Forex Scarcity Persists As CBN Resumes Intervention - Business (2)

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Forex Scarcity Persists As CBN Resumes Intervention - Business (2) - Nairaland

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Banks Push Out Dirty, Mutilated Notes As New Naira Scarcity Persists / Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs / Dollar Sells For N445 As Forex Scarcity Persists (2) (3) (4)

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Re: Forex Scarcity Persists As CBN Resumes Intervention by nairalanda1(m): 6:04pm On Jun 26, 2023

Yes, we are still not earning enough forex.

Lipstick on a pig...

1 Like 1 Share

Re: Forex Scarcity Persists As CBN Resumes Intervention by Macmoni(m): 6:04pm On Jun 26, 2023

shortgun:
When we told them the drug baron knows nothing about how the economy works they called us names.

Imagine someone who only knows how to mobilize agberos to intimidate voters taking decisions on fiscal matters in 2023.

Someone who said "na statistics we go chop"

Re: Forex Scarcity Persists As CBN Resumes Intervention by Wealthoptulent(m): 6:05pm On Jun 26, 2023

Hmm

Re: Forex Scarcity Persists As CBN Resumes Intervention by AcuraZDX: 6:05pm On Jun 26, 2023

Toluwanise247:
Nothing works at the beginning, even when God create the heavens and the earth, earth was void .
Time is the factor

You're a clown.

Zambian President has proven this assertion to be a lie.

Go and see the changes the President did in his few months in office.

Leadership isn't rocket science.

It's not by snatching it at all cost.

11 Likes 2 Shares

Re: Forex Scarcity Persists As CBN Resumes Intervention by sonnie10: 6:06pm On Jun 26, 2023

You don’t increase production
Your don’t increase export
Your don’t increase direct foreign investments
You still have insecurity
Oil price continues to fall
Corruption is at the highest level
Import is at highest level
You continue to borrow heavily and pay heavily on interest from your oil revenue

Yet you expect dollars to be abundant.
Ignoring basic economics of supply and demand

No amount of wishes will do it. The worst is dollar is not even controlled by CBN. Propaganda policies won’t cut it.

Fix the rot from the root.

13 Likes

Re: Forex Scarcity Persists As CBN Resumes Intervention by RingRoadMafia: 6:06pm On Jun 26, 2023

Toluwanise247:
Nothing works at the beginning, even when God create the heavens and the earth, earth was void .
Time is the factor

This is what you people said for 8 years that Buhari was running this country to the ground, so I don't expect you to be honest now that it's your own brother wearing the shoes.

7 Likes

Re: Forex Scarcity Persists As CBN Resumes Intervention by Broadmind: 6:06pm On Jun 26, 2023

Na to go buy crypto keep remain. Cash out when dollar reach 3k. Because this kind guess work you just dey work again.
This kind starting wey bulaba take begin be like wetin go over choke Nigerians.

Re: Forex Scarcity Persists As CBN Resumes Intervention by Karleb(m): 6:06pm On Jun 26, 2023

So what is the essence of floating the dollar? undecided

Re: Forex Scarcity Persists As CBN Resumes Intervention by SendoSendal: 6:07pm On Jun 26, 2023

Forex rate is a function of demand and supply. NNPC and CBN can strengthen the Naira by bringing more dollars generated from daily crude sales out into the market but CBN should not defend the Naira again with our foreign reserves. Since its now freely floated, let the market continue to dictate rates based on the forces of demand and supply.

1 Like

Re: Forex Scarcity Persists As CBN Resumes Intervention by Broadmind: 6:07pm On Jun 26, 2023

Broadmind:
Na to go buy crypto keep remain. Cash out when dollar reach 3k. Because this kind guess work no just dey work again at all
This kind starting wey bulaba take begin be like wetin go over choke Nigerians.

Re: Forex Scarcity Persists As CBN Resumes Intervention by Kenth3433(m): 6:08pm On Jun 26, 2023

i would be laughing at these jokes but na all of us e dy affect, the trajectory this APC don carry us go e no easy... nobody dy chop again

3 Likes

Re: Forex Scarcity Persists As CBN Resumes Intervention by FalseProphet1(m): 6:09pm On Jun 26, 2023

mariahAngel:
Buhari really did irreparable damage to the Nigerian economy.

Ada.

1 Like

Re: Forex Scarcity Persists As CBN Resumes Intervention by Nobody: 6:10pm On Jun 26, 2023

Suffering galore. 😭😭😭

Re: Forex Scarcity Persists As CBN Resumes Intervention by Agadinaagwuofe: 6:11pm On Jun 26, 2023

Emilo:
Exactly my tots. They think they can wish changes without changing from consumption to production issue. And we all know who can achieve this. I think Nigerians are not ready for change yet.

The only practical and reliable policy that can halt the continuous rise of dollar is increment in cash reserve ie (when we have enough dollar in our reserve) and that can only happen when we increase our production and reduce importation. Any policy not woven around that is bound to fail in Nigeria I don't know any other country but it will fail here.

3 Likes 1 Share

Re: Forex Scarcity Persists As CBN Resumes Intervention by Bfly: 6:13pm On Jun 26, 2023

The whole nation's being deceived. Quck fix cannot solve the problem on ground. A Conservative approach will do better.

Re: Forex Scarcity Persists As CBN Resumes Intervention by ejieddy: 6:14pm On Jun 26, 2023

You didn't cut down cost, you didn't stop foreign currency largese, you house criminals (cough...Asari) and pay them in dollars, no boosting of manufacturing,or exports, how do you expect naira to appreciate?

1 Like

Re: Forex Scarcity Persists As CBN Resumes Intervention by tnerro1(m): 6:14pm On Jun 26, 2023

Has any one asked what is the purchasing power of an average Nigerian

That’s where the secret to economic success lies.

1 Like

Re: Forex Scarcity Persists As CBN Resumes Intervention by onuman: 6:15pm On Jun 26, 2023

mariahAngel:
Buhari really did irreparable damage to the Nigerian economy.

But who is the Nigerian ever born to question Buhari and his ilk in Nigeria?
If Buhari was in the ballot for 3rd term during the last presidential election, he could have won 3rd term.
Nigeria's lopsided political structure created by northern soldiers is responsible for shift in political powers between the three regions that formed indepedent Nigeria 🇳🇬 in Oct 1960.

1 Like

Re: Forex Scarcity Persists As CBN Resumes Intervention by obi4eze(m): 6:17pm On Jun 26, 2023

CORNfused people

1 Like

Re: Forex Scarcity Persists As CBN Resumes Intervention by masseratti: 6:20pm On Jun 26, 2023

This can be solved by dollars electronic transfers, you can't get some amount of cash in American banks even.. You do transfer for international transactions, that will keep the cash in the system, if you allow aboki unfettered access to the dollars.. He will take it a and sell at higher rate,once the bank price is attractive.. More dollar volume will enter the system.. Nd for heavens sakes.. They should abandon the 3 windows and stick with one rates.. The parallel market rate.

Re: Forex Scarcity Persists As CBN Resumes Intervention by Perewenkle1: 6:23pm On Jun 26, 2023

How much do we export to earn foreign currency, $ availability is not just talk or floating Naira, floating local currency is good but it does not affect your $ availability.
Go back and read elementary teaching of balance of trade surplus and its effect on the economy.

1 Like

Re: Forex Scarcity Persists As CBN Resumes Intervention by MT: 6:26pm On Jun 26, 2023

shortgun:
When we told them the drug baron knows nothing about how the economy works they called us names.

Imagine someone who only knows how to mobilize agberos to intimidate voters taking decisions on fiscal matters in 2023.

Someone who said "na statistics we go chop"

Can you tell us what your approach would have been since you implied you were better than Tinubu in Economics.

Re: Forex Scarcity Persists As CBN Resumes Intervention by mariahAngel(f): 6:26pm On Jun 26, 2023

FalseProphet1:

Ada.

Onye amuma, when again did you say we're getting back our mandate, because I'm beginning to doubt your amuma?

Re: Forex Scarcity Persists As CBN Resumes Intervention by MT: 6:29pm On Jun 26, 2023

Agadinaagwuofe:

The only practical and reliable policy that can halt the continuous rise of dollar is increment in cash reserve ie (when we have enough dollar in our reserve) and that can only happen when we increase our production and reduce importation. Any policy not woven around that is bound to fail in Nigeria I don't know any other country but it will fail here.

Well captured. You are brilliant!

1 Like

Re: Forex Scarcity Persists As CBN Resumes Intervention by ChybuzzDD(m): 6:34pm On Jun 26, 2023

baralatie:

How is it not working?
If you do not have dollars,how do you intend to sell?
If you don't export to earn dollars .then how to get dollars for your imports?

You're just confusing yourself.

It's not working and will never work because of your 2nd and 3rd sentences.

How can you float it when the main problem is scarcity and still expect the floating to work?

1 Like

Re: Forex Scarcity Persists As CBN Resumes Intervention by bigiyaro(m): 6:39pm On Jun 26, 2023

Hehehehe, free float of the dollar, when the only thing that brings in the dollars are been stolen by the military in conjunction with the cabals, while the tiny one that manages to enter govt coffers are stolen by politicians and evil govt officials, so which one con dey available for Banks to dispense? Recover 1/4 of what bubu and his cohorts stole and the economy will recover.

3 Likes 1 Share

Re: Forex Scarcity Persists As CBN Resumes Intervention by ChybuzzDD(m): 6:42pm On Jun 26, 2023

nairalanda1:
Yes, we are still not earning enough forex.

Lipstick on a pig...

I thought you supported the floating too?

Just like the subsidy removal, this is another crazy and ill-advised policy inplemented by a man who knows absolutely nothing about the most basic of the economic principles.

Market forces should never be allowed to determine the value of a currency in an economy that has perpetually been plagued by dollar scarcity from poor forex earnings and excessive demands.

2 Likes

Re: Forex Scarcity Persists As CBN Resumes Intervention by Yankee101: 6:45pm On Jun 26, 2023

I pray we don’t miss Buhari
That will be disastrous
Why would you devalue naira by 80% and think it will return to normal? Where do these economists come from?

6 Likes 1 Share

Re: Forex Scarcity Persists As CBN Resumes Intervention by Jestin: 6:47pm On Jun 26, 2023

Our problem is too enormous

Re: Forex Scarcity Persists As CBN Resumes Intervention by ChybuzzDD(m): 6:47pm On Jun 26, 2023

sonnie10:
You don’t increase production
Your don’t increase export
Your don’t increase direct foreign investments
You still have insecurity
Oil price continues to fall
Corruption is at the highest level
Import is at highest level
You continue to borrow heavily and pay heavily on interest from your oil revenue

Yet you expect dollars to be abundant.
Ignoring basic economics of supply and demand

No amount of wishes will do it. The worst is dollar is not even controlled by CBN. Propaganda policies won’t cut it.

Fix the rot from the root.

The drunkard even stopped the naira4dollar policy that was encouraging the diasporians to send dollars to Nigeria every month and helped to increase the supply.

1 Like

Re: Forex Scarcity Persists As CBN Resumes Intervention by Yankee101: 6:48pm On Jun 26, 2023

This policy just allowed APC Athieves to change their naira and move it abroad or store in their homes

The policy of redesigning the naira was right. But Tinubu and co were the target. Now they’ve taken over power

I pity those who think the average Nigerian politician has the poor at heart

Re: Forex Scarcity Persists As CBN Resumes Intervention by otomatic(m): 6:49pm On Jun 26, 2023

Why won't there be scarcity when all we so is import everything and only export crude oil?
The country cannot mint dollars so we need to reduce imports and increase exports to earn it.
Until then, scarcity will continue with the attendant increase in exchange rate

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