Speculators Lose N100m As CBN Pumps Dollars Into Interbank - Business (2)

Speculators Lose N100m As CBN Pumps Dollars Into Interbank - Business (2) - Nairaland

Nairaland Forum › Nairaland General › Business › Speculators Lose N100m As CBN Pumps Dollars Into Interbank (21494 Views)

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Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by emi14: 7:32am On Mar 06, 2017

Businessideas:
I am not sure your pessimism allowed you to give a honest view. With our daily oil output of over 2.1m barrels of oil (fetching Nigeria a whopping over $50m dollars daily!) and rising non oil exports from recent data, sustained anti-corruption fight in public finance, you will soon realize what terrible fate await you if you are one of the unpatriotic speculators.
Government is clearly not sleeping with it's eyes closed and when the full reality of what Kemi Adeosun said last year hits some of the speculators,they will consider suicide or declare bankruptcy.

Well said. Some people are too negative about predictions and realities. They are defending their selfish business. Are this forex hurdlers richer than CBN .

2 Likes

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by jericco1(m): 7:32am On Mar 06, 2017

Below the belt

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by emi14: 7:32am On Mar 06, 2017

Businessideas:
I am not sure your pessimism allowed you to give a honest view. With our daily oil output of over 2.1m barrels of oil (fetching Nigeria a whopping over $50m dollars daily!) and rising non oil exports from recent data, sustained anti-corruption fight in public finance, you will soon realize what terrible fate await you if you are one of the unpatriotic speculators.
Government is clearly not sleeping with it's eyes closed and when the full reality of what Kemi Adeosun said last year hits some of the speculators,they will consider suicide or declare bankruptcy.

Well said. Some people are too negative about predictions and realities. They are defending their selfish business. Are this forex hurdlers richer than CBN ?

2 Likes 1 Share

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by honestivo(m): 7:33am On Mar 06, 2017

Nigeria is back and better

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by Infidan(m): 7:33am On Mar 06, 2017

I guess this dollar pumped in is the recoverd loots

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by Nobody: 7:34am On Mar 06, 2017*

I like the way fg too is playing the game thru media. Speculations always drive market up or down faster than expected, (fxtrading 101).
Now they too should keep creating fear for the speculators and they will keep losing money. 4 hundred naira plus is not thru value of naira/dollar.
If you really want to see the thru values of the two currencies, ( though it wont happen) just let US government tell the world that they will change their currencies look and all $ in circulations will be invalid from next 2 yrs. You will see the true values of dollar to naira within a year.

6 Likes 1 Share

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by fasterwell(m): 7:38am On Mar 06, 2017

EgunMogaji:
It simply won't work.

At some point the well that they're getting the dollars from will run dry because we know that we're not earning nearly enough in exports.

+++++++++++

Numero Dos.

Muy caliente cabron y cabrones

It is now 2.1 milion barrel per day and i hope you know what that means if it is sustained?

2 Likes 1 Share

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by ustavo(m): 7:39am On Mar 06, 2017

Waiting for 300/$

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by SalamRushdie: 7:41am On Mar 06, 2017

Businessideas:
I am not sure your pessimism allowed you to give a honest view. With our daily oil output of over 2.1m barrels of oil (fetching Nigeria a whopping over $50m dollars daily!) and rising non oil exports from recent data, sustained anti-corruption fight in public finance, you will soon realize what terrible fate await you if you are one of the unpatriotic speculators.
Government is clearly not sleeping with it's eyes closed and when the full reality of what Kemi Adeosun said last year hits some of the speculators,they will consider suicide or declare bankruptcy.

Very shallow post

1 Like

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by wristbangle: 7:41am On Mar 06, 2017

This step will not be sustainable for long. How long do we want to defend naira when other critical sectors are there begging for development.

Fine it's good they are defending the naira through flooding the market with dollars but how many commercial banks are liquid enough to purchase it?

2 Likes

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by maasoap(m): 7:42am On Mar 06, 2017

sureheaven:
This method adopted to further crash the dollar won't end well for now. Our export doesn't worth it, for how long will the CBN does this? The only best way to boost the naira is to increase production and export more.

You guys too have to understand that crashing of naira is not only restricted to our huge importation but largely caused by speculators who are hoarding dollars out of the circulation. They're the ones being targeted by the CBN because Nigerians and cutting corners are like 5 and 6.

3 Likes

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by Kashif(m): 7:43am On Mar 06, 2017

Personally, I think this all started with the enforcement of BVN. Nothing else seems to be logical. I am certain it is not the importers that are causing the scarcity. What are we importing today that we were not importing five years back?

With BVN, (and the fear of prosecution) thieves (politicians, contractors, civil servants, service chiefs) who stole large funds are just converting to $$$. They dont care at what rate it comes. Once there is a drop, they mop up everything.

Yesterday, I was reliably informed that a sitting governor in the SW bought USD300k from one black market source alone!

2 Likes

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by maasoap(m): 7:44am On Mar 06, 2017

priceaction:
I like the way fg too is playing the game thru media. Speculations always drive market up or down faster than expected, (fxtrading 101).
Now they too should keep creating fear for the speculators and they will keep losiy money. 4 hundred naira plus is not thru value of naira/dollar.

I dey tell you.

1 Like

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by orjikuramo(m): 7:45am On Mar 06, 2017

U are the one that lack intelligence in expressing your opinion. except where he mentioned unpatriotic speculators(which is clearly how anyone who states what u did, would be labelled) he never threw a disrespectful jab at your person but there you are, attacking his state of thought.

M certain he would floor you in a debate cos he was clear n concise with his view while you took the easy way of trying to intimidate his person.

It's my opinion

EgunMogaji:
It's my opinion.

Trust me, my fate is bountiful riches because I don't depend on one economy. 2.1m barrels at destitute price?

I have empathy for you though as you're unable to reason intelligently in a debate, at least in a financial sense. Too bad.

12 Likes 1 Share

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by Nobody: 7:46am On Mar 06, 2017

May GOD help us, this solution is temporary

1 Like

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by Nobody: 7:46am On Mar 06, 2017

fasterwell:
It is now 2.1 milion barrel per day and i hope you know what that means if it is sustained?

Oh please grow a pair and state your own opinion.

No wonder the country is in the way that it is. You guys are easily hoodwinked.

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by Nobody: 7:47am On Mar 06, 2017

orjikuramo:
U are the one that lack intelligence in expressing your opinion. except where he mentioned unpatriotic speculators(which is clearly how anyone who states what u did, would be labelled) he never threw a disrespectful jab at your person but there you are, attacking his state of thought.

M certain he would floor you in a debate cos he was clear n concise with his view while you took the easy way of trying to intimidate his person.

It's my opinion

Stop with your assinine remarks and argue based on facts.

2 Likes

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by buchilino(m): 7:47am On Mar 06, 2017

EgunMogaji:
Nope, you have no way of knowing what research I did.

The policy simply won't work, hence why the naira falls shortly after they pump dollar into the economy in a lame duck manner.

I AGREE WITH UR ANALYSIS

1 Like

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by maasoap(m): 7:48am On Mar 06, 2017

wristbangle:
This step will not be sustainable for long. How long do we want to defend naira when other critical sectors are there begging for development.

Fine it's good they are defending the naira through flooding the market with dollars but how many commercial banks are liquid enough to purchase it?

You made it look like CBN is dashing dollars out. Nigeria and CBN is not giving out dollars freely. Point of correction.

3 Likes

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by Nobody: 7:49am On Mar 06, 2017

Pidgin2:
May GOD help us, this solution is temporary

I agree Madam.

Only a completely uneducated person will not see the scheme for what it is.

They're simply trying to placate the restless natives.

These type of short term goals is why we haven't developed as much as we should have based on the resources at our disposal.

1 Like

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by maasoap(m): 7:50am On Mar 06, 2017

EgunMogaji:
Oh please grow a pair and state your own opinion.

No wonder the country is in the way that it is. You guys are easily hoodwinked.

Now, I understand you. You're being paranoid.

1 Like

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by grandstar(m): 7:51am On Mar 06, 2017

Businessideas:
I am not sure your pessimism allowed you to give a honest view. With our daily oil output of over 2.1m barrels of oil (fetching Nigeria a whopping over $50m dollars daily!) and rising non oil exports from recent data, sustained anti-corruption fight in public finance, you will soon realize what terrible fate await you if you are one of the unpatriotic speculators.
Government is clearly not sleeping with it's eyes closed and when the full reality of what Kemi Adeosun said last year hits some of the speculators,they will consider suicide or declare bankruptcy.

Until the currency is allowed to float, all these are "patch patch" methods

3 Likes

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by Nobody: 7:51am On Mar 06, 2017

As they do this, they also need to prevent unnecessary importation... I am hoping for the dollar to get down to N320 = $1 by the end of July 2017.

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by wristbangle: 7:52am On Mar 06, 2017

maasoap:
You made it look like CBN is dashing dollars out. Nigeria and CBN is not giving out dollars freely. Point of correction.

Are the banks liquid enough to purchase it? Between I never made such statement or anything in idioms relating to it in my comment.

2 Likes

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by Nobody: 7:53am On Mar 06, 2017

sureheaven:
This method adopted to further crash the dollar won't end well for now. Our export doesn't worth it, for how long will the CBN does this? The only best way to boost the naira is to increase production and export more.

You're a true Nigerian, a scholar and a gentleman.

Sometimes I get sad that I share the same nationality with some Nairalanders.

This is such a simple economic thing to see.

2 Likes 1 Share

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by 989900: 7:55am On Mar 06, 2017

EgunMogaji:
[s]It's my opinion.

Trust me, my fate is bountiful riches because I don't depend on one economy. 2.1m barrels at destitute price?

I have empathy for you though as you're unable to reason intelligently in a debate, at least in a financial sense. Too bad.[/s]

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by Nobody: 7:55am On Mar 06, 2017

maasoap:
Now, I understand you. You're being paranoid.

I understand you also. You're being melodramatic.

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by Nobody: 7:56am On Mar 06, 2017

buchilino:
I AGREE WITH UR ANALYSIS

Thank you Sir, it's simple really.

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by Nobody: 7:58am On Mar 06, 2017

[quote author=989900 post=54313556][/quote]Love your sigline, it's the best thing to do when nothing intelligent can be formed in response grin

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by orjikuramo(m): 7:58am On Mar 06, 2017

Sorry, I wasn't arguing but moderating. By the way, MR ITK, asinine has only a "s". obviously, he would floor you again in a dictation.

EgunMogaji:
Stop with your assinine remarks and argue based on facts.

3 Likes

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by NaijaEarnOnline: 7:58am On Mar 06, 2017

EgunMogaji:
I agree Madam.

Only a completely uneducated person will not see the scheme for what it is.

They're simply trying to placate the restless natives.

These type of short term goals is why we haven't developed as much as we should have based on the resources at our disposal.

So what do you propose they do, fold their hands and let speculators keep weakening the naira. The high cost of goods in the market is as a result of this high exchange rate. At least CBN wants to reduce the pressure on the black market to strengthen the naira in the black market.

1 Like

Re: Speculators Lose N100m As CBN Pumps Dollars Into Interbank by Nobody: 7:59am On Mar 06, 2017

orjikuramo:
Sorry, I wasn't arguing but moderating. By the way, MR ITK, asinine has only a "s". obviously, he would floor you again in a dictation.

Not only are you a failure in economics but you also woefully failed English too grin

PS: You really need to get your mind into the A game if you want to banter with me. My intentional freudian slip threw you for a loop. Such a simple thing to do. But here's where we are when the colleges are on strike every other month.

1 Like

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