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Nairaland Forum / Nairaland / General / Business / Egypt Devaluation To Test CBN Resolve On Naira (25384 Views)
Analysts Predict Naira Devaluation To N400/$ / Analysts Foretells Naira Devaluation To N400/$ / IMF Hints At Fresh Devaluation, Says Naira Is Overvalued (2) (3) (4)
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Re: Egypt Devaluation To Test CBN Resolve On Naira by pat077: 7:29am On Nov 06, 2016 |
So complicated |
Re: Egypt Devaluation To Test CBN Resolve On Naira by Edoblakky(m): 7:29am On Nov 06, 2016 |
Why other currencies are being devalued in relation to the dollar is what I'm yet to comprehend. When will the dollar be devalued in relation to other currencies? Egypt's reserve was $16B while ours was almost $30B before this administration came in. How come Egypt had a lower reserve in comparison to ours yet their currency had a higher value. How much were we spending to defend our currency and how much was Egypt spending to defend theirs? |
Re: Egypt Devaluation To Test CBN Resolve On Naira by Nobody: 7:31am On Nov 06, 2016 |
mrvitalis: if Dollar is out of reach for manufacturer. how will they buy their equipment. CBN should only sell to real investors. 1 Like |
Re: Egypt Devaluation To Test CBN Resolve On Naira by LoveDecay(m): 7:32am On Nov 06, 2016 |
grandstar: Sidon there China has been manipulating the Yuan value in this same manner for years. The US does not have such issue because the dollar is in high demand it will always be of high value. Countries like Nigeria et.al have to play hard ball if they want to survive and defending the naira is not much different from defending Nigeria's territorial integrity. 4 Likes |
Re: Egypt Devaluation To Test CBN Resolve On Naira by Topmaike007(m): 7:33am On Nov 06, 2016 |
olamirewaju6190:what is this one saying 1 Like |
Re: Egypt Devaluation To Test CBN Resolve On Naira by onatisi(m): 7:35am On Nov 06, 2016 |
#000000 |
Re: Egypt Devaluation To Test CBN Resolve On Naira by rusher14: 7:36am On Nov 06, 2016 |
olamirewaju6190:Let's just make Dangote president. Oops! He takes loans too. 1 Like |
Re: Egypt Devaluation To Test CBN Resolve On Naira by onatisi(m): 7:36am On Nov 06, 2016 |
The bitter truth is This buhari government has created more serious problems for the nation than it met on ground. Now the dullard is going for a whooping $30 billion loan , debt servicing issues will crop in soon. In about 3-4 years time ,Nigeria will be back to the pre obasanjo era |
Re: Egypt Devaluation To Test CBN Resolve On Naira by grandstar(m): 7:38am On Nov 06, 2016 |
LoveDecay: Do these countries have a differential between the official and black markets of 50% like Nigeria. The present policy isn't working. Intervention must respect the market and not ignore. That is the problem. 1 Like |
Re: Egypt Devaluation To Test CBN Resolve On Naira by daneni1(m): 7:40am On Nov 06, 2016 |
olamirewaju6190: When last did u buy a bag of rice? 1 Like |
Re: Egypt Devaluation To Test CBN Resolve On Naira by LorDBolton(m): 7:42am On Nov 06, 2016 |
olamirewaju6190: Oga pls keep quie...you're dull |
Re: Egypt Devaluation To Test CBN Resolve On Naira by Dolypson04(m): 7:42am On Nov 06, 2016 |
BTW I am still looking for the first person that will finish reading that epistle up there. Gone are those days I care about dollar-naira value. Wether it or depreciates appreciates, I still win. 1 Like |
Re: Egypt Devaluation To Test CBN Resolve On Naira by Nobody: 7:42am On Nov 06, 2016 |
martineverest: most countries that rely on oil have their currency battered even the Russian rubble is not spared. 2 Likes |
Re: Egypt Devaluation To Test CBN Resolve On Naira by rusher14: 7:42am On Nov 06, 2016 |
onatisi: Debt servicing at 0% interest. Can you proffer a better solution? |
Re: Egypt Devaluation To Test CBN Resolve On Naira by LorDBolton(m): 7:45am On Nov 06, 2016 |
Edoblakky: It's about the "source of forex" Egypt has a thriving tourist industry amongst others, they have a lot of locally produced goods & possibly there closeness to trade partners (oil rich Arab states) helps trade flourish. Sir EXCEPT for oil, what is our main source of revenue? If i'm not mistaken the custom service generates our highest internal revenue? Abi na FIRS? Oil is the reason why our naira is crashing 3 Likes |
Re: Egypt Devaluation To Test CBN Resolve On Naira by eezeribe(m): 7:48am On Nov 06, 2016 |
Financial Literacy Eludes many according to Robert Kiyosaki.. If you are among the Eluded majority, Quote me |
Re: Egypt Devaluation To Test CBN Resolve On Naira by eezeribe(m): 7:48am On Nov 06, 2016 |
Financial Literacy Eludes many according to Robert Kiyosaki.. If you are among the Eluded majority, Quote me |
Re: Egypt Devaluation To Test CBN Resolve On Naira by eejo(m): 7:49am On Nov 06, 2016 |
lies Egypt devaluation of it currency is a condition for imf loan it has nothing to do with cbn policy 1 Like |
Re: Egypt Devaluation To Test CBN Resolve On Naira by LorDBolton(m): 7:50am On Nov 06, 2016 |
grandstar: Oga we still have to face "reality" forget these oyibo talk what did the last develuation do to our naira? I believe it was over 350/$ before the first develuation? Did it work? NO! Now we even saw 460/$ parallel market. That shows u the system is flawed, the market will always be distorted due to profiteering and hoarding by members of the supply chain. That is why even dangote stated this current exchange rate is NOT The true value of the naira... it's being artificially decreased So if CBN hands off completely expect 1000/$ 6 Likes |
Re: Egypt Devaluation To Test CBN Resolve On Naira by Ijaya123: 7:54am On Nov 06, 2016 |
grandstar: You were making sense until you mentioned Buhari. Is it Buhari that is handling the forex market? And who are the technocrats that are not allowed to do their jobs? 1 Like |
Re: Egypt Devaluation To Test CBN Resolve On Naira by qualityalone: 7:57am On Nov 06, 2016 |
why this comparison when Egyptian pounds is 18/$ and naira is above #400/$.
If naira is like we for complain?? 1 Like |
Re: Egypt Devaluation To Test CBN Resolve On Naira by tinsel: 7:57am On Nov 06, 2016 |
Some people are still pressing for further devaluation of naira. |
Re: Egypt Devaluation To Test CBN Resolve On Naira by qualityalone: 7:59am On Nov 06, 2016 |
why this comparison when Egyptian pounds is 18/$ and naira is above #400/$.
If naira is like that we for complain?? 2 Likes |
Re: Egypt Devaluation To Test CBN Resolve On Naira by linearity: 8:01am On Nov 06, 2016 |
deenee: Your analogies are incorrect and this is why: 1. "Politicians who steal Naira, then connive with black markers to hype dollar and store those money as dollars for storage" In the above scenario, the politicians would be better off if dollar was low. e.g. If I steal N900, it is illogical for me to push the price of dollar up to say N450/$, so I can convert my loots into dollar and get a small amount of $2 for my troubled. On the flip side, if I pushed dollar lower, say to N300/$, that same loot of N900 will fetch me $3. 2. Those items were not bad from been imported, only that, no Forex will be allocated to it. Plus, these importers did not run to black market to get dollars at higher rates just because they love to do it. It is merely because the demands for these items by Nigerians like myself and you for these items are higher and there is no comparable local alternatives for the suppliers or that, we Nigerians have strictly dictated to these suppliers that, we want the foreign ones. So, if you want to help, stop eating eggs, fish, etc. 3. Fuel importation is merely about 30% or so of our Forex demands. You would have scored a huge point is you indicated that, this situation was given raise to buy corrupt politicians. They killed our refineries, so that they will be room to import fuel, thereby lining up their pockets. 3 Likes |
Re: Egypt Devaluation To Test CBN Resolve On Naira by Edoblakky(m): 8:09am On Nov 06, 2016 |
LorDBolton:If I'm not mistaking, someone on this forum gave a report from either the budget planning ministry or that of bureau of statistics that oil only contributes less than 20% to our GDP. How come oil now controls everything in Nigeria seems like an aberration. |
Re: Egypt Devaluation To Test CBN Resolve On Naira by googlepikins: 8:11am On Nov 06, 2016 |
AntiWailer:no it means there's a dullard in Egypt destroying the country. Abi you zombies will blame PDP misrule?
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Re: Egypt Devaluation To Test CBN Resolve On Naira by persius555(m): 8:14am On Nov 06, 2016 |
deenee: FYI, the only reason people smuggle eggs and all you have mentioned is because there is no sufficient supply of these goods to the nigerian market. We are about 180 million and rely on small scale farm production of these goods to sustain ourselves. How is this sustainable. If we refuse to import, then its only a matter of time before famine sets in. The government of the day has to do more, evolve policies and ideas that will encourage people to go into manufacturing and agriculture. It must be long term planning and not a program that you dump immediately another government comes in. 1 Like |
Re: Egypt Devaluation To Test CBN Resolve On Naira by XaintJoel20: 8:35am On Nov 06, 2016 |
sekundosekundo:Is this story true? |
Re: Egypt Devaluation To Test CBN Resolve On Naira by CuteTj(m): 8:38am On Nov 06, 2016 |
mrvitalis:I disagree. Nigeria is a peculiar country!! If the CBN dare allow a true float, then Nigeria will be doomed and everything will grind to a halt in the short run. Is it now that we still don't produce anything and all we do is import or the speculators who have warehoused dollars waiting to further attack our Naira. Are you aware that Nigerians have almost $20b in their domiciliary accounts? With that amount to play around with, then the naira is going to be totally murdered. Or is it the price of fuel that will shoot so high? Or the terrific spike of inflation beyond levels we have never witnessed before? In as much as your advise is truly the best way out but with how Nigeria is currently, it is going to be the worst way out. We should get out of recession first, start producing something in Nigeria for export, decrease dependence on the dollar then can we now allow the naira to float to heaven or to hell. 1 Like |
Re: Egypt Devaluation To Test CBN Resolve On Naira by afanide: 8:41am On Nov 06, 2016 |
Useless CBN policy |
Re: Egypt Devaluation To Test CBN Resolve On Naira by bettercreature(m): 8:46am On Nov 06, 2016 |
eejo:Yes condition for 12billion dollars loan,I read it on abokifx few days ago.IMF will never give you loan without condition reason Buhari must not be allowed to get the $30billion loan The fact is PMB can raise half of that loan locally through treasury bill,Nigerians are that rich |
Re: Egypt Devaluation To Test CBN Resolve On Naira by onatisi(m): 8:49am On Nov 06, 2016 |
tinsel:there is no shortcut,the currency will be devalued greatly In January. The respite ppl are having now is due to the fact that this is the festive season and money comes in during this period due to holidays and ppl going home. By January when full business takes on again the dollars will surpass N500, 1 Like |
BREAKING: Nigeria Officially Exits Recession, GDP Grew 0.55 In Q2 / Jumia Dispatch Rider Punches & Manhandles Customer For Rejecting An Item / CBN Imposes Limits, Penalty On Cash Transactions, Again!
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