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Naira Redesign: Dollar May Crash To N200 – EFCC Chairman by Eriokanmi: 11:36am On Nov 16, 2022 |
The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said the dollar might drop to ₦200 after the redesigning of naira.… Bawa stated this in an interview with Deutsche Welle (DW) Hausa service, saying President Muhammadu Buhari did well to approve the redesigning He said, “The law says the redesigning of Naira notes should be done every eight years but we spent 20 years without any changes on them. And that resulted to 85 per cent of money are in circulation not in banks, when CBN came up with this redesigning, dollar moved to 880 and later dropped to 680 or thereabouts. “So you see with this redesigning dollar may massively fall, who knows probably to ₦200.” The EFCC chair also said there is no any political motive behind the idea and called on Nigerians to report any person with siphoned monies. “There is no political motive in this; some people siphoned and hid public funds that is why we want them to bring them out and nobody says they should not bring them, what government says is let them deposit such money in banks. “We assure Nigerians that we are always ready to receive reports of any person with suspicious hidden money and if investigated to be true, we will give 5 per cent of the money to them,” he added. https://dailytrust.com/naira-redesign-dollar-may-crash-to-n200-efcc-chairman
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Re: Naira Redesign: Dollar May Crash To N200 – EFCC Chairman by Moh247: 11:39am On Nov 16, 2022 |
Not only dollars.. real estate market is seeing a sudden boom, same as luxury cars CBN must introduce expiry date to all naira notes Nobody should be allowed to own a domiciliary account in Nigeria except multinational companies |
Re: Naira Redesign: Dollar May Crash To N200 – EFCC Chairman by slivertongue: 11:39am On Nov 16, 2022 |
Story story |
Re: Naira Redesign: Dollar May Crash To N200 – EFCC Chairman by BaddestQueen(f): 11:41am On Nov 16, 2022 |
Moh247:trash 4 Likes |
Re: Naira Redesign: Dollar May Crash To N200 – EFCC Chairman by Weirdcamila: 11:43am On Nov 16, 2022 |
I think it’s possible , I saw somewhere someone exchanged 500k$ cash . Imagine bringing out such amount and nobody is willing to buy it , dollar will lose value. Price /value is determined by the forces of demand and supply . |
Re: Naira Redesign: Dollar May Crash To N200 – EFCC Chairman by Eriokanmi: 11:57am On Nov 16, 2022 |
Weirdcamila:The CBN knows what it's been doing all along by mopping up dollars from circulation and asking banks not to sell. There was a day I needed just 500 dollar and my bank said its not available. A whole branch oo, just 500usd. A few minutes later someone came to deposit 1k and I approached them at the counter. Guess what they said?...some people had been on queue before you came sir . Truly I saw them standing up from their seat. I eventually got only 300usd. They even mixed the denominations sef, 50usd and 100usd. Imagine. |
Re: Naira Redesign: Dollar May Crash To N200 – EFCC Chairman by Zonefree(m): 12:15pm On Nov 16, 2022 |
Moh247:@bolded. Really? Is it that you guys don't use your head before typing 2 Likes |
Re: Naira Redesign: Dollar May Crash To N200 – EFCC Chairman by Eriokanmi: 12:25pm On Nov 16, 2022 |
Moh247:That policy can't work bro. What of those transacting business across the border? |
Re: Naira Redesign: Dollar May Crash To N200 – EFCC Chairman by Moh247: 12:33pm On Nov 16, 2022 |
Zonefree: If you used your own head and understand the principle of currency velocity in Economics then you won't even ask such stupid questions |
Re: Naira Redesign: Dollar May Crash To N200 – EFCC Chairman by BaddestQueen(f): 12:36pm On Nov 16, 2022 |
Moh247:God bless his excellency president Peter Obi GCFR |
Re: Naira Redesign: Dollar May Crash To N200 – EFCC Chairman by Moh247: 12:40pm On Nov 16, 2022 |
Eriokanmi: Do you know Nigeria has 20 to 30 billion USD just sitting in bank domiciliary accounts of few Nigerians at any given time yet we have forex scarcity In UK as much as you can transact with USD especially cities like London, no bank deposits any currency without changing it to Pounds, same as US banks and that of UAE People with business accross the border can approach BDC or CBN specifically when they need forex rather than hoard it Just imagine pumping 30 billion USD held in Dorm account into the economy how Forex would go bearish |
Re: Naira Redesign: Dollar May Crash To N200 – EFCC Chairman by BaddestQueen(f): 12:55pm On Nov 16, 2022 |
Moh247:trash |
Re: Naira Redesign: Dollar May Crash To N200 – EFCC Chairman by Eriokanmi: 1:04pm On Nov 16, 2022 |
Moh247:I undestand your point but everybody can't keep going to cbn each time. Moreover, those 2 currencies you mentioned, including euro and yuan are valid for international trade. Naira isn't. This is another reason a domiciliary account will always be needed. What I expect the cbn to do is, formulating some conditions guiding operation of domiciliary account...if the money stays in your account for more than say, 6 months, you'd forfeit it once the account becomes dormant. I doubt they'd do this cos the government officials benefit even more by operating the domiciliary account |
Re: Naira Redesign: Dollar May Crash To N200 – EFCC Chairman by Kobicove(m): 1:59pm On Nov 16, 2022 |
Nonsense talk! The only way the value of the Naira can be improved and sustained is if Nigeria increases exports so as to earn more forex |
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