jedisco:
Regarding devaluation, always held that the 650-700 mark is a point where the average Nigerian begins to lose hope in the currency- A point if not well handled will make things spin out of control.
The government have made multiple interventions at this level over the last 3months. That's why the rapid rise to 830 is concerning but not totally unexpected.

All said, I've traded markets enough to understand the psychology behind certain numbers. When a market rallies to 8.3, it's tends to be a matter of time before it hits 10.

narite:

This present administration just want to make sure they completely ruin things before they leave office. Clearly, this is a sabotage. If I may ask, when this Current regime leaves office; can the Naira still go back to the current bank rate 490-500?

AngelicBeing:
Gbamsulotely, end of thread, the law of retributive justice always holding koboko to flog anyone, government or institutions that violates it, you can't plant maize and expect to reap cassava and you can't keep churning out Oluwole and burukutu economic policies and expect to Reap heavenly results

Labadi69:


The rapid rise to 830 and maybe eventually 1,000 or even 2,000 is because criminals, politicians, looters, kidnappers, terrorists and co are rushing to change the old Naira notes stockpiled in their hideouts to dollars before the deadline to exchange the old Naira notes. It is very artificial.

What Emefiele and co are trying to do is to make all the ill gotten, looted and stolen Naira useless to these criminals and politicians. Hence the mad rush for USD. Kenya did the same not too long ago..

N.b: it may just be part of a grand political agenda to neutralize targeted money bag opponents. Who knows?

jedisco:


Artificial or not, that rate has a direct effect on the livelihood of millions.

When the naira devalued to 450 against the usd, we blamed it on businesses we christened smugglers. Do you really think that folks who stockpiled billions would be affected by this move? Bank managers would personally supply them with the new currency. Alternatively, they change to USD. I wonder if the CBN gave thought to this.

All said, a currency is the representation of an economy

jedisco:


Artificial or not, that rate has a direct effect on the livelihood of millions.

When the naira devalued to 450 against the usd, we blamed it on businesses we christened smugglers. Do you really think that folks who stockpiled billions would be affected by this move? Bank managers would personally supply them with the new currency. Alternatively, they change to USD. I wonder if the CBN gave thought to this.

All said, a currency is the representation of an economy

Labadi69:


Hahaha..wait until there is serious scarcity of dollars and see if you will still see your dollar savings waiting for you there in the dom account..and we are getting there.

Exchange control is actually the first policy the Central Bank enforces in a country that’s in a serious fx crisis. Only a fool converts all his money from Naira to usd and then keeps it all in a dom account.

Even now sef, many times man pikin go enter bank to withdraw dollars and the cashier go say dollar don finish. Come back next week. Or you will see them rationing dollars. Imagine wanting to withdraw money for your child’s school fees and hearing say your life savings dey lockdown?

Didn’t you read where I said ‘to and from your dom account in Naija’. For your mind, you go just think say all these ppl daft sha. Dem never hear about dom account? Hahaha

jedisco:


I doubt... except with redomination.
We're asking of stability now...before we start talking of appreciation.

skydiver01:
Stability will be achieved. Currency appreciation will occur. It is my view that the Naira will appreciate e.g. when the government implements the necessary and steep cuts to its running expenses. Thus reducing borrowing for expenses (civil servant wages) rather than for infrastructure development. Another example is the elimination of fuel (PMS) subsidy. This will happen too.

Labadi69:


It is that scramble by criminals and politicians to change to USD that is the key driver of the sudden fall as never seen before. Read my comment again…

Labadi69:


Abeg how do you investigate in Naira? Just asking for a friend

jedisco:


I hope it does. But hope alone does not run an economy.
My life wouldn't be paused for looters in government to do the right thing. The last 8 years for Nigeria has been that of severe inflation and no growth. If the next 8 years turns out similar, then that'd be about 2 decades wasted.

ositadima1:
Yes USD may rise past 1000 Naira in d short term but in d first or second quarter of next year it will fall to bellow 700 Naira. As u accumulate don't get caught when it u-turns. Dis i have seen.

AngelicBeing:
Hian, if your prophecy fails or fails to come to fruition next year, l will ban your account from Nairaland.com for 20 years

AngelicBeing:
Hian, if your prophecy fails or fails to come to fruition next year, l will ban your account from Nairaland.com for 20 years

ositadima1:


I operate 20 clandestine accounts

skydiver01:
I agree. But, lets remain positive whilst diversifying.

Boyhood:
COPIED..

USA MOVES TO CHECKMATE DOLLAR STOCKPILE IN AFRICA..

Sequel to the just concluded extraordinary meeting held in Washington DC on Nov. 2nd 2022 between the United States Federal Reserve Bank, Office of the Comptroller of Currency, IMF, World-Bank and Governors of Africa's Central Banks, the United States Govt has set date for restriction on acceptable legal tender note of US Dollar which will commence on Jan. 31st 2023.

The restriction implies that any US Dollar note below 2021 printed date will no longer be accepted or be a legal tender anywhere in the world... This effort is to curb billions of illegal monies in dollar bills warehoused around African continent emanating from drug related, terrorism, kidnapping and money from corrupt politicians.

As part of the enforcement of the strict action plan, African central banks will be assigned with a special agent from the Office of the Comptroller of Currency, Administrator of National bank United States of America to checkmate all inflows and outflows of dollar transactions.

The report also has it that US president has also written to British Government and European Union to tour same line and redesign their currencies accordingly to frustrate those with ill-gotten money in US dollar, British Pound Sterling and Euros.

Should this action be implemented come January 2023 as reported, Nigerian corrupt politicians will be worse hit.

Credit..

Routers News.

safesurfer:
Great investors in the building.
I greet you all.

Please what is the minimum amount of money I can invest in treasury bills?

I have 4 million naira and I want to put it there for now.

Am I good to go?

List banks you have account or go to Stanbic.

Also please recommend a bank I can use.

I hope I'm not asking too much.

Thanks.

oluayebenz:


Lol

In decade coming, US won't redesign it currency

Boyhood:
COPIED..

USA MOVES TO CHECKMATE DOLLAR STOCKPILE IN AFRICA..

Sequel to the just concluded extraordinary meeting held in Washington DC on Nov. 2nd 2022 between the United States Federal Reserve Bank, Office of the Comptroller of Currency, IMF, World-Bank and Governors of Africa's Central Banks, the United States Govt has set date for restriction on acceptable legal tender note of US Dollar which will commence on Jan. 31st 2023.

The restriction implies that any US Dollar note below 2021 printed date will no longer be accepted or be a legal tender anywhere in the world... This effort is to curb billions of illegal monies in dollar bills warehoused around African continent emanating from drug related, terrorism, kidnapping and money from corrupt politicians.

As part of the enforcement of the strict action plan, African central banks will be assigned with a special agent from the Office of the Comptroller of Currency, Administrator of National bank United States of America to checkmate all inflows and outflows of dollar transactions.

The report also has it that US president has also written to British Government and European Union to tour same line and redesign their currencies accordingly to frustrate those with ill-gotten money in US dollar, British Pound Sterling and Euros.

Should this action be implemented come January 2023 as reported, Nigerian corrupt politicians will be worse hit.

Credit..

Routers News.

Boyhood:


But Mefi said it's standard practice to redesign notes every 5-8yrs abi US no dey follow standard ni?
Yea, instead of redesigning, it's actually easier to mopup/stop circulation of older notes up to 5yrs back.

just2endowed:

Will this result in excess dollar liquidity in Nigeria and lead to rise of the naira against the dollar?

No wonder cbn governors decide to tour this part. Its like he is aware of this information for few weeks now and decided to follow the same.

December and January is goinf to be very dicey arojnd the world. Oya if u have dollar, this is the best time to sell before the free for all dollar.

Who knows, I might see a cheaper dollar seld

Boyhood:
COPIED..

USA MOVES TO CHECKMATE DOLLAR STOCKPILE IN AFRICA..

Sequel to the just concluded extraordinary meeting held in Washington DC on Nov. 2nd 2022 between the United States Federal Reserve Bank, Office of the Comptroller of Currency, IMF, World-Bank and Governors of Africa's Central Banks, the United States Govt has set date for restriction on acceptable legal tender note of US Dollar which will commence on Jan. 31st 2023.

The restriction implies that any US Dollar note below 2021 printed date will no longer be accepted or be a legal tender anywhere in the world... This effort is to curb billions of illegal monies in dollar bills warehoused around African continent emanating from drug related, terrorism, kidnapping and money from corrupt politicians.

As part of the enforcement of the strict action plan, African central banks will be assigned with a special agent from the Office of the Comptroller of Currency, Administrator of National bank United States of America to checkmate all inflows and outflows of dollar transactions.

The report also has it that US president has also written to British Government and European Union to tour same line and redesign their currencies accordingly to frustrate those with ill-gotten money in US dollar, British Pound Sterling and Euros.

Should this action be implemented come January 2023 as reported, Nigerian corrupt politicians will be worse hit.

Credit..

Routers News.

chigo4u:

Fake

Grupo:


You copied fake news and pasted here.


What would you gain from that?