CBN Moves To Crash Exchange Rate, Orders Banks To Sell Excess Dollars In 24hrs
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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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
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.
Do u think this is related to the helicopter crash???
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.
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.
This guy doesn’t make any sense that is what banks do stupidity is common now and normalize!
It would be better to receive payment for crude in gold
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.
It is a big shame that the so called officials are liable. God will punish them.
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
What is still holding an independent forensic probe of the NNPC ?
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 .
Foolish wisdom. Peg the price since you don't export anything
I don't know who you guys economic
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
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!
Why going after banks that are doing their personal businesses and some of our corrupt politicians stoked millions of dollars with air-condition in their abode 9:45
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.
The INCOMPETENT Tinubu has destroyed Nigeria Kpata Kpata.
Always many excuses, they think building economy is easy like rigging election, bribing and propaganda😂😂😂
Why has it become this bad?
Nigeria has never experienced this level of poverty in living memory.
We thought this man has the magic touch?
Several people save in dollars and just kept it for speculative reasons
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.
Idiots talking
Nobody is blaming the President again. We are now blaming the banks and the citizens. O di egwu!
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
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.
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
It will not solve anything
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.
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
This analysis is funny. What happens when the bank dollars is mopped up? We devalue again? 😅😅.😢😢
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
Nigeria can never work how many years is Nigeria continue to fool yourself one Nigeria my foot
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
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.
Who's selling the dollars to the NIGERIANS banks, why and for what purpose?
Proceeds not proceeds
Every one of them sitting there has a dollar account
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.
WHO BUY THE DOLLARS YOU SEND OUT , INCREASE OUR PRODUCTION IN CRUDE OIL IF POSSIBLE FORGET ABOUT OPEC
THE MONEY WILL STILL GO BACK TO EMEFELE AND CO, THE BEST THING IS TO JAIL HIM THE DOLLAR WILL DROP , THEY BUY ALL THE DOLLARS IN BANKS
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!
This country is tough ooo, imagine keeping another country's currency while our own currency is collapsing. 😭😢