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Nairaland Forum / Nairaland / General / Business / Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts (26157 Views)
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Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by DeepThroater: 8:18pm On Apr 29 |
madjune: We can start by reducing imports first and growing our manufacturing base. This alone will conserve FX to be used for essential imports and FX remittance. 2 Likes |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by Fatbam005: 8:25pm On Apr 29 |
Nasoso English Language 1 Like |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by edungene7: 8:26pm On Apr 29 |
Naira is now like gbola it raises in the morning and falls in the evening APC which way 1 Like |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by Gboom: 8:27pm On Apr 29 |
kk2027:Going from consumption to production is not a day job, it entails a lot of infrastructure to be put in place. Your obi is just a deceiver because he is one of those importing goods to Nigeria thereby killing production 1 Like |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by Besuccesful: 8:30pm On Apr 29 |
Is there no way they can stop this aboki selling naira on the street? Do we actually need them? Why can't only banks be selling dollar to people that need it? 2 Likes |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by okerekingsley90: 8:30pm On Apr 29 |
CountinBlessins: Peter Obi is a good man but ah for him to get that presidential seat my brother there would be chaos in this country |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by okerekingsley90: 8:31pm On Apr 29 |
Gboom: |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by iyke2frankeze: 8:31pm On Apr 29 |
I taught they floated the Naira? |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by Pauladex(m): 8:31pm On Apr 29 |
CountinBlessins:Ask yourself what is the current demand for our crude like? You beg to sell and you want to give conditions. |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by Konquest: 8:34pm On Apr 29 |
Islie: |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by InvertedHammer: 8:38pm On Apr 29 |
DeepThroater:/ You do realize that they must not buy your oil. Sometimes Nigeria finds it difficult to find buyers. Moving away from US dollars as a reserve currency is not what one country can do and that's why some are binding together to form BRICS+. Too many things are wrong. One is being an import-dependent nation. If you sell oil in naira, they will still need to source for US dollars for importation of goods and products for consumption into Nigeria. The other is the general disdain the people have for things produced in Nigeria. The insatiable quest for foreign goods is outrageous. / 2 Likes |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by SenecaTheYonger: 8:39pm On Apr 29 |
DeepThroater: More trial and error lmao. |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by BlocksNG(m): 8:39pm On Apr 29 |
The no 1 hater is balablu the baboon. NOETHNICITY: 1 Like |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by occfx: 8:40pm On Apr 29 |
Islie: Because they are done with Ramadan |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by Powersurge: 8:41pm On Apr 29 |
DeepThroater: You cannot transact in Naira on a global stage. Not even China can pull that off with significant result. |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by SenecaTheYonger: 8:42pm On Apr 29 |
CountinBlessins: Una too dull for APC camp. YOU ARE AN IMPORT BASED COUNTRY. You import everything down to toothpicks. YOU NEED DOLLARS TO KEEP IMPORTING AND CONSUMING BECAUSE YOURE NOT PRODUCING THOSE THING. YOU CANNOT IMPORT IN NAIRA. YOU CANNOT IMPORT THOSE GOODS WITH NAIRA BECAUSE THOSE COUNTRIES DONT ACCEPT YOUR CURRENCY AND YOU CANNOT FORCE THEM TO ACCEPT NAIRA FOR THEIR GOODS IF EVERYONE STARTS PAYING FOR OIL IN NAIRA, HOW ARE YOU GOING TO GET DOLLAR TO IMPORT YOUR DAY TO DAY ITEM THAT YOU REFUSE TO PRODUCE? 2 Likes |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by berrystunn(m): 8:45pm On Apr 29 |
Anybody that believes apc will fix nigeria is a big fool . |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by SenecaTheYonger: 8:47pm On Apr 29 |
DeepThroater: You’re an import based county. Where will you get dollar to sustain your import based lifestyle? After you give people to buy oil and pay you Naira (which is a big gain for them since they can keep their dollar in their country) Will you now force people to accept Naira when you want to import goods from other country? Who will accept your Naira for trade? Will you force them? They will only accept dollar. By now you don’t have dollar because your dumbass decided to sell oil in Naira. Bro your camp is full of dull loosers |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by berrystunn(m): 8:47pm On Apr 29 |
SenecaTheYonger: Even nigeria customs requests dollars. |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by SenecaTheYonger: 8:49pm On Apr 29 |
berrystunn: These people are too dull and it’s killing this country |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by didymario7(m): 8:49pm On Apr 29 |
EmeeNaka: No be lie. It is no longer a free market. Lol |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by Amigos12(m): 8:50pm On Apr 29 |
CountinBlessins: |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by adecz: 8:51pm On Apr 29 |
Politicians are hiding millions of dollars and don't want naira to appreciate... 😡😐😡 1 Like |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by 99thEnemy(m): 8:52pm On Apr 29 |
Okortor:I am subscribed to that comedian. I will surely update you guys very soon on the follow up after https://www.nairaland.com/8042931/used-abidoshaker-bring-down-dollar whenever it drops 1 Like 1 Share |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by Amigos12(m): 8:52pm On Apr 29 |
DeepThroater: |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by bdon123(m): 8:56pm On Apr 29 |
ourcrudeoil:Baba hear me n hear me well no refinery run by FG will ever work in naija.Government has no business running refineries as its supposed to be profit oriented not a political tool to appease politicians.dangote refinery will succeed becos its private n profit focused 3 Likes 2 Shares |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by CheapHomes1: 8:56pm On Apr 29 |
I was expecting to see Binance as the reason for the depreciation. what happened that Binance and speculators were not mentioned? |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by Nyanabo(m): 8:59pm On Apr 29 |
The CBN is being run by arm- chair economists. |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by DeepThroater: 8:59pm On Apr 29 |
SenecaTheYonger:Let me break it down for you upper Iweaka economists. If you trade Nigerian oil in Nigerian trading houses in naira, countries and brokers who require our oil will have to open an account in a Nigerian bank. Given that oil trade is highly voluminous, trading of oil stocks are usually in a 30 day delivery stock . Meaning , brokers will have to open an account in naira thereby remitting said FX to CBN which will be converted to naira in their merchant bank of choice. The trading house can then issue regulation that all intended brokers must have a set limit of cash in naira to meet their daily dealings. So a broker seeking an order of 100,000 bpd for 30 days delivery must have the equivalent value or more (incase of price shocks) in their Nigerian domiciled accounts. Thus, the broker will have to have in reserve the equivalent of 100k barrels of crude at the given date of registering before allowed to participate in any bidding. Naturally , this will see brokers flood Nigerian banks with FX . 2 Likes |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by CheapHomes1: 9:01pm On Apr 29 |
bdon123: if Government has no business running refineries, who runs the refineries in Saudi Arabi and Qatar? |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by DeepThroater: 9:04pm On Apr 29 |
Powersurge: The only thing keeping the dollar as a global reserve and trading currency is America's military belligerency. Those nuclear powered and armed Aircraft carriers and submarines in the US arsenal exist as a force projection to defend one thing only - the US dollar's hegemony . The US defends the greenback with brute military force and nothing else. The dollar has no single backing and it's the greatest scam ever pulled on the world's people. 3 Likes |
Re: Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts by 2elliot: 9:04pm On Apr 29 |
Gboom:That how you said going from consumption to production is not a day's job until Buhari's eight years passed without any achievements. And that is the same line you are using now, and before you know it, another eight years will pass without any achievements. Una no wan gree get sense for this corntree. 1 Like |
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