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Nairaland Forum / Nairaland / General / Politics / Naira "Appreciation": Why Nigerians Should Not Celebrate (47146 Views)
The Man Behind Naira Appreciation- Mr Babatunde Gbadamosi, A Lagos Businessman / Naira Appreciation: Osinbajo Needs To Teach Buhari His Magic / Fayose Presents Car Gifts To Teachers In Appreciation For Their Hard Works (2) (3) (4)
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Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by SeverusSnape(m): 3:50pm On Aug 04, 2015 |
joseph1832:Woman wrapper...Always chasing after Miz*MyColi. 1 Like |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by Mynd44: 3:53pm On Aug 04, 2015 |
#000000
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Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by AprokoMan: 3:55pm On Aug 04, 2015 |
joseph1832: Where are they selling petrol N87 per litre? |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by slimfit1(m): 3:57pm On Aug 04, 2015 |
There is more dollars circulating our country than America it self. 2 Likes |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by ManTiger(m): 3:57pm On Aug 04, 2015 |
neurologist:The guy failed to understand that what makes dollar to be surges upward in the parallel market is because of its speculation. When the official rate is 198 the parallel market should not be 205 or 207. The CBN has made the right move, the next move is to find alternative to trading using our currency as a benchmark! We can't continue using dollar indoor and expect our currency to appreciate! 9 Likes 1 Share |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by DMerciful(m): 3:59pm On Aug 04, 2015 |
what will he do with your respect? this is what oyibo calls megalomania! who do you think you are? neurologist: 3 Likes 1 Share |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by StreetNews: 4:00pm On Aug 04, 2015 |
www.nairaland.com/2501795/shocking-opinion-dr-chief-ifejirika . Very Shocking opinion of Dr Chief Ifekirika Echezona about gay marriage |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by Mynd44: 4:01pm On Aug 04, 2015 |
Bayswater:Lets break then down 1. The CBN says the value of the dollar in the Nigerian economy is around $1 Billion. I do not know about you or anyone but for an economy like Nigeria, that in itself is wrong. It is like you are beating down your own currency to favor another. So what should the CBN do to the Dollar brought to them? Its useless to them 2. The BDC guys selling the Dollars to outsiders is actually good because we need yo get rid of the excess dollars in our economy. One freaking billion is too darned much. If other countries want to buy, they are free to buy and let it cause issues for them. 3. If the CBN is not going to collect the dollars why should the banks? Again what will they do with it? It is not Naira that they can issue to other people To his "Salient questions and Effects" 1. A businessman that wants to do business can always do so in the legal tender. Ask your bank to do your transfers for you and pay them for the services. Or do them online with your cards 2. Is the same as 1 3. If the businessmen/women want to go do business through other countries, they are free. We need to reduce the amount of dollars in Nigeria. 4 Prices of goods will always jerk up. This is a knee jerk policy to stem something, there will be fallouts. This issues started in November without anyone talking if you want to solve it in August, you will feel the bite 5. You cannot have a sudden short in dollars because there is already too much in the vaults of the bank in the first place. It is so much the dollar is almost taking the place of the local currency. As Ymodulus said, we can also set a ceiling for the amount to be deposited each dag/month but it cant be now. We can use this to beat down the Naira then set the ceiling since we have this chance to do it but not immediately....... 9 Likes 2 Shares |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by AprokoMan: 4:04pm On Aug 04, 2015 |
[s] mygee2:[/s] Ordinarily people live and learn. You just live. You disease-ridden plot-less melodrama of an uneventful life |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by eleven(m): 4:06pm On Aug 04, 2015 |
helpee: I honestly respect the way you made your presentations. Sustainability is a major concern here. One reason why I believe the CBN governor is just playing to the gallery with his cosmetic policies. It's wuru wuru to the answer without a look at the opportunity forgone to the economy of his monetary policies. Only possible hope I can see for sustaining his policies mid to long term is if he (CBN Governor) knows the future fiscal policies of this government and he is sure the government policies with back up his in the future, if not the Naira will definitely sky rocket in the nearest future. 2 Likes 1 Share |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by DMerciful(m): 4:06pm On Aug 04, 2015 |
So the problem started in Nov 2014? How much was the exchange rate in 1999? What about 1990?....why not mention GEJ so that you can get the pleasure you crave for cos mentioning GEJ gives you guys(masturbators) pleasure Mynd44: 6 Likes 1 Share |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by Mynd44: 4:07pm On Aug 04, 2015 |
MizMyColi:There are your answers. https://www.nairaland.com/2501718/naira-appreciation-why-nigerians-should/2#36601146 Now to way toward, strict monitoring of the forex market. People are putting undue pressure and it is causing us not just pain but bloodshed. We would have to make sure a lot of the transactions are done through appropriate means which means the bank and not the BDC guys. We need to control the amount of dollars and other foreign currency we have. We need to give priority to the Naira and hopefully with the refineries coming on stream (thanks to the past administration for "fixing" and pressent for "securing pipelines against vandals" we will import less petroleum products and reduce the pressure. But saying the CBN's policy is wrong is laughable. Yes it is extreme but it is needed 6 Likes |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by hinwazaka: 4:09pm On Aug 04, 2015 |
i spent the whole day arguing this posit yesterday but it seems ever since this government assumed leadership the average IQ of our nation has dipped. The only way to improve the purchasing parity of our naira is to raise our productive capacity, period. There is no cosmetic change that can alter the power of the naira in the long term, NONE. I just hope when it goes south they won't swarm here to insult the CBN governor 3 Likes |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by mygee2(m): 4:09pm On Aug 04, 2015 |
AprokoMan:i don giv a phuck wt wailers 1 Like |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by AprokoMan: 4:11pm On Aug 04, 2015 |
[s] mygee2:[/s] No you do, otherwise u wouldn't be here ranting like a stray dog from Ijebu Ode |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by Mynd44: 4:11pm On Aug 04, 2015 |
eleven:Even before fiscal policy, the first thing we need is to get rid of the excess dollars in circulation. We don't need that much as it is killing the Naira. With this policy, we can keep it where we want for some weeks 1 Like |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by AZeD1(m): 4:11pm On Aug 04, 2015 |
Mynd44:The funny thing is the Naira hasn't officially appreciated. All the policy did was pull the chair from under the speculators. 1 Like |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by Jesusloveyou: 4:11pm On Aug 04, 2015 |
barcanista:i can see where u base ur sense, so because food stuff has not come down, if u bought bag of rice since last week with 10,000 naira, will u sell for 8,000 naira today, because d dollars depreciate yesterday, it will be gradually before things come to normal, beside, our businessmen are not helping matters, 3 Likes |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by Nobody: 4:11pm On Aug 04, 2015 |
Ymodulus:Domiciliary accounts use is beyond just transactionary purpose-though it is one of the ways to effect transactions. The decision, the banks decided to take that line of action because they felt that the level of foreign currency that had in their vaults was above the optimum level that they could manage. Let me put it to you this way: when a bank accepts naira cash and it has excess cash in its vault, what it does is to take it to the CBN and the CBN gives them value for it. But when a bank has excess dollar cash in its vault, what is it going to do with it? If they take it to the CBN, what is the central bank going to do with it? So what you will find is that if they continue to accept it from bank customers, it becomes a useless piece of paper in their vaults because it is a non-earning asset. So that is why you are not going to blame banks that say they have excess foreign currency in their vaults and do not need it again because they don’t have a mechanism through which they can dispose of it and get real value.This is the problem with people. What the CBN does is to collect the dollar and give to banks on requests. This dollar is is called Foreign Exchange reserve. Where do you think BDCs get their dollars from? Where do you think banks get their dollars from after emptying their vault? Answer same as no1. They can get Form A or M, BTA , Bill of collections, Letter of Credit and other means of international trade.Like I said above all these can't replace dom account. It will be silly to discourage savings account just because their is current account". Wrong ideology. Very wrong am disappointed in you on this, i believe you deliberately twisted this. There are several macroeconomic variables that comes to play to determine the price. In this case the law of supply of dollars and demand comes into effect.there are variables that influences demand and supply. For the fact that we still rely on import, our goods and services will keep on the high side. For the fact that businesses make financial transactions from neighbouring countries just to import, it means we'll continue to bear the extra cost-hence, increase in commodities. There are no backdoors here. will sky rocket again. but it will be difficult. And that will take a long time.If you agree that dollar will skyrocket in the market on the long run, then I see no reason for your argument above. I agree the naira is not appreciating. what we are seeing now is a psychological prank been played on us by the CBNThis is the crux of the matter. There are several things that works for egypt and cannot work for us. dont be so quick to use their analysis to set as an example for nigeria. Corruption kills us and the currency world is a corrupt world a case of blood money. and since we are yet to uproot the corruption, egypt model should not be set as an epitome block for we to follow.My brother, I don't know why you are saying this. The way to curtail corruption is by putting mehanism in place to ensure strict adherence and not to put up "silly policy". its $50,000 annually. to exceed this amount you have to fill a form.It $10,000 daily maximum www.onestop.globaltimes.cn/can-i-deposit-my-savings-in-non-chinese-currencies-within-china/ Thanks for agreeing with the concluding part. Ciao 2 Likes |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by Whynotthetruth(m): 4:12pm On Aug 04, 2015 |
Mynd44: Why not post what triggered it been devalued by 106% between 1984-85... |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by Mynd44: 4:14pm On Aug 04, 2015 |
AZeD1:Exactly.... He played a fast one on them and right now they have made sure that they can keep the speculators where they want them 1 Like |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by Whynotthetruth(m): 4:15pm On Aug 04, 2015 |
obi4eze: I think it is more of a political decision than economic decision... 1 Like |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by Sweetlemon(f): 4:16pm On Aug 04, 2015 |
MizMyColi: Why the sidelines? What happened to your liver? 7 Likes |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by eleven(m): 4:16pm On Aug 04, 2015 |
hinwazaka: Sure they will as usual. This analyst captured it rightly in his tweet yesterday. Buhari is a god to a lot of people who will never see any wrong in him inspite of his glaring anomalies. Like I always say. Time will tell. It's unproductive saying the truth these days especially when it's not in favour of our dear presidential god.
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Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by Mynd44: 4:17pm On Aug 04, 2015 |
Whynotthetruth:Because the devaluation in 1984-85 was not the same as the one that caused that of 2014. The results of the Oil price crash in 2014 is what is still being felt now. Now run along 4 Likes |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by Candyrain(m): 4:20pm On Aug 04, 2015 |
MizMyColi: Good response. I love that. **thumbs up** 3 Likes 1 Share |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by agabaI23(m): 4:32pm On Aug 04, 2015 |
barcanista:Physical fiscal policies like it was in 1984 comes to mind. The lightening is striking twice and it is a bad omen. MizMyColi, I'm here and I know this guy has come again with his abracadabra economics. We are watching! 2 Likes 1 Share |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by Mynd44: 4:36pm On Aug 04, 2015 |
joseph1832:More like desperation to criticize 4 Likes |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by Goodnuel: 4:37pm On Aug 04, 2015 |
Mynd44:I think I'm beginning to like you... *Nohomo 3 Likes |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by Nobody: 4:44pm On Aug 04, 2015 |
Thank you for your words... You talked of speculators, you should know that the only way to beat speculators to their game is by reducing demands by encouraging local production of goods through favorable policies and infrastructure and not this CBN tactics. No progressive country has made such. Even Egypt that had same issue as a rsult of the 2011 Uprising used fine policies to address it. The method of Emefiele is not sound and not even sustainable. Like I said, it will come to a point when we will be looking for dollars in the market. Your final submission that encourages the youths to start production is smart but how will they when banks don't give loans to SMEs and when the economic environment is harsh? Do you think Emefiele beat speculators? No Sir! He's only playing PRANKs. Trust me this won't help! No short-cut to these things. helpee: 2 Likes |
Re: Naira "Appreciation": Why Nigerians Should Not Celebrate by Nobody: 4:51pm On Aug 04, 2015 |
agabaI23:lol @ abracadabra |
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