is what they tell you.

How many security operatives know when a coup is about to be executed? Only those who matter. Not even most generals. So when I say in Nigeria there are people who got to the highest strata without passing a single exam rather through godfather machinations and manipulatives you should believe. And for the record sir, I don't hate Buhari , Jonathan was more criticized, his wife was, his entire state was. So I am not blinded by hate. I believe you were in this country when Wole Soyinka called the ex first lady a domestic appendage, he also said “criticism of the government was to trigger their functionality”. Why is the case now different with PMB?[/size]
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by cheinu: 3:58pm On Jun 19, 2016
Raxxye:
Optimistic that it Naira would stabilize at 250 to a dollar?
That, to me, isn't cheery enough.
I'll only be happy when naira gets to be 150 to a dollar. That's the exchange rate I've always had in my subconsciousness!
Same with me..150 should b d benchmark
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by Fourwinds: 5:06pm On Jun 19, 2016
houstonia:
Very soon in this country we would start to commend the key players in the different sectors. Everyone must show competence. No more God bless Buhari, Buhari has don this or that. Let these ministers and governors take up the challenge. Because the overall boss has no educational qualification.


FYI Buhari didn't even pass any of the officers training. He was manipulated up the ranks as typical of the northern oligarchs, if you doubt me why is Buhari the only General without those abbreviated course suffixes and titles after his name.

Make una sit down make pant dey wear you. I am not judging him based on certification, but I believe the Constitution understands the necessity of education
so ur head is flat? I need to break my coconut on it
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by ever811(m): 5:29pm On Jun 19, 2016
feldido:
And what makes u think we have the resources for the consumables here in Nigeria?

I've done my best in sourcing for the consumables that I can get here in Nigeria, the rest I import.
any way..wish u good luck and may the good lord bless u to greater height.
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by Mylove55(f): 6:36pm On Jun 19, 2016
grandstar:
Was Buhari's peg market determined? No. And it should be the CBN governor that should peg and not the president. The president has no right to say he won't devalue the currency as he used to say. That decision is left in the hands of the autonomous Central Bank
so gej was not d one that tell cbn to peg d naira, but u believe pmb did, hypocrisy! u ipod illiteracy is too bad, so when did gej devalue d currency?, i know u dont know what it is to devalue curre
https://www.nairaland.com/politics
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by houstonia(m): 8:27pm On Jun 19, 2016
Fourwinds:
so ur head is flat? I need to break my coconut on it
What are you? Get a life.
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by Truth234(m): 8:44pm On Jun 19, 2016
tulipsmadra:
If only we are truly giant of Africa as we calm with a stable economy all these won't have been necessary.
Even for US it is necessary.
Re: Forex Policy: IMF Lauds CBN, Naira Appreciates by megama: 8:45pm On Jun 19, 2016
ozor1:
If you're expecting the new open market policy to push up the naira against the dollar ,then you are on a long thing,the multinational corporations responsible for the rise wouldn't want to stop making their profit hence they'll device a way to induce scarcity
keep on waiting for naira to be 500 per $. You suppose know Yam. Eaters ready return plenty American yammm cool grin angry grin
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