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Nairaland Forum / Nairaland / General / Business / Naira Maintains Steady Falls As Speculators Scoop Dollars (29493 Views)
Naira Eyes N1,300/$ At Parallel Market As Speculators Offload FX / Banks Dollar Sale Falls As Naira Weakens To 1,479/Dollar / Naira Crashes To 1,030/$ As Speculators React (2) (3) (4)
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Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by tctrills: 10:54am On Apr 27 |
theredaddy:You have a reading problem. These countries are the greatest buyers of dollars. Japan does not have a trade surplus. The UK has a trade deficit yet it holds over 700 billion of US securities. Your education has a long way to go. I sent you a link that shows you countries buying US bonds. What do you think it means to buy US bond if not converting your currency to dollars or do you think US bonds are sold in Naira? Here is the report on Japan's trade deficit yet it is the biggest holder of US bonds. Really your education has a long way to go. TOKYO (AP) β Japan recorded a trade deficit for the third straight fiscal year as the costs of energy and other imports rose and the yen remained weak. The deficit was 5.89 trillion yen ($38 billion) for the fiscal year that ended in March, according to Finance Ministry data released Wednesday.Apr 16, 2024 |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by tctrills: 10:56am On Apr 27 |
2tpick:theredaddy is just another out of school statistics. Unfortunately he has a phone and an internet connection. |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by lordm(m): 11:08am On Apr 27 |
owem19:Can't you have a civil conversation without insulting people? 1 Like |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by theredaddy: 11:35am On Apr 27 |
tctrills: I will try to make to be as Brief as possible, Us securities bond is among the safest investments on earth, its the most sorted currency in the world Not just Uk, even china buy US bond as a long term investment .. emphasis on "investment" My standing POV is, there is a disparity between what Nigerians do with dollar and what Uk/China as a country do with dollar ... Do you agree ?? Lets be clear what the arguement it, buying to hoard dollar is not the same as buying US bonds .. True or false |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by tctrills: 11:43am On Apr 27 |
theredaddy:So you know the dollar is the most sort after currency in the world so why did you write all those nonsense in the first place if your goal was not to deceive? It's not like you have any proof that Nigerians seek the dollar more then people from other countries but let's say you are right, are their currencies as unstable as ours? Is it wise to save in an unstable currency? Please stop blaming Nigerians. Your government has turned your currency to shit yet you don't want the people to seek out alternatives. I think it's evil of you to intentionally advise people to invest in a dying currency. When your government fixes the naira, no would would need to be told to invest in Naira. One more thing, buying to hoard dollar is done for the very same reason people buy US bonds. It's done because you trust the dollar and the US economy. And it's both a savings and an investment. It's a much better way to protect your savings that leaving it as Naira. Are you saying that you prefer Nigerians to buy dollar bonds rather than hoarding dollar? Would this have a different impact on the economy? 1 Like |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by redsun(m): 12:31pm On Apr 27 |
How on earth can the currency of a country without electricity and pipe borne water in the 21st century compete with the almighty dollar? The government should channel the hard earned resources into providing the basics for the country to work it's way out of the dark age. Worrying about naira's internationally status should be the least on the government agenda at this point in time where the people chronically lack the basics. 2 Likes 1 Share |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by ELKHALIFAISIS(m): 1:00pm On Apr 27 |
May it remain like that till May 1st make I get salary first before the artificial falling down... 4k USD x 1500 = 6m naira.. who say abroad no good πΏπ π 1 Like |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by PARADIZEPRIEST: 1:11pm On Apr 27 |
CBN STOP GIVING BDCS DOLLARS,STOP THIS NOW ![]() |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by theredaddy: 1:13pm On Apr 27 |
tctrills: Don't patronize me bro ! i asked you very simple question that could have thrown more light into whatever the arguement is about Whether america is the most sorted currency in the world or not, Buying dollar to hoard or resell is not the same as Buying security bonds. Now you said the should 1st fix the naira, simple analog.. if i am cleaning up the house and my children are following behind with mud in their hands rubbing it on the floor & walls won't it be a endless cycle But imagine as i am cleaning my children join with mopper to wipe behind me .. common sense You can never see a chinese, british or japanese buying dollar to keep at home or resell ... these is an indication Nigerians are sick |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by PARADIZEPRIEST: 1:13pm On Apr 27 |
PARADIZEPRIEST:how can CBN give bdcs dollars at N1024/$ on thursday last week and now they sell for N1300/$ WHICH COUNTRY DEY HAWK DOLLARS LIKE CRAYFISH? THIS IS ABSURD ANIMAL BEHAVIOUR and racketeer evil works, ![]() |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by Dcass(f): 1:47pm On Apr 27 |
NemoDatQuod:good day sir |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by InvertedHammer: 2:42pm On Apr 27 |
/ Japanese yen reached all time low against US dollars since 1990. Japan is very notorious in interventions and defending their currency when it suits them. But in all, yen keeps falling. I mentioned that Tinubu and Cardoso would fail in their attempt at defending naira with foreign reserves. When I gave the timeline for continued depreciation of naira two weeks ago, a smart Alec came out swinging. How did I know? Simple. But that will be a discussion for another day because it will be a waste of information on many of you ![]() Devaluation of currency favours exporting countries. US always blames China for currency manipulation. Japan is benefitting heavily from the devaluation of yen. What is Nigeria benefitting from naira devaluation? Nigeria doesn't produce anything. Everyone is on buy buy buy mode. Even something as simple as molding blocks, Nigerians won't do it right. When they try to produce, they concentrate in making fake ones like medications and liquor that they cannot export. Nigerian problems are multi-faceted. I don't think there is anything the FG or anyone can do. The National orientation in the last 40 years is built on a faulty and shaky foundation. Most TikTok videos from Nigeria are about dancing and comedy skits--nothing intellectually challenging gets high views. What is the highest export from Nigeria? Online insults--sadly it cannot be monetized. If no be say I be better person, I will say that the country is cursed. / 2 Likes 1 Share |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by Fujiyama: 2:46pm On Apr 27 |
Babalegba: ^^^ No. The two scenarios are dissimilar. In scenario 1, according to you, regular individuals loudly and stridently accused the government of running down fx reserves in an attempt to defend the Naira...the noise was so loud that Cardoso was forced to deny their claims...only for the markets to react violently to Cardoso's denials. ![]() I repeat - there is a problem when a central bank governor's denial (of the claims of ordinary Mr. Wazobia on the street) spooks the markets instead of calming them. Who is running the country's monetary policy - Cardoso or the 'Obidients' you referred to? ![]() There is a significant difference between scenario 1 above and your second scenario which talks about negative market reactions to a fund manager's indifference (to the safety of investors funds). They are definitely not the same thing and they are not analogous! Does a 'unification' of exchange rates imply a managed float? ![]() Babalegba: ^^^ ![]() You are very angry with Nigerian adults. Why? |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by tctrills: 4:08pm On Apr 27 |
theredaddy:No need to continue this discussion. Have fun |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by theredaddy: 5:50pm On Apr 27 |
tctrills: educating you was fun |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by blueAgent(m): 6:13pm On Apr 27 |
Alexis11: How? 1 Like 1 Share |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by blueAgent(m): 6:17pm On Apr 27 |
idahme: You don see am now ![]() ![]() Tell why we would not remain a 3rd world country? |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by kenlash1(m): 6:17pm On Apr 27 |
[quote author=Elzazzi post=129653572] ![]() ] What Is it with this naira/dollar debacle. Isn't naira our currency ![]() Ask Cardi B |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by blueAgent(m): 6:20pm On Apr 27 |
theredaddy: Jargon... Who stock more dollar and used it to buy his way into power than your god and Messiah, Tinubu? 1 Like 1 Share |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by theredaddy: 6:42pm On Apr 27 |
blueAgent: Who send you to define jargons ![]() |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by Ilekokonit: 9:56pm On Apr 27 |
redsun: I tire for the cash and carry Lootocrats o. They think that a Country's currency can be shored up by brute force especially when that country is being run by unpatriotic and greedy criminals and a commander in thief with a drug past and a sordid present. |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by tctrills: 12:19am On Apr 28 |
theredaddy:Your ignorance was not funny to me and your dishonesty was a shame. Anyway have a great life. |
Re: Naira Maintains Steady Falls As Speculators Scoop Dollars by overseasnbeyond: 3:17pm On Jul 03 |
Thanks, I fixed that long time ago payaseriy: |
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