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Nairaland Forum / Nairaland / General / Business / Do I Need To Sell My Dollars Now? (1380 Views)
Should I Sell My Dollars Now Or Wait? / How Much Can I Exchange My Dollars To Naira / Should I Sell My Dollars To Bdc Or Keep It? (2) (3) (4)
Do I Need To Sell My Dollars Now? by newbornmacho(m): 6:54pm On Oct 29, 2021 |
The cbn has rolled out its much touted e naira programme. And though you could dismiss it as another Nigerian white elephant project, I counsel you to look well before that leap. First, context is everything. This roll-out is not happening in a vacuum. Notably, the Chinese recently started their own e-yuan project test run and that is what should get your attention. The Chinese have not been shy of saying they're trying to bypass US money monopoly by this digital thing . With their e-yuan, peer to peer international payments can be made without passing through the dollar denominated SWIFT international money transfer system. That means US financial sanctions lose their teeth. That means the dollar loses its strangle hold on nations like Iran, Venezuela, Cuba and ....quite honestly everyone ultimately. If this happens, the demand for dollar would plunge and its value would follow suit. Is it a coincidence that the Chinese are trying to open banks in nigeria at the same time that the cbn is starting e-naira? I think not. The Chinese will apply all their pressure to co-opt nations into their digital payment system. Nigerias imports from China will be traded in e- yuan and the dollar will depreciate against the naira. Let's be clear, I lose if that happens, having a significant dollar stash. So I'm not like wishing for it, but this is what my gut tells me. Otherwise why has the naira suddenly appreciated in the past 2 days and is now at 568 as against 575 to the dollar ? I would appreciate better minds commenting on this , let's know if finally the naira is turning the corner and we should all sell off our dollars. 2 Likes 1 Share |
Re: Do I Need To Sell My Dollars Now? by KratosCorp: 7:01pm On Oct 29, 2021 |
The dominance of US dollar as the currency for global trade is more politically driven and sustained than fiscally. 5 Likes 1 Share |
Re: Do I Need To Sell My Dollars Now? by Acjohn(m): 7:10pm On Oct 29, 2021 |
Nigerians killing their currency. When it will fall, many will loose |
Re: Do I Need To Sell My Dollars Now? by newbornmacho(m): 7:19pm On Oct 29, 2021 |
KratosCorp: Agreed. Question is , will they just sit back and allow China upend their dominance?? 2 Likes 1 Share |
Re: Do I Need To Sell My Dollars Now? by newbornmacho(m): 7:20pm On Oct 29, 2021 |
Acjohn: The currency is rather killing Nigerians 2 Likes 1 Share |
Re: Do I Need To Sell My Dollars Now? by Modernizer: 7:25pm On Oct 29, 2021 |
beautiful topic. me sef need answers 1 Like |
Re: Do I Need To Sell My Dollars Now? by lwisee: 7:30pm On Oct 29, 2021 |
It will be a welcome development if we can exchange Naira with Yuan directly. 1 Like |
Re: Do I Need To Sell My Dollars Now? by newbornmacho(m): 7:31pm On Oct 29, 2021 |
lwisee: Looks like what they're cooking up, without telling us. 1 Like |
Re: Do I Need To Sell My Dollars Now? by newbornmacho(m): 7:32pm On Oct 29, 2021 |
lwisee: 1 Like |
Re: Do I Need To Sell My Dollars Now? by tsdarkside(m): 7:33pm On Oct 29, 2021 |
newbornmacho: wetin amelika wan do....?? go to war with china....?? and you think chinese are not aware of that and armin theirselves to the teeth....?? chinese know the past how western nations start wars when you upend their dominance,and are still doing it today in many african nations.... nigeria should learn from china and build up the nigerian army rapidly.... dont demand respect from western nations,make them fear you instead.... they are scared of iran,china....ask yourself why.... 2 Likes |
Re: Do I Need To Sell My Dollars Now? by newbornmacho(m): 7:36pm On Oct 29, 2021 |
tsdarkside: I just feel the greatest nation in history should have an answer to this very obviously serious threat. Though I know the lily livered Democrats and China Joe Biden will let China walk all over the USA 2 Likes 1 Share |
Re: Do I Need To Sell My Dollars Now? by lwisee: 7:41pm On Oct 29, 2021 |
On the contrary if we are able to exchange Naira with Yuan directly,nobody will buy our local produce anymore,we will all prefer imported products from China even if we have it locally made in Nigeria. Companies like Innosson will just fold up. 4 Likes |
Re: Do I Need To Sell My Dollars Now? by tsdarkside(m): 7:42pm On Oct 29, 2021 |
newbornmacho: look....you should have free choice to make business with anybody without needin to go through somebody.... this is what whites actualy did....they organised everything,that anything you do must pass through them.... and they can print themselves into oblivion.... 20trillion dollars debt....what type of nonesense is that....?? when are they going to get finish payin all that back.... 1 Like |
Re: Do I Need To Sell My Dollars Now? by Afamed: 7:43pm On Oct 29, 2021 |
From all indication, the $ in your poccession, you don't have any need for them. Your primary mission Is to create scarcity and sell them at black market. You are definitely one of the problems in the society. 4 Likes 1 Share |
Re: Do I Need To Sell My Dollars Now? by tsdarkside(m): 7:44pm On Oct 29, 2021 |
Afamed: i dont think their is a law against hoardin dollars.... 4 Likes |
Re: Do I Need To Sell My Dollars Now? by newbornmacho(m): 7:50pm On Oct 29, 2021 |
lwisee: Nice perspective. But China must still buy things from us nah...plus government can step in with policies to prevent that 2 Likes 1 Share |
Re: Do I Need To Sell My Dollars Now? by newbornmacho(m): 7:51pm On Oct 29, 2021 |
Afamed: Or maybe I'm protecting my money from Nigeria's runaway inflation and bottomless naira devaluation 2 Likes 1 Share |
Re: Do I Need To Sell My Dollars Now? by Modernizer: 7:54pm On Oct 29, 2021 |
Afamed: So those buying gold, or platinum they intend to sell for a profit are also troubling the society...upside down logic sir 1 Like 1 Share |
Re: Do I Need To Sell My Dollars Now? by newbornmacho(m): 7:55pm On Oct 29, 2021 |
Modernizer: Nice one 1 Like |
Re: Do I Need To Sell My Dollars Now? by HarunaWest(m): 7:57pm On Oct 29, 2021 |
newbornmacho:You protect your money by investing in business ventures or buying shares/stocks from thriving industries. You hoard another country's currency and call that investment. That means you think lile those politicians that would steal our resources and export hard currency to switzerland instead of using such funds to develop our economy. Its Nigerians that are killing Nigeria not the west. 2 Likes |
Re: Do I Need To Sell My Dollars Now? by lwisee: 8:00pm On Oct 29, 2021 |
Guys, I found this on the eNaira design paper on the eNaira website (enaira.gov.ng). Can someone give a better explanation 2 Likes
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Re: Do I Need To Sell My Dollars Now? by newbornmacho(m): 8:00pm On Oct 29, 2021 |
HarunaWest: Currencies are also traded as commodities , so what the f are you saying? 1 Like 1 Share |
Re: Do I Need To Sell My Dollars Now? by Modernizer: 8:02pm On Oct 29, 2021 |
lwisee: theyre likely playing with the chinese playbook as well 1 Like 1 Share |
Re: Do I Need To Sell My Dollars Now? by newbornmacho(m): 8:04pm On Oct 29, 2021 |
lwisee: My hunch was right. They're thinking along the same lines the Chinese. They want to upend the dollar and only China can be giving them that advice 2 Likes 1 Share |
Re: Do I Need To Sell My Dollars Now? by Afamed: 8:05pm On Oct 29, 2021 |
newbornmacho:Your mission is not about protecting your Naira against devaluation but primarily about hoarding the $ and selling at higher exchange rate When tomorrow, you genuinely need the $ and someone sells for you at high rate, you will still be the same to criticize Govt |
Re: Do I Need To Sell My Dollars Now? by newbornmacho(m): 8:06pm On Oct 29, 2021 |
Afamed: So it's now wrong to trade in commodities, is this not forex trading, and why are you against forex trading? 1 Like 1 Share |
Re: Do I Need To Sell My Dollars Now? by Modernizer: 8:08pm On Oct 29, 2021 |
Afamed: Is he doing anything illegal? 1 Like 1 Share |
Re: Do I Need To Sell My Dollars Now? by Afamed: 8:12pm On Oct 29, 2021 |
newbornmacho:It's simple you are one of those creating artificial scarcity thereby creating creating unnecessary high exchange rate. It's called hoarding for commodity you don't need |
Re: Do I Need To Sell My Dollars Now? by Afamed: 8:17pm On Oct 29, 2021 |
Modernizer:Do you still need to ask? Why hoarding a product you don't need thereby creating unnecessary hardship for those who genuinely need it
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Re: Do I Need To Sell My Dollars Now? by joyandfaith: 8:22pm On Oct 29, 2021 |
newbornmacho: As long as US is centre of international trade, dollar will be in force till another world war is fought. If US and his team win the war, dollar remains aa world major currency. 1 Like |
Re: Do I Need To Sell My Dollars Now? by newbornmacho(m): 8:31pm On Oct 29, 2021 |
Afamed: Oga...forex trading is not illegal 1 Like 1 Share |
Re: Do I Need To Sell My Dollars Now? by newbornmacho(m): 8:31pm On Oct 29, 2021 |
joyandfaith: That was seems to have started in cold War format 2 Likes 2 Shares |
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