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We’ll Push Dollar To N305—CBN Boasts - Business (2) - Nairaland

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Re: We’ll Push Dollar To N305—CBN Boasts by abhosts(m): 5:22pm On Mar 29, 2017
Naira lost some ground today. That means that many importers are now creating high demand. Lower FX rates automatically means more imports. I hope the CBN is ready for continuous FX onslaught.

1 Like

Re: We’ll Push Dollar To N305—CBN Boasts by LordAdam16: 5:35pm On Mar 29, 2017
989900:
@LordAdam16: The point is that most people including media houses, some finance experts, and government officials confuse total capital inflow with diaspora remittance and FDIs.

According to your last image and the parts underlined in red actually proves my point (FDIs, remittances, aids and e.t.c inclusive). Read it again.

Actually in 2011, it was less than $15b more like $11b. World bank data was referring to total capital inflow there.

The CBN breakdown is in the attached images . . . The best I can do . . . I wish am allowed to post links. I screen shot those from CBN's 2011 financial report(PDF).

$22b was total inflow.

Oga stop confusing yourself.

The language is diaspora remittances which can also be called remittances inflows.

And now, you are shifting goalpost from 15b to 11b.

World bank is not referring to total capital inflows. If they are referring to total capital inflows, they'll state it very clearly.

A-list media organizations are not arm chair economists. They are often economists or journalists with decades of experience in following the economy.

Inward transfers--$22b. Remittances--$20.1b. It is very clear there.

Now look at this link -- http://data.worldbank.org/indicator/bx.trf.pwkr.cd.dt

It is clearly called Personal Remittances not total capital inflows.

In fact World Bank clearly defines personal remittances on their own website--https://datahelpdesk.worldbank.org/knowledgebase/articles/114950-how-do-you-define-remittances.

Personal remittances is the sum of personal transfers and compensation of employees.

How can you say you know more about what personal remittances are than the World Bank and CBN?

What kind of arrogance is that?

See, no let me vex, no body is paying me to educate you.

-Lord

7 Likes

Re: We’ll Push Dollar To N305—CBN Boasts by menama(m): 5:43pm On Mar 29, 2017
LordAdam16:



How can you say you know more about what personal remittances are than the World Bank and CBN?

What kind of arrogance is that?

See, no let me vex, no body is paying me to educate you.

-Lord

lol grin
LordAdam16:



How can you say you know more about what personal remittances are than the World Bank and CBN?

What kind of arrogance is that?

See, no let me vex, no body is paying me to educate you.

-Lord

lol

4 Likes

Re: We’ll Push Dollar To N305—CBN Boasts by 989900: 5:45pm On Mar 29, 2017
LordAdam16:


Oga stop confusing yourself.

The language is diaspora remittances which can also be called remittances inflows.

And now, you are shifting goalpost from 15b to 11b.

World bank is not referring to total capital inflows. If they are referring to total capital inflows, they'll state it very clearly.

A-list media organizations are not arm chair economists. They are often economists or journalists with decades of experience in following the economy.

Inward transfers--$22b. Remittances--$20.1b. It is very clear there.

Now look at this link -- http://data.worldbank.org/indicator/bx.trf.pwkr.cd.dt

It is clearly called Personal Remittances not total capital inflows.

In fact World Bank clearly defines personal remittances on their own website--https://datahelpdesk.worldbank.org/knowledgebase/articles/114950-how-do-you-define-remittances.



How can you say you know more about what personal remittances are than the World Bank and CBN?

What kind of arrogance is that?

See, no let me vex, no body is paying me to educate you.

-Lord

L cheesy L

The personal remittances link you posted was for 2015, which is correct.


The data images from CBN I posted was for 2011, and total capital inflow was $22b.

1 Like

Re: We’ll Push Dollar To N305—CBN Boasts by LordAdam16: 5:56pm On Mar 29, 2017
989900:


L cheesy L

The personal remittances link you posted was for 2015, which is correct.


The data images from CBN I posted was for 2011, and total capital inflow was $22b.

Seriously, 989900 I shame for you.

I am ashamed of you. Kai!

So, you want me to show you how to browse a website too?

Oya, since I'm a kind-hearted fellow, let me help a brother.

Adjust your glasses, if you no get glasses, tomorrow go and get glasses. For now you can wash your eyes.

Now open this link: http://data.worldbank.org/indicator/bx.trf.pwkr.cd.dt?end=2015&start=2011&year_high_desc=false

I no need explain how I use tk convert the first link to that link, your small sized brain no go fit understand am (na joke o). There is a slider under the chart on the desktop version of the site. Move it from 1970 to 2011, it'll show you Nigeria's personal remittances for 2011.

-Lord

3 Likes

Re: We’ll Push Dollar To N305—CBN Boasts by 989900: 6:00pm On Mar 29, 2017
LordAdam16:


[s]Seriously, 989900 I shame for you.

I am ashamed of you. Kai!

So, you want me to show you how to browse a website too?

Oya, since I'm a kind-hearted fellow, let me help a brother.

Adjust your glasses, if you no get glasses, tomorrow go and get glasses. For now you can watch your eyes.

Now open this link: http://data.worldbank.org/indicator/bx.trf.pwkr.cd.dt?end=2015&start=2011&year_high_desc=false

I no need explain how I use tk convert the first link to that link, your small sized brain no go fit understand am (na joke o). There is a slider under the chart on the desktop version of the site. Move it from 1970 to 2011, it'll show you Nigeria's personal remittances for 2011[/s].

-Lord

1 Like

Re: We’ll Push Dollar To N305—CBN Boasts by LordAdam16: 6:03pm On Mar 29, 2017
[quote author=989900 post=55074380][/quote]

grin grin grin

cheesy cheesy cheesy

No be my fault say your argument no gel. Only you na World Bank President cum CBN President.

No wonder BMC never employ you (na joke oo)... grin grin grin

-Lord

2 Likes

Re: We’ll Push Dollar To N305—CBN Boasts by 989900: 6:22pm On Mar 29, 2017
LordAdam16:


grin grin grin

cheesy cheesy cheesy

No be my fault say your argument no gel. Only you na World Bank President cum CBN President.

No wonder BMC never employ you (na joke oo)... grin grin grin

-Lord

You simply don't get the drift: Why does the world bank's data for 2011 not match with CBN's financial report for 2011? BTW, they do match for the year 2015.
Re: We’ll Push Dollar To N305—CBN Boasts by LordAdam16: 6:35pm On Mar 29, 2017
989900:


You simply don't get the drift: Why does the world bank's data for 2011 not match with CBN's financial report for 2011? BTW, they do match for the year 2015.

Oga, your eye dey real pain you...

Look at the link again -- http://data.worldbank.org/indicator/bx.trf.pwkr.cd.dt?end=2015&name_desc=false&start=2011 and look at my earlier screenshot. In fact, no worry, I'll help you.

Mate, whatever it is you're smoking should be deemed contraband.

-Lord

3 Likes

Re: We’ll Push Dollar To N305—CBN Boasts by 989900: 6:39pm On Mar 29, 2017
LordAdam16:


Oga, your eye dey real pain you...

Look at the link again -- http://data.worldbank.org/indicator/bx.trf.pwkr.cd.dt?end=2015&name_desc=false&start=2011 and look at my earlier screenshot. In fact, no worry, I'll help you.

Mate, whatever it is you're smoking should be deemed contraband.


I'd say the same for you, but that's what people do when they're avoiding the core issues.

BTW, go to my earlier posts and check CBN's financial report for 2011. It is online too.
Re: We’ll Push Dollar To N305—CBN Boasts by LordAdam16: 6:43pm On Mar 29, 2017
989900:


I'd say the same for you, but that's what people do when they're avoiding the core issues.

BTW, go to my earlier posts and check CBN's financial report for 2011. It is online too.




Oga look at the screenshots again in the post you quoted.

In fact let me post the screenshots again for the last time.

World bank say $20.6b, CBN say $20.6b.

No use your own confusion kon rub me. I don hands off for your matter.

Your economics and mathematics teachers try. Them need to give them award. Even though they abysmally failed, I'm pretty certain they did their best. Even with graph and charts and definition and links, you still carry strong head, your case is special. Very special.

-Lord

5 Likes

Re: We’ll Push Dollar To N305—CBN Boasts by romeoetin(m): 6:46pm On Mar 29, 2017
DON'T
Re: We’ll Push Dollar To N305—CBN Boasts by rmx1: 6:47pm On Mar 29, 2017
LordAdam16:


It wouldn't hit us VERY hard. It'd be hard, but it wouldn't be sth we can't manage. The Egyptian float led to a devaluation of 50%.

Nigeria has better fundamentals than Egypt, but even if we are to use 50%, that means the rate would fall from N306/$1 (today's rate) to N459/$1.

The major problem would be the impact on fuel prices, but the FG can combat that with increase of wages (which would be feasible since the earnings into the FG, State Government, and LG have been increasing and will increase). Nigeria's minimum wage is over due for review.

As for price of imports, well dollar fell to 520 and Nigerians didn't die.

The longer we delay, the longer we postpone the inevitable.

[/b]If we had done a full float when dollar was N250 in the official market, it'd have at most devalued to N375. Which is a rate the CBN is fighting to hold now.[b]

There is no better time to act than now. Not tomorrow, not next year, not in the next decade. Now!

Sanusi, Riwane, Utomi, Soludo can't all be wrong. No one can be more patriotic than these people, and they've been calling for a float since the N199/$1 days. The FG and CBN were stubborn, yet they kept devaluing the rate first to N250, then to N306, early chatter is pointing to N350 next, and along the way they've been imposing unnecessary hardship on Nigerians, because investors who'd invest in the real sector have held back their funds, international organizations that'd give us the $30b loans needed to reboot the economy have held back (IMF, World Bank, even China).

Float the damn currency, yet APC is playing politics with the currency rate. Even to increase minimum wage, they've been playing politics discussing about it since late 2015. It's 2017, and it's clear they might want to announce an increase in 2018 to garner votes.

Speculators and hoarders are not the enemies, the CBN and FG are the enemies. They create avenue for the leeches to stay. Float the naira, and speculators and hoarders would pack their load. Foreign investors would come in with their billions of dollars and the pressure on the currency reserves will lighten. Saudi Arabia may have a show down with shale producers again, and we'll need a huge reserve to ride that wave, Russia, Canada, Norway, UAE, Qatar, Kuwait, are ready, Nigeria is busy fighting with speculators. Imagine our priorities.

Egypt received $9b in direct investment inonly 3 months after the float. That's aside the $12b with super low interest rates (as against our costly EU bonds). And that's aside $3.1b in portfolio investments. To put that in perspective, the entire amount of dollars sold to all licensed BDCs in Nigeria in a whole year at $8,000 per week is $1.2b.

Nigerians will not learn. As Onatisi usually says, na until their neck stretch like streetlight before them go get sense.

-Lord


At the bolded , told people then and since ,we could have taken the bullet once in July 2016 when the official rates were moved from 199 to 280 then ,I strongly felt if a true float had been done then ,it would have shot up to 380 max and subsequently settled BTW 320 to 350,black market or speculators would have been no more relevant

This protracted battle would not have been necessary

The govt is between the devil and the sea ,hard choices will be made sooner or later .I Pray gods wisdom is given to them and that am wrong
Re: We’ll Push Dollar To N305—CBN Boasts by LordAdam16: 7:06pm On Mar 29, 2017
rmx1:



At the bolded , told people then and since ,we could have taken the bullet once in July 2016 when the official rates were moved from 199 to 280 then ,I strongly felt if a true float had been done then ,it would have shot up to 380 max and subsequently settled BTW 320 to 350,black market or speculators would have been no more relevant

This protracted battle would not have been necessary

The govt is between the devil and the sea ,hard choices will be made sooner or later .I Pray gods wisdom is given to them and that am wrong

That is the major problem.

The FG and CBN knows what to do. But they don't want to for political reasons.

If you read the EGRP they just released. Nice economic plan by the way, but according to the plan, they'll float the Naira completely in 2020.

Really, 2020. So, they know a float is inevitable, but Buhari does not want to float the Naira until he's elected again.

That's the issue, they want to manage the rate doing protracted depreciations until election time, it's all politics.

Which is why the long-term outlook for the USD/NGN rate is poor.

Another round of interventions to drive the rate to N306 will not change the outlook. Poor is poor.

Anyways, there's dollars in the reserve, let them keep wasting it. At least Nigerians don't mind.

-Lord

2 Likes

Re: We’ll Push Dollar To N305—CBN Boasts by modath(f): 8:09pm On Mar 29, 2017
LordAdam16:


Madam, the CBN knows the party is ending. They don't want a replay of 28/02/17 to 08/03/17 to occur. So, they're giving early indications that they are still on the offensive.

I wouldn't pass it off completely as hogwash. Who the gods want to destroy they first make mad.

But what I sense is panic on the part of Okarofor, the CBN, and the FG. Unlike in the early days of this month when they started their second round of intervention, the oil price was rising, currency reserve was rising, and speculators still had lots of dollars in hand.

Now, the oil price have fallen, currency reserve is falling, and speculators have reduced their exposure in a big way. Seriously, speculators wouldn't make big losses now. They'd solely be eating up every cheap dollars they can lay their hands on.

If the CBN wants to, they can inject $1.5b to reduce the parallel rate to N305/$1. We all know they can't go lower, and as they've said, that's their target. This is the first time they've actually made that known in public. However, if they wanted to reduce it further, IMTO's will cease sending money to Nigeria. Investors will scream blue murder. Foreign remittance will stop increasing. The pressure on the foreign reserve will increase multiple fold. And FDI will halt completely (not that anything was coming in anyway).

When parallel rate appreciates to N305/$1 and there's no where else to go. There'd be only one direction for the rate to go. The fall will be the biggest fall in recent history.

I can't wait.

It's clear that the CBN and FG are masochists. And Nigerians wouldn't get pity, because it appears they too want to listen to blues.

-Lord


I refuse to panic!!! I'm going to believe CBN has 9lives. cool

3 Likes

Re: We’ll Push Dollar To N305—CBN Boasts by onatisi(m): 1:54am On Mar 30, 2017
rmx1:



At the bolded , told people then and since ,we could have taken the bullet once in July 2016 when the official rates were moved from 199 to 280 then ,I strongly felt if a true float had been done then ,it would have shot up to 380 max and subsequently settled BTW 320 to 350,black market or speculators would have been no more relevant

This protracted battle would not have been necessary

The govt is between the devil and the sea ,hard choices will be made sooner or later .I Pray gods wisdom is given to them and that am wrong
I have stopped commenting much on many issues. Nigerins will learn with experience

3 Likes 1 Share

Re: We’ll Push Dollar To N305—CBN Boasts by olujastro: 6:26am On Mar 30, 2017
I don't understand this CBN at all. I don't think smart people work there. Why not go all out in this fx war at once since you've chosen this path?
You want to achieve 305. Black market fell to 365 on Tuesday, instead of reducing your rate for invisibles further on a daily basis from 360 while continuously injecting fx into the system till you attain 305 to further for crash the black market to between 310-315, you stay quiet for 48hrs and allowed the black market to rise to 375 again.
Is the CBN not smart enough to know that at their price of 360 + bureaucracy, Nigerians will throng the black market instead at 365, and their increased demand will make them raise their rates?
Or is there a plan to further devalue to 350? Mbok, they should just float the Naira at once if so.

3 Likes

Re: We’ll Push Dollar To N305—CBN Boasts by Nobody: 7:44am On Mar 30, 2017
please they should bring it back to $250 where they met it before.
Re: We’ll Push Dollar To N305—CBN Boasts by Nobody: 7:45am On Mar 30, 2017
STUPID PEOPLE ..
Was it there before...?
They should take it to where it was before they ascended that throne.

We need PRE-BUHARI dollar price 1st
Re: We’ll Push Dollar To N305—CBN Boasts by lonelydora: 7:45am On Mar 30, 2017
Good one but we need it below N200/$
Re: We’ll Push Dollar To N305—CBN Boasts by Nobody: 7:45am On Mar 30, 2017
dumo1:
please they should bring it back to $250 where they met it before.
Don't mind the ingrates
Re: We’ll Push Dollar To N305—CBN Boasts by AntiWailer: 7:45am On Mar 30, 2017
Until it gets to where you met it.


Nothing to commend you for.

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Re: We’ll Push Dollar To N305—CBN Boasts by abescom: 7:46am On Mar 30, 2017
They should stop the madness if the impact is not going to be felt by us. What's the point of the naira gaining grounds over the dollar if prices of commodities aren't going down?

Everyone especially people from certain regions in this country were shouting the rate of naira vs dollar was appalling which I agree ( even though I personally benefited from it). Now the dollar is now between N340 and N360 to a naira from the N520 record high but nothing has changed.

Unfortunately we still have prices of things in the market as high as anything but no one is talking about it? Many were quick to hurl abuses at the government and especially Buhari now the needful have been done but no one is criticising the disgusting marketers and market women who are our real problem.

Don't tell me for a minute that two weeks is not enough to crash down prices of stuffs that had gone up. Two weeks would certainly have been enough for them to skyrocket.

And don't tell me they need to sell what they have in stock before bringing new prices, they never had to wait before increasing their prices when prices was shooting up as if they were heading for the moon.

If only we can get on the back of the idiotas call importers, retailers, market women and etc as we do the government, maybe, just maybe things will change.

Am I angry? Yes, I am angry, it is obvious. £100 now has less value in naira terms which is what we want but the buying power is still as small as before when reverse should be the case. bleeping disgusting and rretarded bastados dem marketers, importers and market women.

5 Likes

Re: We’ll Push Dollar To N305—CBN Boasts by Andrewkinggg: 7:46am On Mar 30, 2017
NO!!!!

Dollar should still sell @ 375 abeg oh!!!!!
Re: We’ll Push Dollar To N305—CBN Boasts by donfemo(m): 7:48am On Mar 30, 2017
AntiWailer:
Until it gets to where you met it.


Nothing to commend you for.

Thank you very much. The Idiots met dollar at 185 and are boasting that they will push it to 305. just imagine the idiots. we will only commend CBN if dollar is NGN 120

1 Like

Re: We’ll Push Dollar To N305—CBN Boasts by abescom: 7:49am On Mar 30, 2017
donfemo:


Thank you very much. The Idiots met dollar at 185 and are boasting that they will push it to 305. just imagine the idiots. we will only commend CBN if dollar is NGN 120
You guys should stop fooling around already. Is crude price the same as it was in the world market when it was 185?

Under whose regime did the naira started crashing due to the OIL factor? Use your head, it doesn't hurt.

5 Likes

Re: We’ll Push Dollar To N305—CBN Boasts by Nobody: 7:51am On Mar 30, 2017
EVILFOREST:

Don't mind the ingrates
after deceiving the masses that they will make $1 = 1 naira just to get votes and we fell for the worst ponzi scheme ever.
Re: We’ll Push Dollar To N305—CBN Boasts by Nobody: 7:52am On Mar 30, 2017
tspun:
there will be no return leg if oil pricing continue to increase, its going to be leg over for u and other speculators that want the dollar to increase more.

You talk about cbn emptying Nigeria's reserve by selling cheap dollars, no be who eat belle full they keep for reserve, people are committing suicide every day due to the present hardship and your only worry is about our reserve.

of what use is bringing dollar to N1 when it does not bring down prices of goods neither does it affect the life of ordinary nigerians living in the village. This is the mistake we made before using reserve to shore up Naira instead of using reserve to lift the standard of living. Bringing dollar down only benefit a section of the country

3 Likes

Re: We’ll Push Dollar To N305—CBN Boasts by olamilekside2: 7:54am On Mar 30, 2017
Ok CBN
Re: We’ll Push Dollar To N305—CBN Boasts by Nobody: 7:54am On Mar 30, 2017
tspun:
there will be no return leg if oil pricing continue to increase, its going to be leg over for u and other speculators that want the dollar to increase more.

You talk about cbn emptying Nigeria's reserve by selling cheap dollars, no be who eat belle full they keep for reserve, people are committing suicide every day due to the present hardship and your only worry is about our reserve.
Lol....... See Epic reply mehn! O boy! Nothing like return leg o.... Infact na C.RON Okocha go finish dem with Leg over... The game still dey on.
Re: We’ll Push Dollar To N305—CBN Boasts by Akon419(m): 7:56am On Mar 30, 2017
So is no longer crude oil price that made this dollar 520# as defenders of dullard made us to believe. Chaii 1984 policy
Re: We’ll Push Dollar To N305—CBN Boasts by Rayton(m): 7:58am On Mar 30, 2017
Mediocrity should not be celebrated.... Its a welcome development for the country but they will be applauded when we get to less than 200 or at that range....

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