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Naira Gains 5.2 Percent After CBN Intervenes - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Gains 5.2 Percent After CBN Intervenes (18647 Views)

As Naira Gains, Neighbouring Countries Ease Rush For Nigerian Goods / Naira Surges As CBN Intervenes In Interbank Market / Speculators Get Burnt As Naira Gains Value (2) (3) (4)

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Re: Naira Gains 5.2 Percent After CBN Intervenes by onatisi(m): 8:29am On Aug 20, 2016
booz:
It will be a good idea to ban the use of foreign currencies(USD, GBP, €) internally in Nigeria. This will reduce the load on those currencies.
Imagine people spraying dollars in parties. We Nigerians celebrate folly.
We'll broadcast how a man spray Dollar Notes ( $1 =380) in a party and despise another who spent #500 notes.

Naija which way now
Unfortunately the dollar may become the currency ppl will be using more . Dont be surprised if many companies that depend on imported raw materials start asking their customers to pay in dollars ,airlines have already started. And just like u said ppl have started spraying dollars at parties instead of naira notes
Re: Naira Gains 5.2 Percent After CBN Intervenes by Hillarie(m): 8:31am On Aug 20, 2016
SurePresident:
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For guaranteed practical profitable, easy and affordable ideas, go to investberich.com Thank me later.

This is not Jerusalem, This is N-I-G-E-R-I-A

:p

1 Like

Re: Naira Gains 5.2 Percent After CBN Intervenes by Paseus(m): 8:41am On Aug 20, 2016
Pprovost:
The wailer above me though cool

Its funny that good news about Nigeria is bad news to some Nigerians cool




To the topic:
I will support any move by this government to reduce importation and encourage exports to grow our currency. CBN can not intervene for ever.




you just cant blame some pple for lack of sense even if you offer them one...hes dumb u knw
Re: Naira Gains 5.2 Percent After CBN Intervenes by smileysmiley(f): 8:43am On Aug 20, 2016
Amah70:
But if one may ask:

was Buhari on Owerri weed when he promised to make one Naira exchange for one Dollar if we voted him to become president of Nigeria?
haba bros our weed is not strong enough to hypnotize the president in that manner
he was probably on warri weed or oshogbo weed, not our weed
Re: Naira Gains 5.2 Percent After CBN Intervenes by BekeeBuAgbara: 8:54am On Aug 20, 2016
kov624665:

.
.
Did Buhari promise that? Even if he did promised, believing it is very stupid of you. The wailers are the ones without PVC.
Coming from mr ''Integrity'' supporter.

1 Like

Re: Naira Gains 5.2 Percent After CBN Intervenes by grandstar(m): 9:18am On Aug 20, 2016
onatisi:
how can they close it ? The nation is broke !!!
No more is coming into the government coffers like before ,what they make they share it and it isn't even enough. And yet they need to maintain the external reserve and not touch it.
The nation revenue has almost been slashed to half ,the militants are making good their threats of crippling the economy

They can close it but they don't want to.

The naira fell to about 365 at the official rate which reduces the gap to less than 10% . Government has a desired exchange rate and that is what is causing the problem.

As long as the massive gap between the official rate and parallel rate persist, dollar supply will remain scarce as no one will sell dollars at 310 when it near 400 at the black market

1 Like

Re: Naira Gains 5.2 Percent After CBN Intervenes by dermmy(m): 9:25am On Aug 20, 2016
jazinogold:
naira keep gaining until it will gain independence from dollars! grin

Then 1 naira = 1 dollars

may be lie Mohammed will be the President of Nigeria then grin

Hehehe...Funny man grin
Re: Naira Gains 5.2 Percent After CBN Intervenes by Nobody: 9:29am On Aug 20, 2016
Pprovost:
The wailer above me though cool

Its funny that good news about Nigeria is bad news to some Nigerians cool




To the topic:
I will support any move by this government to reduce importation and encourage exports to grow our currency. CBN can not intervene for ever.





are they building infrastructure 2wards dat? Whr are d refineries atleast 2 curb importation of fuel, whr is the road network 2 make smooth movement of items if produced locally and whr is the constant electricity 2 reduce cost of manufacturing, all these are nt in place, and they want 2 stop importation, it is like cutting the supply of oxygen through the nose and not using the mouth 2 back it up, u want make d person suffocate 2 death ni?
Re: Naira Gains 5.2 Percent After CBN Intervenes by onatisi(m): 10:18am On Aug 20, 2016
#000000
Re: Naira Gains 5.2 Percent After CBN Intervenes by bobo65(m): 10:20am On Aug 20, 2016
kov624665:

Naira Gains 5.2 Percent
After CBN Intervenes
.
I'm sorry if that sound like a bad news to you, such is life.

Lmao
Re: Naira Gains 5.2 Percent After CBN Intervenes by onatisi(m): 10:21am On Aug 20, 2016
grandstar:


They can close it but they don't want to.

The naira fell to about 365 at the official rate which reduces the gap to less than 10% . Government has a desired exchange rate and that is what is causing the problem.

As long as the massive gap between the official rate and parallel rate persist, dollar supply will remain scarce as no one will sell dollars at 310 when it near 400 at the black market
i dont think you have a full picture of what is happening . The cbn simply doesn't have the dollars to support the nations international trade,that is why they are trying to push every deal and transaction to the parallel market and that is what is causing the high pressure in the black market. The demand for dollars at the black market simply outstrips the supply by almost a ratio of 5:1. Many traders at chasing the few dollars. Now we have 2 markets ,and this is caused because the nation isn't getting dollars from oil revenue as before. If hostilities in the Niger delta seize today and oil is even sold for 40$ believe me things will improve if there is a prudence government in place .
Re: Naira Gains 5.2 Percent After CBN Intervenes by Localamos(m): 1:06pm On Aug 20, 2016
joey150:


You my friend have to understand that somethings i agree are controlled by external forces..but then, does this administration look like one that can run things efficiently based on what we have seen since may29 2015??

Its no good having a good plan if you cant execute it. And yes Buhari is the target man, he gets all the Praise and blame equally.

And i hope you went to harvard?

No I didn't. I am also a product of Nigeria's failed education system. embarassed

I'm drained out right now and as such cannot share with you some concepts of economy and currency pricing.

And I'm sorry for negative remarks I made earlier. lipsrsealed

But try and brush up on your knowledge about socio-economic issues. It do all of us a while lot of good. cool
Re: Naira Gains 5.2 Percent After CBN Intervenes by joey150(m): 1:13pm On Aug 20, 2016
Localamos:


No I didn't. I am also a product of Nigeria's failed education system. embarassed

I'm drained out right now and as such cannot share with you some concepts of economy and currency pricing.

And I'm sorry for negative remarks I made earlier. lipsrsealed

But try and brush up on your knowledge about socio-economic issues. It do all of us a while lot of good. cool
Yeah i know all the crude oil price drop and how it qffects forex and how we rely too much on importation,pressure on naira bla bla bla...

We all know the problem..but i doubt those folks have a clue about how to solve it.

1 Like

Re: Naira Gains 5.2 Percent After CBN Intervenes by Localamos(m): 1:33pm On Aug 21, 2016
joey150:

Yeah i know all the crude oil price drop and how it qffects forex and how we rely too much on importation,pressure on naira bla bla bla...

We all know the problem..but i doubt those folks have a clue about how to solve it.


Solution is multifaceted and complex. It involves commercial, industrial, political, military and monetary strategies.

And what about the players? Those include Buhari, his economic team, captains of industry, the political class, the citizenry, international community and NDA & other pressure/terrorist groups.

The factors that would ultimately improve the value of our currency is industrialization and non-oil exports. These two goals are long termed, and not something that can be achieved even in the next 4 years.
Re: Naira Gains 5.2 Percent After CBN Intervenes by hucienda: 9:20am On Sep 09, 2016
onatisi:

All these measures by cbn will have very little effect. We are talking about 180 million people that depend on imported goods for about 70% of the needs!!
The only solution is to reduce the dependency on imported items and improve local production. But that too has been grossly affected because the FG has no money to finance projects which stimulate production.the nation oil revenue has been slashed by almost 50% if not more ,no thanks to the dumb political behavior of buhari. Very very soon ,the FG will have no choice but to approach the work bank or Imf for money.
The first panacea to this problem is for buhari to douse the political tension in the nation but he wont do that.

Dis man, I ask again.

You and Nostradamus. Una bi relation?

2 Likes

Re: Naira Gains 5.2 Percent After CBN Intervenes by kov624665(m): 9:23am On Sep 19, 2016
BekeeBuAgbara:
Coming from mr ''Integrity'' supporter.
why are you so mad,
try to understand,
that i do want you as a fan...
(In Eminem's voice)
Re: Naira Gains 5.2 Percent After CBN Intervenes by kov624665(m): 9:29am On Sep 19, 2016
Amah70:


Yes, I was there live in Imo state when Buhari promised to make Naira equal to the dollar if voted in to become president of Nigeria. So you knew that Buhari was a liar?


Or are you sure you are not one of those ethno/religious bigots who didn't even hear or knew what Buhari promised before they voted Buhari for president?
you can call me whatever. The issue is, "why are you in tears?".
Re: Naira Gains 5.2 Percent After CBN Intervenes by Ken4Christ: 9:49am On Sep 19, 2016
All the news about Naira gains or loses are absolute rubbish. Our Government is not serious. They know what brought us to this level. They are unwilling to do something about it because they are benefiting from it. How can will be celebrating a gain in Naira value that still keeps it as high as over N300 to one USD?

The Naira exchanged for One Naira to One dollar until oil came. So, what happened?

1. We got too much into borrowing because of corruption. Monies borrowed are usually mismanaged.

2. The government took his hands off farming and the foreign exchange from it stopped.

3. The government became purely administrative and not productive.

4. Our porous borders gave room for importations of all kinds of goods. Import far exceeds export. What does it cost to fence the country round and only have legitimate route into the country? If they can dig pipes from South to north even under water, the country can be fenced round.

5. Regions and states weakened by the federal government controlling the resources.

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