ibrahimabba7:

https://dailytrust.com/naira-redesign-dollar-may-crash-to-n200-efcc-chairman

Good statement not those just saying that the naira will fall and true to type the naira begins a downward slide.
Some people are happy that naira crashes but now they will be afraid to speculate, because they don't know what will happen next . If somebody in high places always counter the speculators they will caution themselves.

ExudeLoveToAll:


Four

Ha, so it was even four zeros. Thanks for information.

I read that it was The cooling inflation in the US that crashed the value of dollars world wide and not some naira redesign.

abdulwasiubar:
The fact that a platform was given to a security expert to discuss economics is beyond my comprehension. If wishes were horses, the CBN governor will be the first to hop on �

Always make a reasonable effort to think things through.
This is simply to discourage those who might be scheming to convert privately hoarded naira to dollars.
What is it we're manufacturing and exporting to USA that might put pressure on the dollar?

fergie001:
Global best practices say 5-8 years but the CBN Act doesn't talk about the years within which it can be done. However, this is a welcome development.

https://www.cbn.gov.ng/OUT/CIRCULARS/CSD/2007/CBN%20ACT%202007.PDF

This is actually a good policy.

hapsattaddawus:
Dollar crash, has nothing, absolutely nothing to do with naira redesign.
It has to do with the US policy to check the stock pile of dollars in Africa. Especially Nigeria and South Africa
Stop deceiving yourself.

A lot of factors are responsible for the hike and crashing of forex. And definitely this is one of it. This is local micro and macro economy. Each country faces with factors responsible for their forex at a given time. Just a statement alters forex holding/hoarding.
Some factors are long term while some are short lived. Definitely this new naira design will cause dollars to crash further but, to me it won’t be significant and before it rises again. Because people, having seen the new naira design will go further to buy the already dispensed dollars again and stockpile.

hapsattaddawus:
Dollar crash, has nothing, absolutely nothing to do with naira redesign.
It has to do with the US policy to check the stock pile of dollars in Africa. Especially Nigeria and South Africa
Stop deceiving yourself.

rather you should stop deceiving ursef,why didn't it happened bfr now.
moreover you should know that dollar isn't crashing rather naira appreciating

Fiscus105:



Is it only "producing" that makes exchange rate skyrocketed? (Hope u know china is heavily producing economy, yet her currency is at high side against dollar)

When they hoard dollars what will happen to naira?


Let me take you back to common and pry six example, when filling stations artificially make Petrol scarce, won't the price of petrol high? Does that means petrol not supply at that particular time?


You guys should stop attacking, attacking and crictisizing everything you read from govt officials

I understand your explanation but Nigeria's situation is different from the above mention scenario. how can a county have more foreign currency (dollar) than the base country? After crude oil what does Nigeria sell that made her have so many dollars? my guess will be fraud and corruption. common primary election delegates were paid in dollars and most if not 95% of the dollar in Nigeria are unregistered.

Are you also an economist

nazicartel:
Wetin concern security person and economics kwanu ?. He should do his work and leave the rest for the other people too

hapsattaddawus:
Dollar crash, has nothing, absolutely nothing to do with naira redesign.
It has to do with the US policy to check the stock pile of dollars in Africa. Especially Nigeria and South Africa
Stop deceiving yourself.

You are not a good student of economic. It's a long time of explanation but I will summarily explain to you that, there is no policy that makes people to return back money they have stored or hoard back to banks that will not directly or indirect affect exchange rate of that currency as against others. Demand and supply of certain currency affects the exchange rate if you agree with that statement, then you understand how changing the design can affect positively or negatively.

Fake news!! How will dollar crash, what foreign revenues are the country earning? Lobbish!

we wish, but not so fast for a country that produces nothing not even electricity.

after 8years of electricity and mass production in all sectors, the rate might be $1 to 6 naira.

LagosInter:


Above 800 at aboki rate or online?

Realistically, where do you think you can get USD? If you like apply at CBN and not your bank, you won't still get it. You guys needs to wake up to reality.

amerengues:
Nemo Dat Quod Non Habet- You can't give what you don't have.

As much as news like this strengthens the hope of resurrecting our economy, it's almost impossible! Naira can't appreciate on the premise of wishful thinking but purely productivity increase.

Even if it rises to #1 due to some other interpplaying factors, it will go back to where it's meant.

Embrace massive local production and processing for export

Spot on!!

He head an anti-crime agency, he’s got not business talking about economics or currency. That’s the CBN’s business.
They ignorantly overlap in their responsibility while not doing their job effectively at that.

I will be so happy,i go buy 5 cars once.

the captain has spoken ride on senior man

It better be so. Cos that's ghetto only thing left for Buhari to secure his legacy.

abdulwasiubar:
The fact that a platform was given to a security expert to discuss economics is beyond my comprehension. If wishes were horses, the CBN governor will be the first to hop on �

There's a connection. EFCC stands for ECONOMIC and financial crimes after all. There's a lot of sense in what he said.

Ddworld:


Realistically, where do you think you can get USD? If you like apply at CBN and not your bank, you won't still get it. You guys needs to wake up to reality.

Wat i mean is that the 800 rate isn't aboki rate

Carthman:
Omo see how this man just talk about dollar fall like say he get rope to draw am come down

him think say nah Nigeria flag no mind am jare

Abeg dey redesign every year maybe 1naira go equal 1dollar one day

Another lie from the pit of hell.

Below are some of the reasons I think the recent gains the Naira made against the Dollar is artificial and could not not be sustained:

1. Foreign airlines and I presume most other foreign owned business based in Nigeria are looking to repartriate their funds in Dollars. A case in point is the recent visa ban by the UAE as a result of thier inability to convert their ticket sales in Nigeria worth hundreds of millions Dollars. This pressure is not about to dissapear soon.

2. Dangote refinary would need to pay back its creditors in Dollars. Although many have postulated that the much awaited coming on stream of Dangote refinery would put an end to importation of PMS and subsidy payments and ease some of the pressure on the Naira, at the same time, sight must not be lost of the fact that the Foreign agencies that funded the Dangote refinery project would also expect to be paid back in dollar and this could even begin the moment the refinery comes on stream.

3. Overdependence on import. As has been stated repeatedly, Nigeria is still an import dependent economy and most of the imports are done using the Dollars. This is not changing anytime soon in the absence of an industrial sector.

4. The Dollar is also strengthening against other currencies. As a world reserve currency, most countries conduct their fpreign trades in dollars which continues to prop up its value.

5. Our appetite for cheap foreign goods. Even if dollars were to magically fall to N200 today, which is highly unlikely, who is to say that the demand for cheap foreign goods will not drive it even further up than it currently is? In a country where there are no local substitutes and everybody wants to drive the latest automobile brand and use the most expensive gadgets and electronics, what do you think the negative ballance of trade will do to the local currency? Even China, a highly industrialized country manipulates its currency to achive deficit ballance of payment in order to keep the value of the Yuan low enough to discourage the purchase of cheap foreign goods from the US.

6. Foreign loans would need to be serviced and repaid in dollars. This needs no further explanation.

7. Overinflated contracts awarded to foreign contractors, including variations and adjustments and paid in dollars.

8. Purchase of military hardwares in dollars.

9. Health tourism outside the shores of Nigeria by the elites and politicians.

10. Looting of our commonwealth by politicians and civil servants to be siphoned and invested in foreign countries in dollars.

11. Currency arbitrage by the BDC in collussion with officials of the CBN and other speculative activities.

12. Very low exports in comparison to importations.

There are many others but let me stop here.

Solutions:

Only a sound industrial policy can save Nigeria's economy and its Naira from the doomsday scenario. A situation where the value of the Naira is determined by administrative control to service a growing appetite for cheap foreign goods is antthetical to the growth and development of her economy. As a way forward, Nigeria must be willing to make the needed sacrifice and suffer the short term discomfort in order to overcome the present challenges and in the long run, emerge as one of the foremost industrialized economies of the world. It is what most countries in our current sitiation did to become the industrialized nation that they are today. It is the only way forward and not the this much talked about currency redesign.

hapsattaddawus:
Dollar crash, has nothing, absolutely nothing to do with naira redesign.
It has to do with the US policy to check the stock pile of dollars in Africa. Especially Nigeria and South Africa
Stop deceiving yourself.

Oga while dollar crash has nothing to do wit cbn redesign...pls be informed that there is no such thing as US policy to check stockpile of dollars in Africa.in other words,us is not redesigning its currency anytime soon

hapsattaddawus:
Dollar crash, has nothing, absolutely nothing to do with naira redesign.
It has to do with the US policy to check the stock pile of dollars in Africa. Especially Nigeria and South Africa
Stop deceiving yourself.

Source to this your information sir.

Can you help us with the circular that insinuates the above?

Mumu man

If dollar fall to 500 from now till 2027 I go give up my assets and investments to charity

hapsattaddawus:
Dollar crash, has nothing, absolutely nothing to do with naira redesign.
It has to do with the US policy to check the stock pile of dollars in Africa. Especially Nigeria and South Africa
Stop deceiving yourself.

The Nigerian leaders are very dangerous. Just imagine that charlatan saying that shit.
All countries are allowed to set their currency to any level they want. The thing is that most countries prefer to set their currency in relation to the dollar. Then they must have something backing it. Naira is on free fall because Nigeria does not have SEC anymore. Buhari and APC has spent it all. This time of fuel boost is the time they should be saving to build the SEC back but no. It's spending and spending.
Aboki, what do you expect

This one think say every body na Mumu like am

Lies

Fiscus105:



Is it only "producing" that makes exchange rate skyrocketed? (Hope u know china is heavily producing economy, yet her currency is at high side against dollar)

When they hoard dollars what will happen to naira?


Let me take you back to common and pry six example, when filling stations artificially make Petrol scarce, won't the price of petrol high? Does that means petrol not supply at that particular time?



You guys should stop attacking, attacking and crictisizing everything you read from govt officials

Although China has a trade surplous due to its huge exports, it still buys billions, if not trillions of dollars worth of American treasury bills to achieve a negative ballance of payment with the aim of keeping the value of the Chinese Remnibi or yuan low to discourage imports.

hapsattaddawus:
Dollar crash, has nothing, absolutely nothing to do with naira redesign.
It has to do with the US policy to check the stock pile of dollars in Africa. Especially Nigeria and South Africa
Stop deceiving yourself.

You are a very dull lazy youth. Yamayama fall on that your dull brain there. I really feel so ashamed of the kind of youths we are breeding these days