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Nairaland Forum / Nairaland / General / Business / Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 (28861 Views)
Naira Rebounds, Gains Across Markets / Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate / Naira Gains As CBN Clearing Rate Weakens Against Dollar (2) (3) (4)
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Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by Nobody: 7:09am On Jul 23, 2015 |
Atlantian: Good am. The problem here is that thanks to the fall in oil price, we have no forex to buffer the naira. (Part of the reason why we do not have enough forex is GEJs overspending. But even if GEJ had saved everything....it would have delayed ,not stopped the fall). The solution is diversification of the economy from sale of resources like oil and even agric....into innovative industries. We have to learn that the important thing about strong nations is that they are innovative economies. Right now....APC is singing diversification. I hope they follow words with action.....or else we should look for new hands in 2019. |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by erico2k2(m): 7:15am On Jul 23, 2015 |
calebo101:I tire.the UK pm went to China with 120 Business mmen women wen he did his meeting with the Chinese pm 1 Like |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by Nobody: 7:15am On Jul 23, 2015 |
onatisi: But even if GEJ was in power...the same thing would have been happening. We are too reliant on oil. If GEJ had transformed the economy as you people kept on telling us back then, we would not be in this mess. Buhari would have been forming with GEJs transformation ![]() GEJ did do some good things.....car assembly plants, and railways. BUT.....the problem is that the material for the assembly plants is STILL being processed outside Nigeria....and the railways are being built with materials outside Nigeria. And Ajaokuta is STILL moribund. So...we are still relying on oil money to....keep the plants running. And power supply is still low. You Nigerians right now should be telling Buhari to diversify the economy. You should also tell your governors the same thing. We have to give up the idea that there is unlimited oil money to share...and do as Japan, South Korea, China and Germany have done...turn to innovation , education and science to save us. APC should be serious about diversification. We no longer have the oil money....not when everyone now is producing oil, and America is close to ending its dependence on imported oil. 3 Likes 1 Share |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by beengils: 7:18am On Jul 23, 2015 |
BabyDaddy20:The height of your stupidity no get limit.. . |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by iLovePusssy: 7:18am On Jul 23, 2015 |
begod:Lol... Mumu What concerns my post with tribalism ![]() ![]() |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by onatisi(m): 7:22am On Jul 23, 2015 |
doctokwus:the cbn gov did the right thing . If he had not banned those exporters ,will the banks be able to supply them all their forex? And secondly our currency would have been officially devalued to 250 by now at the bank rate and 320 at the black market because the truth is the banks simply don't have the forex. The fault still lies with baba dullard , who has not seen the urgency of the situation , there is direction or policy in place that the cbn seems to be following , to be honest the cbn gov is in a tight corner . By now ,the president and his ministers plus economic team should be brainstorming on how to rescue the naira but what we have a one man show paparazzi president . |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by doctokwus: 7:34am On Jul 23, 2015 |
onatisi:Without sounding patronising;pls tell me what PMB policies would have affected the naira value that much with a governor whose fiscal control mechanisms are emasculating the naira. Yes,agreed in d long term diversification of our economy is d way to go,but in d short-term, Emefiele, has got his policies all wrong.U tell importers:' u can import all u want,but get your dollars from the black market',in a country with poor law enforcement mechanisms! Let me give u an experience: someone wanted to get some dollars early this year;right there at d bank desk,they claimed they didn't have to sell,but direct u to a "mallam"that had to sell;inside the bank with him standing and his dollars visible for all to see!! Of course his rate was about N30 above the bank displayed rate. |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by onatisi(m): 7:44am On Jul 23, 2015 |
doctokwus:this issue is very simple and not complicated at all. If the cbn gov hadn't stopped those importers from accessing bank forex ,believe me bank rates would have gone high as 280 by now. But what he said is ,he doesn't want those heavy importers to disturb the official rate that they should go else where for their forex ,this is to protect the official rate . When supply becomes limited or scarce ,you have to censor those you will give . What is needed now is fg policies to back up and help the cbn. The cbn alone can't do this ,someone mentioned diversification can cbn initiate policies for the nation diversification from oil dependency ![]() |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by clemzy11(m): 7:53am On Jul 23, 2015 |
If after watching PMB yesterday on
Amanpour you still wail in cynicism then
you leave us with no options
He's a decisive and deliberate leader
Slow and steady-He answers C.Amanpour
three times
His agenda is clear
Security
Corruption and Economy
Not some bogus saTANic agenda seen
more in propaganda
A globally respected leader
Hear Sec of State Kerry"He has integrity to
fight corruption and change Nigeria"
Hear Obama,"Hes a man of integrity and
has a clear cut agenda for Nigeria and we
are impressed with him so far"
Hear wailers"Hes too slow,is this our
change"!
You have options
Stay and keep wailing or relocate
Dazzol! 1 Like |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by onatisi(m): 7:54am On Jul 23, 2015 |
bushdoc9919:my own grouse with buhari is this, he met a problem on ground and he knew about it,he and his party said they have the solutions all we are demanding is they START doing it . The problem is buhari doesn't seem to understand the precarious nature of the nation economic problems. He and his party are behaving as if things aren't bad and that they have all the time in the world . The bitter truth is oil prices will not be going up again for a very long time. With the way he is talking ,it is obvious he isn't thinking of initiating any serious economic policy this year ,maybe he is waiting next year budget . So even if cbn is making a mistake who will caution it. U talked about diversification , yes u are right. But will buhari and his cohort sit down to formulate policies on how to go about it ![]() |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by AlPeter: 8:08am On Jul 23, 2015 |
calebo101:that was done to give every Nigerian a chance to benefit instead of the same sets of greedy men 'covering' the gains for themselves, like they have always done |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by AlPeter: 8:14am On Jul 23, 2015 |
warrior01:but none of this would have happened if there was never a clueless one from Otuoke. He brought the nation to its kneels |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by Nicepoker(m): 8:15am On Jul 23, 2015 |
dammytosh:did u or did u not refer to GEJ as clueless? |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by refreshrate: 8:19am On Jul 23, 2015 |
Captainswag225: US Dollar or Zimbabwean Dollar? Nigerians are too eager without reading the fine print once they hear anything. They promised 1Naira to 1 Dollar una no ask which of the dollars specifically? chanji they wanted...chanji theyare getting! |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by Captainswag225(m): 8:21am On Jul 23, 2015 |
refreshrate:LOL, EXACTLY. |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by kheni28(m): 8:58am On Jul 23, 2015 |
onatisi:Bros u r just goin back and forth.. barely 2month canT U SEE... afta DIS GOVT. U CAN ACCESS HIM.. NO B ANODA PERSON USE 6YRS? |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by kheni28(m): 8:59am On Jul 23, 2015 |
Captainswag225:Wailing wAILERS! |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by onatisi(m): 9:10am On Jul 23, 2015 |
kheni28:what the hell are u talking about? Who is asking him to perform miracles ? It seems most of u can't reason at all , we are asking him to start laying the foundation for a solid economic recovery and u are talking about 2months . So within the last 2 months ,nothing has changed? Are situations and circumstances waiting for buhari to be ready before changing? Is boko haram relaxing? What about the continuos downfall of the naira ? What about increasing cost of fuel ? What about stock market losses? What about dwindling oil revenues ? The man simply doesn't realise that each day counts in the economic recovery plan of a nation and u can't keep a nation on auto pilot of 4 months. Maybe by the time boko haram triggers a bomb in ur children school or street u will realize the implication of buhari time wasting. |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by Atlantian: 9:13am On Jul 23, 2015 |
bushdoc9919: To be frank, APC is a divided party. Buhari is not following the APC manifesto and is not briefing the party chieftains on his intentions. I know that Tinubu is a business man, he has run Lagos state before. I do not like the man, but I must say that he was creative in generating funds when OBJ froze Lagos State Allocation, but BUHARI is just too timid and overbearing. He wouldnt listen to anyone. Now the Naira is falling and he doesnt care to appoint Ministers of Economy, Trade and Manufacturing. We are just unlucky that Jonathan had to handover to this dictator, he likes working alone, he doesnt wanna appoint ministers because he thinks he knows all. RIP Nigeria. |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by Nobody: 9:20am On Jul 23, 2015 |
buhari... do something. |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by ifyan(m): 9:22am On Jul 23, 2015 |
The simple truth to this is not far fetched. Government need to lower their dependency on CRUDE OIL and encourage local production. No two ways about it with long stories. I believe you all understand |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by 989900: 9:33am On Jul 23, 2015 |
The CBN's faulty monetary policies are designed to make the banks and their cronies richer, and the people poorer. And, this CBN governor is there to make sure of that. As long as your earnings are in Naira, you are getting poorer every passing day. This is worse than fuel subsidy removal -- unfortunately though, my people can't see it! P.S. As it is, the country lacks any 'substantial' economic direction/redirection. |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by onatisi(m): 9:37am On Jul 23, 2015 |
Atlantian:thank god ,somebody is beginning to see reason in what some of us have been saying . |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by onatisi(m): 9:39am On Jul 23, 2015 |
teeowl:yes , he is doing something by busy travelling and taking pictures . |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by seyitony1(m): 9:49am On Jul 23, 2015 |
Some guys are making it big trading dollars against the naira. Naira will trade downwards for the rest of the year, no miracle can stop that for now (economic outlook is still recessing). ![]() It just too bad for the importers, they will gladly pass it down to poor the consumers. That's why even a pepper seller in mile 12 will tell you " dollar rate is high now" reason for increase in pepper price (as if we import tomatoes too). ![]() http://onlinepathfinder.com/ |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by Durojelife(m): 9:50am On Jul 23, 2015 |
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Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by 989900: 9:50am On Jul 23, 2015 |
A more realistic approach of monetising foreign exchange allocations to the federating entities would probably be to disburse foreign exchange vouchers to the respective beneficiaries which could be redeemed for Naira as and when needed. 1. Do the above. 2. Get the refineries working (including new ones) so we stop importing refined products, rather exporting refined products. 3. Review importation of food, and some other silly items. 4. Improve power supply. 5. Encourage exports (all). 6. Work on security. 7. Attack corruption and stealing of public funds. 8. Checkmate currency racketeering from the FG, CBN, banks, NNPC, BDCs, to independent racketeers. Do 90% of those, and watch the Naira trade at N85-N125/$1 within 3-6 months. https://www.nairaland.com/844884/solution-fuel-subsidy-wahala-look http://eaglereporters.com/2015/06/01/buhari-vs-a-clueless-mpc/ "The problem of the Nigerian economy will remain intractable until the CBN's monopoly of the forex market is dismantled" _ Les Leba. http://www.lesleba.com/ these guys no more about the economy than all of Nigeria's economic team from the past and now put together, but their voices are consciously drowned. https://www.youtube.com/watch?v=MLSvITJc9uk |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by 989900: 10:00am On Jul 23, 2015 |
onatisi: While I would want to agree with you, OTOH, the CBN has created a 'free-for-all' buffet of currency round-tripping/racketeering. As we speak, all the banks, BDCs and their cronies are making ridiculously insane amount of money from this, that they would not ever want it to stop -- if I were in on it, I wouldn't either! I doubt if there is any 'cheap-easier' way to make money on earth right now! Such decision made by the CBN should have come with smarter/stricter/drastic regulations . . . not talking about hog wash restrictions like withdrawal limits. Well they can't and won't, because the porous system feeds them. |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by onatisi(m): 10:18am On Jul 23, 2015 |
989900:I won't say the cbn gov method is 100% flawless but I understand how powerless he is in this situation. Many ppl want him to devalue the naira officially to like 240 but once he does this the black market rate will go up as high as 320 because the problem is there is not enough forex. So what he has done is ,limit the number of ppl having access to bank forex,limit the forex spending limit of cards and accounts and ban some importers. What he is sayying is they should take their wahala outside the official rate region and kill themselves off with the price .it will get to a stage the price will come down in the black market by itself . Because noone will be buying it due to its high rate . By the time dollar goes high as 300 naira many importers will step back and stop buying . |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by Tex42(m): 10:27am On Jul 23, 2015 |
I should start gathering cawries, cos I foresee a time when the cawries will have more exchange value than the naira. Naija which way na?! 1 Like |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by erico2k2(m): 10:44am On Jul 23, 2015 |
AlPeter:I believe 10 yrs frm now the likes of you will still hold this pathetic view. |
Re: Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 by 989900: 11:01am On Jul 23, 2015 |
onatisi: The disparity is the issue here. Once you have such gap between the CBN-Banks-Parallel, there is nothing positive that can be achieved. Naturally, currency racketeering would be it; regardless of if it's N200 or N20 to a dollar -- you can't have such huge gaps, you just can't! About 30-40% of forex demands go into importation of refined petroleum products. And I believe a huge chunk, probably another 20% or more goes to racketeers (CBN, Banks, BDCs, and their cohorts). Even at N1000 to a dollar, trust Nigerians, it will never be a deterrent. We were importing less when it was N22, N88, later N117, to a dollar. Hyper-inflation would be the only end result = further economic crises. |
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