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Nairaland Forum / Nairaland / General / Business / Why Naira Will Continue To Appreciate (41541 Views)
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Why Naira Will Continue To Appreciate by femisplash: 8:16am On Mar 27 |
By a stroke of genius, the President had ordered the CBN be in charge of receipts of oil revenues, a departure from decade-long misappropriation of crude oil sales. It therefore enhances CBN's ability to stabilize the currency. The insinuation that CBN borrows to sell to banks and BDCs should be disregarded. 2. Clearing of $7billion backlog has done the economy so much good. Investors no longer have the fear of their funds being trapped. 3. Oil production is on a steady increase. Although, a component volume of it had been sold in the future, however, the significant increase in production is offsetting the shortfalls. Moreover, oil price is up. 4. The market is gaining back investors' confidence. Following MPC meeting in January, investors reacted positively, total foreign portforlio recorded $2.3billion in febuary, purchases of naira assets stood at $1billion, oversea remitances went up greatly, FG bonds was oversubscribed, all these helped create more liquidity and increases market supply. 201 Likes 34 Shares |
Re: Why Naira Will Continue To Appreciate by femisplash: 8:17am On Mar 27 |
It is also noteworthy to appreciate CBN's new guildelines, these bold moves have helped sanitize the financial system. CBN henceforth is closely monitoring operations of financial institutions and BDCs. CBN and the security agencies are following every transactions, the eagle eyes are following the money. Hopefully, it gets even better. PS; foreign reserves has grown to $34billion as at feburary. 180 Likes 24 Shares |
Re: Why Naira Will Continue To Appreciate by helinues: 8:18am On Mar 27 |
The manipulators have been sent out. Naira would gain more strength soon, the exchanged rate even outside the country is reducing. Good news for sane and patriotic Nigerians, bad news for the enemies of progress and development of Nigeria 302 Likes 35 Shares |
Re: Why Naira Will Continue To Appreciate by Freelancerr(m): 8:26am On Mar 27 |
Hopefully 25 Likes 3 Shares |
Re: Why Naira Will Continue To Appreciate by jetwonder(m): 8:27am On Mar 27 |
![]() ![]() ![]() But Prices of good is still high! Government should look into this. 111 Likes 8 Shares |
Re: Why Naira Will Continue To Appreciate by tophempire: 8:32am On Mar 27 |
Naira is only surviving on borrowed dollar... In 3 month we should be back to 1800+. Who wan bet ![]() ABEG MAKE MUMU ADULTS NO MENTION ME AGAIN. 57 Likes 18 Shares
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Re: Why Naira Will Continue To Appreciate by femisplash: 8:33am On Mar 27 |
helinues:Manipulators like Binance have been shut out, anyone thinking there will be a massive slump is making a big mistake of his life. This crop of CBN executives led by Cardoso are the real MVP. Hoarders beware! 132 Likes 17 Shares |
Re: Why Naira Will Continue To Appreciate by helinues: 8:34am On Mar 27 |
. 30 Likes 3 Shares |
Re: Why Naira Will Continue To Appreciate by femisplash: 8:42am On Mar 27 |
jetwonder:CBN as at yesterday had also reduced custom duty, so we expect a corresponding reduction in prices of imported goods, unless of course Nigerians do what they do best- which is continued exploitation and greed. Also, all level of government should roll up their sleeves and invest in critical sectors in their respective states. 138 Likes 14 Shares |
Re: Why Naira Will Continue To Appreciate by femisplash: 8:46am On Mar 27 |
helinues:Read my comments again, i agreed with you. 46 Likes 8 Shares |
Re: Why Naira Will Continue To Appreciate by MrProlific95: 8:50am On Mar 27 |
Propaganda drove the exchange up, propaganda is been used to bring it down. Cosmetic surgery government 61 Likes 9 Shares |
Re: Why Naira Will Continue To Appreciate by femisplash: 9:07am On Mar 27 |
MrProlific95:"it is better to remain silent and be thought a fool than to talk and remove all doubts". 186 Likes 16 Shares |
Re: Why Naira Will Continue To Appreciate by softtorce: 9:07am On Mar 27 |
I like to take you up on this bet. How do we proceed. tophempire: 60 Likes 6 Shares |
Re: Why Naira Will Continue To Appreciate by tyup(m): 9:16am On Mar 27 |
femisplash: You got link proof?? 7 Likes |
Re: Why Naira Will Continue To Appreciate by femisplash: 9:25am On Mar 27 |
tyup:I don't have a link, but have got first hand information, Customs have been sent the memo. 33 Likes 4 Shares |
Re: Why Naira Will Continue To Appreciate by Validated: 9:35am On Mar 27 |
In need of $15000 to buy, if you have I will buy from you because I foresee great gains by June 2024. 9 Likes 1 Share |
Re: Why Naira Will Continue To Appreciate by Wainey: 9:42am On Mar 27 |
jetwonder:most of these people bought at N1800 to a dollar, they will have to sell off their products. Btw, I expect the real value of the naira to be around 800 42 Likes 4 Shares |
Re: Why Naira Will Continue To Appreciate by Putindbutt: 9:47am On Mar 27 |
Validated:You dey fear to enter bank or bdc?, you think say na like before when you dey pack dollar anyhow. 67 Likes 6 Shares |
Re: Why Naira Will Continue To Appreciate by SoNature(m): 9:49am On Mar 27 |
I watched the press conference, but Yemi Cardoso didn't mention where he got the $7 billion to pay off the outstanding obligations. If we had this money readily available, why were they owing those organisations? Earlier in the year, news broke that the NNPC would help the FG (CBN) borrow $3.3bn from Afrexim Bank. If that money is what they are using to clear the outstanding fees, it's understandable. However, they should have clearcut repayment plans. Before you quote me to start your name-calling, make sure you have answers to my question. By the way, I like that Yemi Cardoso had to engage Deloitte to vet the companies that were asking for settlements. It shows he's taking his job seriously. 25 Likes 4 Shares |
Re: Why Naira Will Continue To Appreciate by Putindbutt: 9:54am On Mar 27 |
Wainey:True, i was at a pharma store and was told they would have to sell off the ones on shelf before they reduce price and that dollars have to be stable. 23 Likes |
Re: Why Naira Will Continue To Appreciate by Putindbutt: 10:00am On Mar 27 |
tophempire:You fit bet with your wife or gf ?, i go enter the bet. 21 Likes 1 Share |
Re: Why Naira Will Continue To Appreciate by Obiedun(m): 10:27am On Mar 27 |
jetwonder:Do not derail the topic. 17 Likes 3 Shares |
Re: Why Naira Will Continue To Appreciate by femisplash: 10:35am On Mar 27 |
Putindbutt:If PH starts production this month as promised, it'd futher endanger their speculations as dollars would futher crash. They'd rather sell off the old stock as fast, rather than the waiting game. 44 Likes 4 Shares |
Re: Why Naira Will Continue To Appreciate by LifeofDream: 10:49am On Mar 27 |
Putindbutt:But when naira deprecate, they quickly increase the price of their product.. ![]() 50 Likes 4 Shares |
Re: Why Naira Will Continue To Appreciate by femisplash: 10:49am On Mar 27 |
SoNature:Cardoso need not say much if you diligently followed up on his measures and the steps taken so far. The OP gave insights how reserves was boosted that helped clear those backlog. Then again, NNPCL never borrowed $3billion for CBN, never did. 26 Likes 3 Shares |
Re: Why Naira Will Continue To Appreciate by TheOldGods: 10:50am On Mar 27 |
femisplash:why are prices of things in the market not coming down. See eh, the problem is not in the Naira, but Nigeria. We don't have any body that supervises and regulates pricing. Anybody go just wake up put price. Dollar is selling for ,1280, now but prices are still high when it was 1500-1600. 18 Likes 3 Shares |
Re: Why Naira Will Continue To Appreciate by Godfullsam(m): 10:58am On Mar 27 |
tophempire: Shey is was you that borrowed FG the dollars. 17 Likes 1 Share |
Re: Why Naira Will Continue To Appreciate by femisplash: 11:01am On Mar 27 |
seunowa:I have never been bothered about some bunch of naysayers, i got wager with them. I won some bucks against a few of them who were bent on naira tipping at 2000. Naira was sliding 1600/1700 at the time but I projected naira rebounding based off of key indices. If anyone of them can dare, let them come in and take me on. Make money off them. 28 Likes 4 Shares |
Re: Why Naira Will Continue To Appreciate by Kukutente23: 11:02am On Mar 27 |
femisplash:Where is the evidence that oil production has increased. Oil price has been up since before this fumbling govt took office. So oil price isn't the reason the naira tumbled I really don't see what it is to rejoice about. 1300 to a dollar is an abysmal rate Besides, there is nothing like increase in dollar supply. The BDCs are getting dollars from the CBN at a pegged rate with maximum purchase being $20,000 weekly. This implies that the forex market is being deliberately stifled and micromanaged which is directly opposite the free market policies that started this naira slump. What is the naira true value now? Is it the pegged rate by CBN or the marginal profit rate BDCs are selling? There's nothing to rejoice about. The govt simply went back to the Buhari era policies that was so maligned previously. The whole suffering has been for nothing at the end of the day 19 Likes 4 Shares |
Re: Why Naira Will Continue To Appreciate by BobbyZrealist(m): 11:09am On Mar 27 |
femisplash: But the CBN just increased MPR. To curb the inflation I suppose. 6 Likes 2 Shares |
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