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Nairaland Forum / Nairaland / General / Politics / Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 (11911 Views)
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Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by aribisala0(m): 12:52pm On Jan 18, 2022 |
baralatie:Ok Please stop quoting me if you don't mind Thanks |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by PencilBox: 12:53pm On Jan 18, 2022 |
For just 3weeks into the new year? |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by Nobody: 12:57pm On Jan 18, 2022 |
baralatie: It is an organic outcome of a depressed economy with high value differential between local economy and foreign fiat. The budget on Cyber security will be increased and seems to work better than blacklisting since it's not a macro economic impasse. |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by baralatie(m): 1:03pm On Jan 18, 2022 |
Saturn444:Already the budget on cyber security from USA,euro and china is more than Nigeria's budget! They will get more people employed They will be become more sophisticated in technology and bring out new products but for a blacklisted economy like what you are suggesting Nigeria should get.itself into a second time It is more unemployment,inflation rate in triple digits,crime,and every bad thing it can find examples of countries are Venezuela,Zimbabwe,Iran. .let us forget different kind of special ops from these countries into Nigeria without reckon |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by Raph82(m): 1:05pm On Jan 18, 2022 |
aribisala0:I see sense in your analysis, there should be better explanation by the handlers of this economy, not everyone will understand all these fundamental news that's not self-explanatory. The media too won't help matter in their reportage. |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by ojophilip(m): 1:10pm On Jan 18, 2022 |
Please how will they select the defenders? I believe I have viable defending skills 1 Like |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by skywalker240(m): 1:12pm On Jan 18, 2022 |
nairavsdollars:What do you expect? Asking a dullard to remove another dullard is weird Dullard begat dullard |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by ofiko123(m): 1:13pm On Jan 18, 2022 |
Will this still solve the country's problem.?? |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by Hollyharjii: 1:15pm On Jan 18, 2022 |
Another means to loot ahead of 2023 election |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by Nobody: 1:15pm On Jan 18, 2022 |
baralatie: Not really a national economic policy recommendation but an intrinsic reaction of individuals who understand the instant financial gain associated with the cash flow. With the remote p2p and b2b connectivity provided by low latency and high bandwidth support services. A con mind designs what to do with a loaded gun. I am forced to assume that high moral standards and cyber security is the control and not national blacklizt threat. |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by Cognitivereason: 1:16pm On Jan 18, 2022 |
Coolsperm: Thunder fire you |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by aribisala0(m): 1:19pm On Jan 18, 2022 |
Raph82:Citizens have a duty to inform themselves Fundamentally the CBN is a bank It is not the government People need to grasp that basic issue The next issue is that the CBN has assets and liabilities (.debts). The Naira is a debt of the CBN and its value is based on confidence that it will retain value. When people put money in a bank they believe they will get it whenever they want it. Confidence is largely emotional If people hear Zenith is in trouble tomorrow you will see a queue of people outside the bank wanting to withdraw their savings If everybody that turns up is able to withdraw after a while confidence is restored With central banks the equivalent situation is people try to exit the Naira by putting ther savings in other assets . This is called A RUN if it happens on a large scale . The CBN restres confidence by making dollars available to whoever wants to buy. As long as people are able to change whenever they want confidence is restored . So to keep that confidence the CBN sells dollars to "DEFEND" the naira. Its capacity to do this is not unlimited and so this defence may fail if major investors decide to withdraw from the naira. Now the question of $8 billion is misleading. The actual amount used to "defend" is not determined a priori and is not a line in the CBN budget or an "expense". It depends on what happens with demand for dollars during the year and is likely to be many times more than $8 billion Essentially the Naira is just a promissory note of the CBN If the CBN has no assets; no gold no dollars etc then the naira is just paper When paper money first emerged many banks issued such promissory notes which were all seen as "money". It is worth noting that the US central Bank "The Federal Reserve" is NOT OWNED by the US government 1 Like |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by baralatie(m): 1:33pm On Jan 18, 2022 |
Saturn444:You should explain all these to north Korea,Zimbabwe,Venezuela,Iran who are been dealt with.russia is about to join that list and they are brewing fire! You Nigeria want to brew what again! Your case was simple the first time The second time it will be as easy as 1,2,3 |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by Ofadaman(m): 1:49pm On Jan 18, 2022 |
Defender of the universe |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by baralatie(m): 1:50pm On Jan 18, 2022 |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by MOTOPARK: 1:52pm On Jan 18, 2022 |
wiringdpt:very pathetic indeed,it’s also laughable seeing mature mind making cajol of themselves. |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by blesdman(m): 2:04pm On Jan 18, 2022 |
It is clear Buhari wants to finish the country before leaving. So many discordant tunes. We go survive |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by omohayek: 2:12pm On Jan 18, 2022 |
Coolsperm:30 other animals gave this worthless piece of bile a "like", and yet they are the very same hate-filled cretins who spend all day whining about how all other Nigerians seem to hate them out of "envy" or simply "for no reason" ... 2 Likes |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by daddytime(m): 2:22pm On Jan 18, 2022 |
baralatie: Lol |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by whippersnapper(m): 2:28pm On Jan 18, 2022 |
Defend the naira against who. Chai This country. Just dey spend money anyhow |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by wfjimmytobby(m): 2:42pm On Jan 18, 2022 |
It won’t be well with una |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by gaskiyamagana: 2:53pm On Jan 18, 2022 |
Coolsperm:Yorubapysiatric combined plus together mixture with projesusweed. |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by endallinfection: 4:38pm On Jan 18, 2022 |
I dont understand |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by smartilicious: 5:15pm On Jan 18, 2022 |
Please someone should explain it better for me |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by Emmyblessed1: 6:30pm On Jan 18, 2022 |
I don’t understand , is it that they plan to remove from the gross external reserves without at least putting something back? If this was how other past governments were removing without putting in something, would they (current govt) have have met anything in the external reserves? |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by DMerciful(m): 7:04pm On Jan 18, 2022 |
BTW Emeifile and Bubu, who is the dvllard? nairavsdollars: |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by aribisala0(m): 7:06pm On Jan 18, 2022 |
Emmyblessed1:What are external reserves? |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by einsteine(m): 2:10am On Jan 19, 2022 |
Why not channel that into investment in industries that can generate export earnings or at the very least import substitution for industries Nigeria has a comparative advantage (not rice farming)? Such a waste of money. This is as good as Emefiele calling round trippers and saying "Hey, I have got some money for you guys, get your accounts ready." 1 Like |
Re: Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 by Dagelv: 10:19am On Jan 20, 2022 |
Well, I guess it's quite right solution, because sometimes paricular areas might have serious issues, I mean financial ones of course, and the government, working together with financial institutions have to find the ways out. The central bank is one of the main regulators of the whole financial operations in the country, that's why it has decided to allocate particular sum of money in orderto send it to the areas, where financial instability grows. There are no better options actually in such situations. The main here is to distribute this money correctly and exclude possible unpleasant consequence of distribution. |
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