Stats: 3,189,676 members, 7,938,052 topics. Date: Monday, 02 September 2024 at 04:16 PM |
Nairaland Forum / Nairaland / General / Business / Why Dollar Is Going Down And Naira Appreciating (3309 Views)
1 Dollar Is Now ₦1,070 / Naira Continues Appreciating Against Dollar, Sell At ₦1,100 / How CBN Deliberately Prevents Naira From Appreciating Against Dollar - Sahara R. (2) (3) (4)
Why Dollar Is Going Down And Naira Appreciating by Blueivyp: 9:19am On Nov 11, 2022 |
I read a lot of comment about the impact of naire redesign, I shake my head. Too many people in this country has little knowledge of economic and economy. This is the reason scammers are having field day. The redesign of Naira has no major impact on the economy. Yes! It has little impact in the sense that much naira will be in the system for business transactions but it will add not value to our economy or money. The reason naira is gaining against dollar at the moment is the news from the United States of America that they will phase out dollars minted before 2011. According to the news, much of the US dollars are outside the shores of America and they are not in circulation. That means, they have been kept in out of circulation as savings. Implications is that US prints money with their money. Other countries buys them with their worthless money and keep the dollar. US keep spending money printing more money. So, the US wants to go digital. With 80% of their money in digital form, they will be less printing of dollars. The US is facing out all dollars minted before 2011. So anyone who has saved any dollar minted before 2011 must bring it out now or loose his money. This is the reason there is too much dollar in circulation. And because no one wants to have the dollar that will be phased out stocked in his hands. There are less buyers of such dollar. Supply is greater than demand Price must drop. By December, if government of Nigeria has sense dollar can drop to 200 naira. 12 Likes 1 Share |
Re: Why Dollar Is Going Down And Naira Appreciating by Softmirror: 9:19am On Nov 11, 2022 |
![]() |
Re: Why Dollar Is Going Down And Naira Appreciating by Acidosis(m): 9:23am On Nov 11, 2022 |
You're using fake news to debunk a fake narrative. You all are the same. Make una dey try dey watch business news and reports. My recommendation would be Channels' 'Business Morning' from 10-11am weekdays. If you do this consistently for 6 months, you'll know better. The useless news you're citing here is so fake that even Nairaland moderators didn't bother putting on the frontpage. Even the worst of the worst traditional media outlets in the world did not publish that report. An apprentice writer cum blogger sat in one corner of his 2-by-2 self-con in Ojuelegba and decided to come up with a non existing news from absolutely nowhere. And FYI, dollar is "not going down." The value of the Naira has simply gone back to where it used to be before the CBN, through the announcement, caused panic buying. 30 Likes 3 Shares |
Re: Why Dollar Is Going Down And Naira Appreciating by Donwilson88: 9:24am On Nov 11, 2022 |
.... |
Re: Why Dollar Is Going Down And Naira Appreciating by jumper524(m): 9:25am On Nov 11, 2022 |
Mr man let me inform you that the US policy is fake News. https://www.thecable.ng/fact-check-no-united-states-will-not-reject-old-dollar-notes-from-jan-2023/amp Secondly the redisignimg of the Naira note would have huge impact as a corrupt economy like Nigeria with enough stashed currency would be exposed and money would circulate. Once money circulates, economy brightens. That was why I was urging the cbn to print more cash in order to cover up for those stashed currency. I think they took a better option. 7 Likes |
Re: Why Dollar Is Going Down And Naira Appreciating by Rebelutionary: 9:29am On Nov 11, 2022 |
Acidosis:Just my thought...@blueivyp the word is "phase" not face biko! 2 Likes 1 Share |
Re: Why Dollar Is Going Down And Naira Appreciating by Nobody: 9:30am On Nov 11, 2022 |
Blueivyp: |
Re: Why Dollar Is Going Down And Naira Appreciating by Acidosis(m): 9:32am On Nov 11, 2022 |
Blueivyp: What happens when people know the truth? Speculations don't strengthen currencies. Speculation is why the exchange rate went as high as 890 last week. Speculation is why it is back to where it is meant to be today. In other words, speculations (a.k.a Ponzi scheme) cannot take the place of a productive economy. 12 Likes |
Re: Why Dollar Is Going Down And Naira Appreciating by joyandfaith: 9:37am On Nov 11, 2022 |
Blueivyp: US is not phasing out any dollar minted before any year. Yes. US would print less money as part of newcdemonetization policy. CBN policy on new naira notes causes panic deposits and demand for dollar. Efcc raided BDC and now monitoring them actively. Demand for dollar has reduced. By early next year, dollar would crash further as politicians need naira to induce voters. 9 Likes |
Re: Why Dollar Is Going Down And Naira Appreciating by Acidosis(m): 9:44am On Nov 11, 2022 |
Blueivyp: The fact is that the US will NEVER make that announcement under any circumstance or event. Speculators are too aware to think along that line. See this: "..all designs of Federal Reserve notes remain legal tender, or legally valid for payments, regardless of when they were issued. This policy includes all denominations of Federal Reserve notes, from 1914 to present as per 31 U.S.C. § 5103." https://www.uscurrency.gov/acceptance-and-use-older-design-federal-reserve-notes If the Federal Reserve wants to phase out any note, there would no need for any major announcement. It's a matter of taking the older notes from the banks and issuing new ones. The same way the CBN churns out 2021 notes to replace older and battered ones. It is easier for Nigeria to make that misinformed announcement than the U.S. But even at that, the CBN has warned banks and BDC people severally in the past never to reject any dollar note, whether new or old. 7 Likes |
Re: Why Dollar Is Going Down And Naira Appreciating by Nobody: 9:48am On Nov 11, 2022 |
joyandfaith: |
Re: Why Dollar Is Going Down And Naira Appreciating by joyandfaith: 9:51am On Nov 11, 2022 |
[quote author=Kobonaire234 post=118298923][/quote] Thank you. |
Re: Why Dollar Is Going Down And Naira Appreciating by AfahaAbia(m): 9:57am On Nov 11, 2022 |
The most annoying part is that I can't withdraw more than $200 from my dorm account. I'm just so angry |
Re: Why Dollar Is Going Down And Naira Appreciating by Kobicove(m): 1:10pm On Nov 11, 2022 |
AfahaAbia: Are you serious? Is this true? ![]() |
Re: Why Dollar Is Going Down And Naira Appreciating by Nbote(m): 1:50pm On Nov 11, 2022 |
Acidosis: You are one of the very few who are being reasonable. The announcement by CBN led to the elites (politicians and their cronies) scrambling for forex and offering to pay over the top to convert their naira stash. High demand led to the naira further sliding against all major foreign currencies. The hike was artificial 4 Likes |
Re: Why Dollar Is Going Down And Naira Appreciating by ModCaller: 4:47pm On Nov 11, 2022 |
Actually, USD has been crashing worldwide for some days now. Check the charts. Even Euro is back on top of USD now. However, I don't think that's why USD price went down in Nigeria. Nigeria's Forex market is not affected by global financial realities. We have a pseudo forex market in Nigeria. |
Re: Why Dollar Is Going Down And Naira Appreciating by Parachoko: 5:44pm On Nov 11, 2022 |
Blueivyp:Do you have an evidence to back up what you write up there? Show evidence the USA wants to phase out dollar that were printed before 2012 1 Like |
Re: Why Dollar Is Going Down And Naira Appreciating by Parachoko: 8:17pm On Nov 11, 2022 |
Blueivyp:You said that "The USA wants to phase out US dollars that was printed before 2012" That's what I need a source for There must be somewhere you see am,cause nah the first time I go hear am be this |
Re: Why Dollar Is Going Down And Naira Appreciating by AfahaAbia(m): 9:46pm On Nov 11, 2022 |
Kobicove: Yes I have a dorm account with GTB. But for were, you aren't allowed to withdraw more than $200 |
Re: Why Dollar Is Going Down And Naira Appreciating by MrPADDY(m): 9:59pm On Nov 11, 2022 |
AfahaAbia:If you have a dollar MasterCard linked to the domiciliary account, check contact in my signature for guide to withdraw your desired amount from the domiciliary account. |
(1) (Reply)
Ondo To Establish Sugarcane Plantations / Start A Home Based Business With =n=70,000 / Giveaway: Lynda.com Premium Account
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 50 |