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Nairaland Forum / Nairaland / General / Business / Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window (18453 Views)
Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market / Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window / Forex Transactions On Investors & Exporters Window Hit $7.62bn (2) (3) (4)
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Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by routed: 10:48pm On Jun 21, 2023 |
docsholz:You're most welcome my brother. We need pray for our nation, look out to constructively critics the government, and be at the doorsteps of opportunities in an evolving economy like ours. |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by slymansun: 10:49pm On Jun 21, 2023 |
routed: Just be there speaking grammar and be deceiving yourself with your biased and fixated mindset. By the time you realize what Tinubu is doing to your destiny, you will come back here and confess your folly in believing that Tinubu is working for your good. Why is Tinubu increasing his salary by 114%? What measures has he put in place to cushion the effect of his stupid policies so far on Nigerians? 1 Like |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by Tianamen1: 10:50pm On Jun 21, 2023 |
Curvinus: I replied that comment |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by routed: 10:51pm On Jun 21, 2023 |
Tianamen1:Thanks for this beautiful contribution. Everything is on the table to tame the untamed, this government is not joking. The road will be rough, by God's grace we'll come out victorious. |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by routed: 10:57pm On Jun 21, 2023 |
slymansun:We are looking out to constructively critics the government or its policies. Tinubu has no holding on my destiny, it's God's, I follow the market and economic outlook in my business decisions. If I can fault the horrendous economic decisions of Buhari and still come out a winner as a business person, I'll not let the present economic masterstrokes pass me by. Brother, people are bleeding and getting poorer in the country in truth. We can't fold our arms and do nothing but only to take the easy ways. Seriously, to reverse our fortune we need strengthen our monetary and fiscal policies in a way to uplift the Nigerian masses. |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by hopexter(m): 10:58pm On Jun 21, 2023 |
: hey Bringbackmandat: We’ll renew suffer for your household |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by sholay4star: 11:10pm On Jun 21, 2023 |
Una eyes go soon clear. |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by hush15: 11:16pm On Jun 21, 2023 |
drlaykay: That you think dollar will go down on the long run, you joking. The only way for dollar to go down and naira rise is when exports exceed imports and thats what Obi promised. These policies that Tinubu passed as good as they are is at the wrong timing. It shows lack of strategic thinking and just want people to accept him cos he is fully aware of his illegitimacy. For each policy direction so far, he didn’t even wait to see the impact before executing another. Just lumped it all together, rolled it out, let the people do the worrying while he figures how to keep his presidency. We are watching… |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by 080bjaked(m): 11:24pm On Jun 21, 2023 |
Seun is laundering image. Whole 7naira drop nha slightly? |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by GreyLaw(m): 11:26pm On Jun 21, 2023 |
datola: Please read what you wrote before posting! A strong home currency is good for an importing country!! Stop mixing economics wrongly. |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by GreyLaw(m): 11:30pm On Jun 21, 2023 |
pquaver: Says someone who voted Buhari twice! Yeye. |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by GreyLaw(m): 11:45pm On Jun 21, 2023 |
Tianamen1: I thought you had even a faint idea of what you were saying, but didn't. That guy is correct: you cannot tax your way out of an economic crisis. You proposed tax on phones because they aren't necessary. In which world are phones unnecessary. Nigerians use the worst or cars in the world. Nigerians cannot afford new cars. Yet people say Nigerians like effizy. People wey never chop belle full na them like effizzy? |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by CodeTemplar: 12:12am On Jun 22, 2023 |
grandstar:On the contrary, it would be disastrous to do that. Every tom dick and harry will go there to queue for dollar and when demand surpasses supply, you know what it means for prices. The sensible strategy for turning a weakened Naira into economic fortune is production(I mean a local and robust one that's aggressively competitive). The weakened Naira was suppose to make imported goods more expensive and spur local production. Local production then creates excess supply against local demand until prices fall below foreign alternatives and that triggers a room for export. But in all of these, local production is always a mirage because we tend to just rationalize on the pages of Nairaland and media and not create the conditions for it. Didn't you read how bandits inditectly closed the second largest rice farm in Nigeria some weeks ago? What do you think will be the story of rice production and price locally? That's why I laugh at Tinubu's corporate man approach to economics. Squeeze the people and reward the inefficient leaders with jumbo pay. It won't work. Removing subsidy around planting season should have gone hand in hand with fertilizer delivery to strategic large farms in exchange for demands to expand and support smaller farmers in their trade associations. This can increase food production significantly enough to combat some hunger. They are hounding the man who featured most prominently in anchor borrowers scheme instead of tapping his useful ideas before mildly persecuting him. The demand for naira remains so high because people are being extorted for being productive. Agbero will extort a bus full of workers. A jobless man who should have a record of misdemeanor with police and be compelled to learn trades of face jail time is what is discouraging productive people and we are here rationalizing economic jargons. 1 Like |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by CodeTemplar: 12:17am On Jun 22, 2023 |
080bjaked:I tell you..I noticed Nairaland was giving the new govt some support early on but thought it was just to help create enabling environment for the govt to win peoples heart and zeal for Nigeria. In all the three major policies of petrol, education and forex, when I post my sceptical stuffs, they ban me with bots and hidethe posts. Seun is missing it. You can hive support in a careful manner. 1 Like |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by Tianamen1: 12:30am On Jun 22, 2023 |
GreyLaw: I dey take God beg you, no dey say pesin no fit use tax moni comot for crisis. That sentence blocks your mind from grasping a simple solution. Phones are necessary. Iphones are not necessary. Place small taxes on Chinese-made phones and massive taxes on the more expensive iPhones and Samsungs. Nigerians are not productive enough to be able to afford new cars. If a family has more than 2 cars, huge taxes should be charged on the third car. My idea is simply to reduce imports so the Naira appreciates in value. When Davido and Dino Malaye buy exotic cars, they make petrol and electricity more expensive for all Nigerians. This is introductory Macroeconomics. |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by grandstar(m): 12:44am On Jun 22, 2023 |
CodeTemplar: First and foremost, imports aren't bad for you. The so-called frivolous imports creates jobs and livelihoods for millions of Nigerians. Next, a weak Naira isn't enough to spur exports. Dangote said something which was very insightful: "how can you expect agriculture to flourish when commercial loans are at 20%?" The high cost of credit is the biggest deterrent to exportation. What exporters have always focused on are the low hanging fruits such as export of agricultural produce and minerals in their raw form, unprocessed. The higher hanging fruits such as finished products are ignored. AMCON has been seizing lots of companies assets as they default on their loans. Several are blue chip companies and it is unfortunate. That's why many businessmen prefer to focus on trading which can service the loans they take. Until lending rates go below 10%, don't expext much miracles except exports are led through Foreign Direct Investments. China used this approach in its early days when it opened up its economy in the late 1970s upwards to turn their economy around. Massive FTZ will have to be built and foreign manufacturers canvased for to set up shop in these zones. 1 Like |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by CodeTemplar: 12:47am On Jun 22, 2023 |
Seun:So many people do and when we all run into it, demands outstrip supply, then prices adjusts accordingly. Weaker naira emerges. I was surprised people blamed emefiele. Nigeria is like the kingdom of God in a way where bad behaviour can override the memory and record of your good ones..emefiele changed and we condemned all his good policies when he wasn't yet partisan.. |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by CodeTemplar: 1:09am On Jun 22, 2023 |
grandstar:i get the strong feeling you are trying too hard to win this discussion as a debate and in so doing, are bandying irrelevent facts. Your first paragraph is flawed. Importation has employments it generates but local production generates additional jobs. Corruption also generates jobs too but fewer job and economic impact. We import powdered milk and rebag in industries but what about the additional jobs milk production from cow stage to powder stage entails? They are lost to foreigners. Import generates few jobs. The second largest rice farm in Nigeria closed due to insecurity and not lack of low interest loans to farm or buy guns or employ escorts. You samples an excuse that's valid yet irrelant to the discussion. The other paragraphs are explanation of paragraph two so let me also expand mine a little. Interest is.one factor but there are other factors that will negate low interest advantage in agriculture. Factors like insecurity, bad storage, glut, disease etc. The job of the govt goes beyond making soft policies and extents unto confronting real life challenges as well as lowering entry bar into critical sectors of economy. Where is the low cost power for industries to produce like their western counterparts? You mean I should take low interest to generate wasteful power, pay private security, agberos, corrupt officials of govt and then magically still break even(make profit) because I used a low interest loan to start? That excuse is real but out of context here sir. 2 Likes |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by Tianamen1: 1:30am On Jun 22, 2023 |
CodeTemplar: To add to your points, the way to get low cost power is through economies of scale. That is the more people can afford to pay for power, the cheaper it gets for everyone. This is only possible if our exchange rate is managed properly. |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by CodeTemplar: 1:35am On Jun 22, 2023 |
Tianamen1:Oga economy of scale i know is different from you wrote o. It simply means scaling up production volume to drive down unit cost of production. Low power cost is good, achievable and desired here, but scaling it isn't straightforward in a chaotic country as ours. |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by Tianamen1: 1:35am On Jun 22, 2023 |
grandstar: The easiest way for Nigeria to bring down the costs of credit is through taxation. |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by Tianamen1: 1:44am On Jun 22, 2023 |
CodeTemplar: Right now, the Gencos have more production capacity than they are producing because the Discos reject power because the Discos are not able to generate enough revenue putting them in debt with the bulk electricity trading company (NBET- I believe they act as the middleman between the Gencos and the Discos) If Nigerians could pay market rates for power, more investments would flood into the Generating space, scaling up production and thus driving down the unit cost of power production. |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by CodeTemplar: 1:51am On Jun 22, 2023 |
Tianamen1:You demonstrated valid knowledge and facts. 1 Like |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by Tianamen1: 2:01am On Jun 22, 2023 |
CodeTemplar: I like your ideas and you are a very good writer. Keep up the good work. |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by blackgold2018(m): 2:08am On Jun 22, 2023 |
drlaykay:@Attention. Lowlife. How do you think I’m one. You see how stupid humans draw to conclusion on one. Sincerely you are the one I should advise to be successful. A successful person will never look down on another and feeling so important. Those are characters of a poor person with some little money and a poor mentality. To you, all that you see here is a low life. I’m really sorry for your life. You are really a case of a fool that don’t really know he’s a fool. With deeply from my mind, You know nothing. I really feel sorry for you with such myopic mindset. |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by TheGoodJoe(m): 2:12am On Jun 22, 2023 |
Tianamen1: Yes, blame the people that have been impoverished, lack of genuine investments with government looting like if money is running out of fashion. Instead of critiquing the likes of Emiefele that have robbed millions of Nigerians, blame those that were robbed. Without genuine investments to boost local production, you can't produce. Soon you will blame Nigerians for using imported petrol with no working refineries. 1 Like |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by Tianamen1: 2:26am On Jun 22, 2023 |
TheGoodJoe: I have loved ones in Nigeria, and I'm deeply troubled by the current events. Tinubu messed up big time by removing subsidies the way he did. I believe this is the main reason for the current problems. Emefiele has his faults, but I don't think his actions are the main issues. A proper taxation policy will disproportionately affect the rich like Emefiele, so I feel taxation will aid in sanitising Nigeria. Genuine Investors will not come to Nigeria without electricity, security, and a disciplined workforce. Stay blessed. |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by TheGoodJoe(m): 2:29am On Jun 22, 2023 |
Tianamen1: The only solution is genuine investments to boost production. Nothing cosmetic will work and fix the system. Government needs to start spending genuinely on the people to make things work. And Emiefele destroyed a lot. The looting is unprecedented and must affect the economy negatively. |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by dallyemmy: 2:47am On Jun 22, 2023 |
Don't leave the FX in the hands of (market forces) greedy individuals and expect the rate to go down. This needs close monitoring! |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by Tianamen1: 2:50am On Jun 22, 2023 |
TheGoodJoe: Investments by the Government? Nigeria tried this in the '70s and '80s, failing miserably. Rather than growing the companies, the workers only focused on building houses and buying cars. Good foreign investors wouldn't come for several reasons. The two safest businesses to start in Nigeria are the food business and primary and secondary schools. Why? Because Nigeria has an abundant amount of workers suitable for these businesses and also a vast customer base. I suggest Nigeria invest massively in basic education, as this will create jobs and spread wealth across many families, boosting our economy. We need to utilize our oil revenue better and not necessarily focus on improving our revenue through exports. Forget about Emefiele. Find ways to tax him, and lock him up in prison if he refuses to pay taxes. Focus on building institutions that will prevent future Emefieles. |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by JaskanFactor: 3:07am On Jun 22, 2023 |
its the same oyinbo people who have been destroying Nigeria and Africa since time began that say, shit will roll off an incline faster than false hope. Nothing ever changes for the better in this European run hell hole that all melenated places on earth. whats happening in Nigeria is going on all over africa, all the way to the west indies everywhere there is large population of dark skin people. it used to be 2pounds to one naira. All the banks could collapse, cause nobody in thier right mind will want to keep naira in the bank right now or ever more. used toilet paper will be worth more than naira by the time enemies of dark skin people are done with Nigeria, cause its they who run Nigeria and thus responsible for all that has been happening all this years. Just in case you people dont get it, unless you are a billionaire, you no longer have the right to have children or hope to live till old age. they are raising the cost of living dramatically in a hurry to make people die. Anybody in doubt can see this is all the new administration has done in less than one week, after all the onslaught of the previous colonial Buhari administration puppet European government. just beware of those who do not want to adjust their lifestyle in line with the government war against the people finances trend you can now see, cause they will soon be throwing you under the bus to be able to afford the frivolous life style even now in the face of grave financial danger for people of Nigeria. Just dont you dare think its over yet, they got more coming , this is why i tell people if you not billionaire, and not tied down to expensive accommodation by work, better move to your village and grow your own food as you work from home. Just in case you have not notice they have been killing farmers too in order to create starvation, as they simultaneously make everything people need unaffordable. 2 Likes |
Re: Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window by Chetas81(m): 3:07am On Jun 22, 2023 |
Present and the future slave live on another country currency instead of strengthen their own currency |
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