CBN Moves To Crash Exchange Rate, Orders Banks To Sell Excess Dollars In 24hrs

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CBN Moves To Crash Exchange Rate, Orders Banks To Sell Excess Dollars In 24hrs


The Central Bank of Nigeria has ordered commercial banks to sell excess dollars in 2024 hours to effectively revive the falling naira #Dollars #Naira #FOREX #IbadanExplosion #PeterObi #Atiku #Makinde #bolaahmedtinubu #kashimshettima #abuja #TVCNews #TVC #News #NaijaNews #NaijaGist #Entertainment #NewsUpdate #BreakingNews #NewsInNigeria …

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45 Comments

  1. Chai banks wicked sha. Last year several times I went to the bank to get western union and they continue saying no dollars or they will say we only have 20 dollars 10 dollars and 1dollars now I know they were saving the 100 dollars Kai

  2. Nigerian currencies are worth anything because there's no production + borrow, borrow from IMF, which makes lives in Nigeria difficult, because IMF subjects Nigeria under certain conditions, and as well dictate how we would live and Nigerian are tyed on that condition whether we like it or not, this is just beginning, the worst is yet to come. Nigerians would be pressed to the wall and a form of revolution would take place to change the narrative, they cant continue to live this way. The issue of our naira been valueless were made aware of earlier on where the issues of China came on so that money should not be borrowed from the west, but i am sure they thought long and hard about it, incase China totally takes over Nigeria. The issues of Nigerian joining brinks, countries who float their currencies against the dollar and pounds currencies, such as South African, China, india, Saudis etc are not not having these problems Nigerians are having, even then Nigerians can't join bricks, because of the conditions they have subjected themselves under IMF conditions through over borrowing. As such the sufferings continues.

  3. The blame game continues.I believe that even the president has his money in dollars. No reasonable person with access to dollar will keep his money in Naira under this uncertain and unpredictable economy.

  4. The banks has always been keeping dollars in their vogues,yet people get enough dollars as they demand. The main problem is that Nigeria is not exporting enough goods to earn more dollars, rather they import almost everything. The APC government has destroyed the economy such that the producing companies are closing down or leaving the country in drove.

  5. My take here is that if the commercial banks fail to sell off all the stocks of dollars in their vaults CBN should embark on physical checks and confiscate the dollars from them. These dollars should thereafter be sold to the public. It is time to come down heavily on these irresponsible banks that have inflicted so much damage on the Naira.

  6. What is still holding an independent forensic audit of the NNPC ?
    Clearly, there’s still no political will to fight corruption
    This is how the eight years of Buhari was analyzed till he departed
    Tinubu in my opinion is not a departure from the past

  7. Yeye Babajide I hope the money your boss is making is reaching your and you're watching the suffering of the masses. Continue to support him and you'll see your doom. Dede watching from Barcelona .

  8. Saw a post sometimes ago warning that most senators have been buying USDT coin aggressively with naira. They now keep dollars in their CRYPTO wallets.

    Tinubu must shake up power (electricity) sector too then ensure it boosts general production in Nigeria.

    Then finally, find means to eradicate corruption by increasing quality of life of Nigerians regardless of tribe and religion

  9. The president said bank should sell the dollar… They re selling the dollar to who? Absolutely the bureau the changers who are also dry cleaners for political money launderers 😢.

    The president should close the bureau the change business and mandate only the bank sell forex… An individual can not take more than $2000 without bank statement and travel ticket in a month.

    Very simple!

  10. I'm surprised how we continue to talk about stopping the slide of the naira without looking at any long term solutions. Interventionism is not a viable policy.
    It is tragic that we don't have a national plan.

  11. The INCOMPETENT Tinubu has destroyed Nigeria Kpata Kpata.
    Always many excuses, they think building economy is easy like rigging election, bribing and propaganda😂😂😂

  12. It's just unimaginable that the Nigerian banks will be undermining their own country. Why are the banks not being sanctioned? It is just so shocking to have your own Nigerian businesses undermining Nigeria. This is never done in countries in the West. If this happened, I'm the U.S., someone I'd going to face prosecution. Until this corrupt, unpatriotic Nigerians are prosecuted, the problem is going to persist.

  13. You can't blame your banks for your government's failure. Then force them banks to bail you out of the result your corrupt and rotten deeds, FG should deal with Cbn, Nnpc etc

  14. That will not crash the dollar exchange rate. We produce nothing and import everything.
    This move by CBN is a game plan to sell these dollar to their people and they will sell in black market. After two weeks or so, dollar will go up more than they expected.

  15. When the politicians were importing SUVs and yacth that cost millions of dollars they didnt know it would have effect on the exchange rate ? They kways look for ways to make Nigerians pay for their sins

  16. The issue is not the banks holding dollars. The real issue is loss of confidence in the value of the naira. If the issuer of a currency cannot back the value of that currency, you cannot force banks holding deposits and investments for their customers to not hold other stable currencies or asets, on behalf of thier customers and shareholders. Even if you try it, the market and owners of these funds will simply move them into other vehicles or jurisdictions. Foreigners and disapora are already pulling out enmass from Nigeria due to instability of the currency and difficulty getting out monies invested in Nigeria. This policy is more likely to result in significant local capital flight than anything else.

  17. But don't 4get the commercial banks are doing this 4 years just like our political leaders stolen our money converted into foreign currency and bank it in different banks overseas. So the the president should also demand from western government to return our stolen funds in their country banks by starting first by hisself. Hence we cannot be a country with billions of dollars yet over 60% of our population lives under less than or one dollar a day

  18. Nigeria must end to save lives
    Fulani come for agenda to take over Nigeria llorin is gone Fulani have no place in Biafra land British create Nigeria to kill people on it end Nigeria to save people lives no light no water no road no hospital and you still believe in Nigeria shame on you

  19. Nigeria has expired Yorubas continue to fight for one Nigeria that's killing your people Nigeria must collapse date for referendum in Nigeria British did referendum and go out from EU biafrans want the same referendum to go out from Nigeria release our leader MNK now

  20. Nigerian Bank owners are part of the demons troubling Nigeria. The keep gallivanting up and down, partying on seas on land. Until these thieves billionaires are dealt with, Nigeria is joking. White part everywhere and we keep hailing them.

  21. The CBN needs to do just two things to salvage the Naira. One of it is Re-evaluation of the Naira. How can you claim you want to solve the Naira problem, when you are still devaluing the same currency. Secondly, that Floating Exchange rate policy has to end. No country in this world keeps floating rates more than three months. Floating Exchange rates makes your currency vulnerable to round tripping, and speculations. The CBN should replace it with Fixed Exchange rate system.

  22. You don’t crash exchange rate by emotions. Exchange rate can only be crashed by being less dependent on the needs for dollar. For instance, if we produce massively most of the things we consume locally and even export some of them most importantly our foods, our medications, our spare parts, our textiles, housing materials etc. If we can cut our foreign good needs by half today dollar rate will reduce by half. The more we do this the lower the dollar will become. All this grammars you people are speaking is all hot air, pouring the water inside the basket. It will amount to nothing. It is also in Nigeria that individual citizens have what is called Dom Acct where they safe foreign currency particularly dollars. Isn’t that crazy? You ask yourself, do US citizens keep Naira account in their US banks or do the British keep dollar accounts in the Uk? Lots of crazy things happening in the contraption called Nigeria. Lots!