Naira Shortage Forces Banks To Boycott CBN Dollar Sale - Business (2)

Naira Shortage Forces Banks To Boycott CBN Dollar Sale - Business (2) - Nairaland

Nairaland Forum › Nairaland General › Business › Naira Shortage Forces Banks To Boycott CBN Dollar Sale (19686 Views)

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by sakalisis(m): 7:47am On Apr 17, 2017

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by kateskitty(f): 7:47am On Apr 17, 2017

Can't they just print more naira grin

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by Icon4s(m): 7:48am On Apr 17, 2017

concacid:
I bet most of you don't know how inter Bank sales and intervention fund plays but you type just to spew rubbish all the time. Mshewww.

You that know oya enlighten the house.

4 Likes

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by ceejay80s(m): 7:48am On Apr 17, 2017

We are all thieves, na we put ourselves for this condition wey we dey since 1960, when bible say wages of sin is death, una no know say wages of bad government since 1960 is reccession ?

1 Like

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by GoldenJAT(m): 7:48am On Apr 17, 2017

if Naira is scarce!!mk them print more then.

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by Dottore: 7:48am On Apr 17, 2017

Which kain country be this. Before na dollar shortage bow na naira shortage.
Let the CBN faking print more naira and let them tell US to fucking print more dollars.
Nonsense

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Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by Nobody: 7:50am On Apr 17, 2017

First it was dollar shortage, now it is naira shortage?

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Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by Omadachi(m): 7:50am On Apr 17, 2017

Our economy expert need to strike a balance.But wait oh.Is it that banks are hoarding the dollars?They are expected to sale to recover their money the moment the buy from CBN.

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by haibe(m): 7:50am On Apr 17, 2017

Shouldn't this be a good thing to an extent with respect to naira appreciating against the dollar?

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Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by Miles300: 7:50am On Apr 17, 2017

Wetin person no go see for this country !!

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Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by wristbangle: 7:50am On Apr 17, 2017*

It was obvious as banks where placing N 10,000 max withdrawal amount per ATM transaction per day from Friday to this moment. We are speaking of dollars scarcity, now naira scarcity. We can't say speculators are hoarding naira again nau cheesy

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Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by nwosu35: 7:51am On Apr 17, 2017

So . .

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by AlphaStyles(m): 7:51am On Apr 17, 2017

I love this country and am proud to be a Nigerian, but if I get the chance to leave this country I wouldn't hesitate

3 Likes

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by haibe(m): 7:52am On Apr 17, 2017

kateskitty:
Can't they just print more naira

u are joking with inflation. This naira scarcity is only artificial

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Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by emeijeh(m): 7:52am On Apr 17, 2017

KingMicky3286:
DEDICATED THIS FTC TO BROTHER JESUS FOR DYING AND RESURRECTING FROM THE DEAD.

THE ECONOMY IS DEAD AND WILL ALSO RESURATE .. MAKE WE COOL DOWN INSIDE RIVER NIGER FIRST..

4 Likes

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by househunterman(m): 7:52am On Apr 17, 2017

We are on longgggggggg walk to freedom.

Meanwhile,
ATTENTION Landlords! Problem Tenants? Call the EVICTION specialist . simple. easy. very effective Tel: 08033910359

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by goodnews777: 7:56am On Apr 17, 2017

It's not naira shortage. It's a leadership shortage

1 Like

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by Boss13: 8:00am On Apr 17, 2017

Nigeria is really a funny place. The CBN is trying to ensure that the Naira appreciates, yet there is less liquidity in the market to mop up the sales of FX - only 36% was purchased. Again excess liquidity has been mopped up by sales of FG Bond and this has increased interbank interest rate by over a 100%. This Clearly indicate that some of our Banks have liquidity problems even to the point of borrowing from CBN.

Buharinomics is catching up with these Banks and their sharp practices. Only in Nigeria, Banks declare huge profits and you see no correlation of economic activities in the country. Then you wonder - which sector are these Banks lending money to? How are they making these profits. The answer is through cutting corners and sharp practices.

The recent FX policy by the CBN will not work. They are supplying FX to the wrong place and also creating more avenue for speculations and hoarding. CBN is supplying FX for consumption - PTA and BTA; medical and educational tourism, but at the same time shortchanging the manufacturing sector. It is now creating a special SME FX market with another different FX rate. The CBN has also left MPR untouched since the recession. Banks are not lending because the economic climes are not conducive.

The CBN with its shortsighted policies will only turn the average Nigerian to a currency speculator.

5 Likes 1 Share

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by biz2get(m): 8:01am On Apr 17, 2017

kateskitty:
Can't they just print more naira

No they " CAN'T "

THEY ARE NOT SUPPOSED TOO.
ONLY WHEN SOME THINGS ARE DONE RIGHT.
BEFORE MORE NAIRA NOTES CAN BE PRINTED.

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Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by loswhite(m): 8:06am On Apr 17, 2017

Buharimustgo:
This is a short term solution what is the long term remedy?For how long will CBN be going to be saleing USD?

profer a solution. The country is in total blackout no infrastructure what do u want CBN to do? If they don't sell and naira falls to 1000/per usd u will complain

2 Likes

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by Fourwinds: 8:06am On Apr 17, 2017

DjAndroid:
Before Na dollar shortage, now Na naira shortage abi? Ok make una continue.

u can see how dese bankers short change d Nigeria people...I said it before dat Nigerians are wicked...they don't want things to work

2 Likes

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by LionDeLeo: 8:09am On Apr 17, 2017

Despite the series of dollar supplies into the various segments of the forex market, the naira closed at 410 against the United States dollar on Thursday, fuelling concerns about the CBN dollar interventions.

Based on the simple law of demand and supply, shouldn't the Dollar scarcity give rise to Naira appreciation? After all, the Naira depreciation is a fall out of the Dollar scarcity.

So commercial banks are no longer interested in FX?

Some powerful forces are working very hard against the progress of this country.

4 Likes

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by Fourwinds: 8:13am On Apr 17, 2017

kateskitty:
Can't they just print more naira

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by ejihand(m): 8:14am On Apr 17, 2017

Let them print more naira.

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by gurunlocker: 8:15am On Apr 17, 2017

So our own Naira is also in shortage? what a country!!!

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by Nobody: 8:15am On Apr 17, 2017

Banks are not interested in the appreciation of naira. Selling naira 520 to a dollar while they purchase at 320 to a dollar will make more sense to them. They are criminals.!!!!!!.

4 Likes 2 Shares

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by lilytender: 8:18am On Apr 17, 2017

WachsComedy:
Please who agrees with me for buhari to die oh...
He our major problem now when it comes to do with Naira and Dollar...
when he was out it was getting better now he back problem...
what's Naira shortage when Naira can not be changed anywhere in the world...
Naira is a local currency and as such always in Nigeria...
BUHARI BUHARI BUHARI DIE NA

Several people that have wished Buhari death have either died themselves or lost their beloved ones. You too have just down the same thing on a National Forum, so await you judgement from God who gives and takes.

3 Likes

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by lilytender: 8:21am On Apr 17, 2017

Buhari, Emefiele and Kemi Adeosun have done it again. They have done what no one has ever done in the history of Nigeria. They have made the Naira to be scarce while the Dollar is available. Kudos to them. Now, Dollar will die a natural death and our Naira will rise again. For children of hate an anger, your hypertension just begun, just go and buy B.P. measuring equipment so that you can start measuring and predicting your own death.

3 Likes

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by rusher14: 8:31am On Apr 17, 2017

Icon4s:
You See the demerit of whistle blowing?

Large sums of naira have been withdrawn from the banking system and kept in flats and shops.

Crisis looms for the financial sector.

This government and their crude policies will burn this country las-las.

Whistle-blowing is here to stay.

Tell your ogas to try another one.

2 Likes 1 Share

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by yim(f): 8:33am On Apr 17, 2017

I am confused. Naira no dey too undecided

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by deenee: 8:34am On Apr 17, 2017

concacid:
I bet most of you don't know how inter Bank sales and intervention fund plays but you type just to spew rubbish all the time. Mshewww.

God bless you Bro. I was just about to post a similar response.

People just come here and type rubbish without even understand how these things work.

I say again the only solution to this naira dollar debacle is to stop selling completely to BDCs and then CBN should just hands off intervention and allow the dollar to float determined by market forces of demand and supply.

Banks will only take up dollar supply to the extent that they have customer demand for it.

Also it also impossible for banks to round trip now not with all the strict regulations in place.

Re: Naira Shortage Forces Banks To Boycott CBN Dollar Sale by Temptee101(m): 8:41am On Apr 17, 2017

concacid:
I bet most of you don't know how inter Bank sales and intervention fund plays but you type just to spew rubbish all the time. Mshewww.

You that know, how has it affected the price of goods in the market?

2 Likes 1 Share

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