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Nairaland Forum / Nairaland / General / Business / CBN Officially Devalues Naira (57711 Views)
Has CBN Officially Reduced Interbank Transfer Charges? / CBN Unoficially Devalues Naira / CBN Officially Bans Foreign Currency Cash Deposits In Nigeria (2) (3) (4)
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Re: CBN Officially Devalues Naira by Inception(m): 8:33pm On Feb 25, 2015 |
Bloodydemon: And you are the greatest B.astard fool since inception of humanity 1 Like |
Re: CBN Officially Devalues Naira by kaboninc(m): 8:33pm On Feb 25, 2015 |
989900: Well, I don't think I should dignify you with a response. Like I said, you know nothing about demand and supply but just a common 'street forex' dealer like you rightly said! For mentioning '92, its obvious one can know your kind. I'll stop here. 1 Like |
Re: CBN Officially Devalues Naira by tete7000(m): 8:33pm On Feb 25, 2015 |
CFCfan: It will automatically lead to inflation because that implies the smallest money you can spend without needing change will be N100/N50. Small things like chewing gum and sweet will then be available at those prices. |
Re: CBN Officially Devalues Naira by erico2k2(m): 8:35pm On Feb 25, 2015 |
ucheheart:my cleaner is white ahe is from Italy.she cleans the common areas of our flat |
Re: CBN Officially Devalues Naira by kaboninc(m): 8:36pm On Feb 25, 2015 |
tete7000: Oga, you are completely rrong! It will lead to introduction of coins and smaller denominations. In fact the absence of coins in our economy has greatly distorted appropriate pricing of commodities. 1 Like |
Re: CBN Officially Devalues Naira by tomiobj(m): 8:39pm On Feb 25, 2015 |
True talk ucheheart: 1 Like |
Re: CBN Officially Devalues Naira by Raiders: 8:40pm On Feb 25, 2015 |
Forwetinnah:yes technically we buy our bread in dollars because some of the ingredients and most of the equipment used in production are imported. The government need to encourage the local market by improving electricity production and training our graduates. 3 Likes |
Re: CBN Officially Devalues Naira by ucheheart(m): 8:41pm On Feb 25, 2015 |
Image123:question. Even in the bible when God asked adam how he got to know he was naked. He blamed it on eve. So it's natural. Just as eve made adam eat the forbidden fruit so also the white men made us depend on oil as our major source of revenue because they didn't buy any other resource in large quantity compared to crude oil. So why shouldn't i blame them. |
Re: CBN Officially Devalues Naira by queensmith: 8:43pm On Feb 25, 2015 |
People are excited about this? What the hell is happening here? I can't actually believe this, looool the Nigerians understanding of Economics actually begins to explain alot. CBN pegging the naira at a lower rate of exchange only benefits those coming to rape you of your resources then sell them back to you at the value you now have to pay more for because you've made your currency cost less. 2 Likes |
Re: CBN Officially Devalues Naira by kaboninc(m): 8:44pm On Feb 25, 2015 |
dan55: Chai!!! CHISOS!!!! Let me painfully quote my statement:
And this was your silly comment:
So which one is "it can't stop anything"? What has it got to do with what I wrote? Did you note that I was responding to a request from someone? Do you just come here to form champion with your silly arguments? Park well oh and make you dey look face before you comment! 3 Likes |
Re: CBN Officially Devalues Naira by tete7000(m): 8:45pm On Feb 25, 2015 |
kaboninc: What you have forgotten is that Nigerians have aversion for coins. How many times have coins been introduced and how many of them do you see people spend now? Do you think the previous coins are not relevant? Nigerians just hate to carry coins. The same will happen to any denomination you convert to coins, they simply go into extinction and the least note becomes the least denomination. 1 Like |
Re: CBN Officially Devalues Naira by Image123(m): 8:47pm On Feb 25, 2015 |
ucheheart:Wow. |
Re: CBN Officially Devalues Naira by 989900: 8:47pm On Feb 25, 2015 |
kaboninc: Meh. |
Re: CBN Officially Devalues Naira by Bloodydemon: 8:48pm On Feb 25, 2015 |
Inception: Otu nne i bastard Buhari is a terrorist Apc Is bokoharam Gej till 2019
|
Re: CBN Officially Devalues Naira by jay89: 8:48pm On Feb 25, 2015 |
Adminisher:my oga if u dnt have anytin 2 say shut the hell up, hw many years did Gej rule dis country 4 u 2 blame him is nt ur ppl dat draw us bak 4 20 years, we are trying 2 move forward nw bt u guys still wnt 2 draw us bak 2 d dark age 1 Like |
Re: CBN Officially Devalues Naira by kaboninc(m): 8:49pm On Feb 25, 2015 |
tete7000: I haven't forgotten that bro. But I know that with the right orientation and enlightenment and enforcement too, Nigerians will start appreciating the usefulness of coins. In actual sense, higher denomination notes like the 1000 naira really do not have to be in circulation or in public domain. It should be used strictly to move large volumes of cash around. It is because of this same reason the CBN is seriously pursuing the strict implementation of the Cashless Policy. All these are measures to safeguard our naira. 1 Like |
Re: CBN Officially Devalues Naira by kaboninc(m): 8:50pm On Feb 25, 2015 |
989900: Lool |
Re: CBN Officially Devalues Naira by Bloodydemon: 8:50pm On Feb 25, 2015 |
abduljabbar8: Buhari is a terrorist Apc Is bokoharam Gej till 2019 Otu nne i fool
|
Re: CBN Officially Devalues Naira by ucheheart(m): 8:51pm On Feb 25, 2015 |
Are Italians white? Forget those ppl jor. We are talking abt white men who became world power through technology break through not through war. When i say whites i meant brits and north americans. erico2k2: |
Re: CBN Officially Devalues Naira by tete7000(m): 8:57pm On Feb 25, 2015 |
kaboninc: Well I wouldn't say no to education and enforcement but another obstacle is the blacksmiths who melt those coins for their metallic values. It is why you don't see many coins in circulation any longer. Maybe cashless policy if we can implement it is our best option. 1 Like |
Re: CBN Officially Devalues Naira by Youngzedd(m): 8:59pm On Feb 25, 2015 |
1 Like |
Re: CBN Officially Devalues Naira by Nobody: 9:03pm On Feb 25, 2015 |
Killing Nigerians softly. I wonder what are the Nigerians offences to warrant all these bullshits from our government. Nigerians should vote wisely. |
Re: CBN Officially Devalues Naira by Mrbigman1(m): 9:05pm On Feb 25, 2015 |
stevecantrell: Please school me the Magic GMB would perform to avert the falling Naira? Guess his gonna regulate the oil price right? Look, a country is Tryn it's best in hard times to fix fallen things. U can imagine all these re happening and ur food price is still going down instead of skyrocketing, the price of houses have not gone up, the stock market have not collapsed. Now something more than just economic is happening in Nigeria. We have drastically reduced the price of food importation, cars, cement and a lot and mind u, for u to jump up, u have to bend down. Pray for ur nation and dnt always wish it collapses, if it dose, u'd suffer it the more. It's about time the oppositions leave this life of ill wishes and wish for a better country. 1 Like |
Re: CBN Officially Devalues Naira by kaboninc(m): 9:07pm On Feb 25, 2015 |
edoboy74: You didn't mention my moniker but you quoted my post. So in replying to you: You are a BIGGER FOOL! If you have senses at all, you'd know that spending money on education is one thing you should never gamble with. See your warped reasoning? You got admission into a foreign school...oh great. Do you know that it is people like you the CBN is trying to protect? People like you who have LEGITMATE need for FX? Let me educate you. Most of the dollar in demand today from the CBN are actually fictitious and not properly utilised. There's been an artificial creation of scarcity and that's why the rate is soaring high. Remember we're in an election season and that's also contributing greatly to the pressure on the naira as more naira is being spent. So people actually create this impression of no dollar so they can jerk up the rate and earn higher margin for doing absolutely nothing while folks like you who genuinely need this money end up paying exorbitant price for it. One of CBN's directive is to ensure that USD bought must be used within a specific period of time failing which such dealer will be severely penalised. What does that tell you? Don't come here to rope in sentiment without proper information or knowledge on how things are done. 3 Likes |
Re: CBN Officially Devalues Naira by ghostofsparta(m): 9:09pm On Feb 25, 2015 |
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Re: CBN Officially Devalues Naira by Mrbigman1(m): 9:21pm On Feb 25, 2015 |
ejiro2130: That's the point. CBN have been wedging the Naira since and pumping the scares dollars uncontrollable into circulation to strengthen the Naira. Now the Nigerian market is getting stable and they decided to let it survive it's self instead of wasting our reserve. Now if output increases after election base on GDP, Naira can pick up without no support. Imagine Nigeria not exporting oil to USA yet the economy seems stable, imagine wen everything gets normal and export resumes, hope we'd hit the sky 1 Like |
Re: CBN Officially Devalues Naira by Nobody: 9:21pm On Feb 25, 2015 |
michealewela: the reason the common Tecno phone dat was selling at 12k increased to 15k is because the Chinese 're on break...nobody is importing for now so u jerk up price on the goods available to make up for it . it's a trend. February every year in computer village.. |
Re: CBN Officially Devalues Naira by Nobody: 9:23pm On Feb 25, 2015 |
Austinio:. .ur English teacher should be dead take it or leave it |
Re: CBN Officially Devalues Naira by kaboninc(m): 9:24pm On Feb 25, 2015 |
tete7000: Looool! Blacksmith ke? I like you sha. Well CBN actually prints these currencies, be it coin or notes. If we do not have the technology, it can be imported. But with the way things are going, the drive for Local Content, Local Industrialisation, Local Manufacturing, then sure, it can be produced here in Nigeria! Now on the Cashless Policy, it is not a matter of 'if' but 'certain' and it is being implemented. This helps to reduce the CASH in circulation, reducing costs associated to it, reducing printing of currencies, reducing cost of printing and maintaining notes, reducing pressure on the naira and ultimately reducing inflation! So you see CBN's direction? It is in good faith bro! 1 Like |
Re: CBN Officially Devalues Naira by philfrey08: 9:25pm On Feb 25, 2015 |
Hmmm..... And people wud blame it on jonathan. I would have a lot of educating to do..! |
Re: CBN Officially Devalues Naira by Nobody: 9:32pm On Feb 25, 2015 |
edoboy74: U couldn't meet up with the tuition fee. incompetence stupid and clueless |
Re: CBN Officially Devalues Naira by BizBayo: 9:33pm On Feb 25, 2015 |
honestly, I like the devaluation if the motive is to encourage the purchase of local markets. They should just make Zinox computer produce affordable PCs and Innoson motors to manufacture affordable cars for Nigerians. These two industries will go a long way, for real. Of which, they can be exported. This should encourage local software writers and programmers. They should make their research and develop better apps and programs for local purchase, instead of we buying from Indians or Americans. Politically; my points are not. |
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