NewStats: 3,265,222 , 8,186,061 topics. Date: Friday, 13 June 2025 at 10:47 PM 4ta3e

jedisco:
Regarding devaluation, always held that the 650-700 mark is a point where the average Nigerian begins to lose hope in the currency- A point if not well handled will make things spin out of control.
The government have made multiple interventions at this level over the last 3months. That's why the rapid rise to 830 is concerning but not totally unexpected.

All said, I've traded markets enough to understand the psychology behind certain numbers. When a market rallies to 8.3, it's tends to be a matter of time before it hits 10.

The rapid rise to 830 and maybe eventually 1,000 or even 2,000 is because criminals, politicians, looters, kidnappers, terrorists and co are rushing to change the old Naira notes stockpiled in their hideouts to dollars before the deadline to exchange the old Naira notes. It is very artificial.

What Emefiele and co are trying to do is to make all the ill gotten, looted and stolen Naira useless to these criminals and politicians. Hence the mad rush for USD. Kenya did the same not too long ago..

N.b: it may just be part of a grand political agenda to neutralize targeted money bag opponents. Who knows?

narite:

This present istration just want to make sure they completely ruin things before they leave office. Clearly, this is a sabotage. If I may ask, when this Current regime leaves office; can the Naira still go back to the current bank rate 490-500?

I doubt... except with redomination.
We're asking of stability now...before we start talking of appreciation.

AngelicBeing:
Gbamsulotely, end of thread, the law of retributive justice always holding koboko to flog anyone, government or institutions that violates it, you can't plant maize and expect to reap cassava and you can't keep churning out Oluwole and burukutu economic policies and expect to Reap heavenly results

It's easy to forget that the UK PM was forced to resign after a move that resulted in a similar outcome as ours...

Labadi69:


The rapid rise to 830 and maybe eventually 1,000 or even 2,000 is because criminals, politicians, looters, kidnappers, terrorists and co are rushing to change the old Naira notes stockpiled in their hideouts to dollars before the deadline to exchange the old Naira notes. It is very artificial.

What Emefiele and co are trying to do is to make all the ill gotten, looted and stolen Naira useless to these criminals and politicians. Hence the mad rush for USD. Kenya did the same not too long ago..

N.b: it may just be part of a grand political agenda to neutralize targeted money bag opponents. Who knows?

Artificial or not, that rate has a direct effect on the livelihood of millions.

When the naira devalued to 450 against the usd, some blamed it on businesses they christened smugglers. Do you really think that folks who stockpiled billions would be affected by this move? Bank managers would personally supply them with the new currency. Alternatively, they change to USD. I wonder if the CBN gave thought to this.

All said, a currency is the representation of an economy

jedisco:


Artificial or not, that rate has a direct effect on the livelihood of millions.

When the naira devalued to 450 against the usd, we blamed it on businesses we christened smugglers. Do you really think that folks who stockpiled billions would be affected by this move? Bank managers would personally supply them with the new currency. Alternatively, they change to USD. I wonder if the CBN gave thought to this.

All said, a currency is the representation of an economy

Currency's strength

jedisco:


Artificial or not, that rate has a direct effect on the livelihood of millions.

When the naira devalued to 450 against the usd, we blamed it on businesses we christened smugglers. Do you really think that folks who stockpiled billions would be affected by this move? Bank managers would personally supply them with the new currency. Alternatively, they change to USD. I wonder if the CBN gave thought to this.

All said, a currency is the representation of an economy

It is that scramble by criminals and politicians to change to USD that is the key driver of the sudden fall as never seen before. Read my comment again…

You are quite a clown and truly make me laugh LMAO. I was merely suggesting that there is no need to go and open an offshore if you need to be converting frequently back to Naira for local expenses because it is not worth the effort involved. Secondly a bank telling you there is no dollars available at the moment does not mean there will be none later (USD spiked to 540 in 2015/6 and CBN flooded the market with USD and it crashed back down to N360 and stayed there for a number of years). Thirdly, I am perfectly aware that Dom s in Nigeria are widely known about. Finally, my bank has not had any issues providing me with FX in the 30 years I have banked with them.

Labadi69:


Hahaha..wait until there is serious scarcity of dollars and see if you will still see your dollar savings waiting for you there in the dom ..and we are getting there.

Exchange control is actually the first policy the Central Bank enforces in a country that’s in a serious fx crisis. Only a fool converts all his money from Naira to usd and then keeps it all in a dom .

Even now sef, many times man pikin go enter bank to withdraw dollars and the cashier go say dollar don finish. Come back next week. Or you will see them rationing dollars. Imagine wanting to withdraw money for your child’s school fees and hearing say your life savings dey lockdown?

Didn’t you read where I said ‘to and from your dom in Naija’. For your mind, you go just think say all these ppl daft sha. Dem never hear about dom ? Hahaha

Stability will be achieved. Currency appreciation will occur. It is my view that the Naira will appreciate e.g. when the government implements the necessary and steep cuts to its running expenses. Thus reducing borrowing for expenses (civil servant wages) rather than for infrastructure development. Another example is the elimination of fuel (PMS) subsidy. This will happen too.

jedisco:


I doubt... except with redomination.
We're asking of stability now...before we start talking of appreciation.

skydiver01:
Stability will be achieved. Currency appreciation will occur. It is my view that the Naira will appreciate e.g. when the government implements the necessary and steep cuts to its running expenses. Thus reducing borrowing for expenses (civil servant wages) rather than for infrastructure development. Another example is the elimination of fuel (PMS) subsidy. This will happen too.

I hope it does. But hope alone does not run an economy.
My life wouldn't be paused for looters in government to do the right thing. The last 8 years for Nigeria has been that of severe inflation and no growth. If the next 8 years turns out similar, then that'd be about 2 decades wasted.

Labadi69:


It is that scramble by criminals and politicians to change to USD that is the key driver of the sudden fall as never seen before. Read my comment again…

This move doesn't come as a surprise to me. As far back as last year, I knew the tipping point was close
For every devaluation, there would always be a group CBN seeks to blame. At the end of the day, the resulting inflation visits suffering on the masses. It's the job of the CBN to control and adress that not blames.

the UK PM lost her job following a move that resulted in such outcome. They didn't go blaming one group or another.

Yes USD may rise past 1000 Naira in d short term but in d first or second quarter of next year it will fall to bellow 700 Naira. As u accumulate don't get caught when it u-turns. Dis i have seen.

When Dangote refinery, national and modular refineries come on line next year it will drastically reduce pressure on d usd.

Labadi69:


Abeg how do you investigate in Naira? Just asking for a friend

Like EFCC

And the slide continues. . .

Yes, I'm getting really worried

I agree. But, lets remain positive whilst diversifying.

jedisco:


I hope it does. But hope alone does not run an economy.
My life wouldn't be paused for looters in government to do the right thing. The last 8 years for Nigeria has been that of severe inflation and no growth. If the next 8 years turns out similar, then that'd be about 2 decades wasted.

ositadima1:
Yes USD may rise past 1000 Naira in d short term but in d first or second quarter of next year it will fall to bellow 700 Naira. As u accumulate don't get caught when it u-turns. Dis i have seen.

Hian, if your prophecy fails or fails to come to fruition next year, l will ban your from Nairaland.com for 20 years

AngelicBeing:
Hian, if your prophecy fails or fails to come to fruition next year, l will ban your from Nairaland.com for 20 years

I operate 20 clandestine s

AngelicBeing:
Hian, if your prophecy fails or fails to come to fruition next year, l will ban your from Nairaland.com for 20 years

ositadima1:


I operate 20 clandestine s

Hian

skydiver01:
I agree. But, lets remain positive whilst diversifying.

Being positive shouldn't stop one from demanding good leadership. Nations move ahead on the basis of citizens voting and demanding good leadership.

I bother less today about inflation/devaluation as I believe most is already locked in and I remain well hedged.
I n the early days when the seeds driving the current economic performance were being sown, some of us called it out here. Folks said it's only those that don't have investments that complain about inflation or devaluation... lol... now the fruits have ripened.. hope their investments did add up.

Great investors in the building.
I greet you all.

Please what is the minimum amount of money I can invest in treasury bills?

I have 4 million naira and I want to put it there for now.

Am I good to go?

Also please recommend a bank I can use.

I hope I'm not asking too much.

Thanks.

COPIED..

USA MOVES TO CHECKMATE DOLLAR STOCKPILE IN AFRICA..

Sequel to the just concluded extraordinary meeting held in Washington DC on Nov. 2nd 2022 between the United States Federal Reserve Bank, Office of the Comptroller of Currency, IMF, World-Bank and Governors of Africa's Central Banks, the United States Govt has set date for restriction on acceptable legal tender note of US Dollar which will commence on Jan. 31st 2023.

The restriction implies that any US Dollar note below 2021 printed date will no longer be accepted or be a legal tender anywhere in the world... This effort is to curb billions of illegal monies in dollar bills warehoused around African continent emanating from drug related, terrorism, kidnapping and money from corrupt politicians.

As part of the enforcement of the strict action plan, African central banks will be assigned with a special agent from the Office of the Comptroller of Currency, of National bank United States of America to checkmate all inflows and outflows of dollar transactions.

The report also has it that US president has also written to British Government and European Union to tour same line and redesign their currencies accordingly to frustrate those with ill-gotten money in US dollar, British Pound Sterling and Euros.

Should this action be implemented come January 2023 as reported, Nigerian corrupt politicians will be worse hit.

Credit..

Routers News.

Boyhood:
COPIED..

USA MOVES TO CHECKMATE DOLLAR STOCKPILE IN AFRICA..

Sequel to the just concluded extraordinary meeting held in Washington DC on Nov. 2nd 2022 between the United States Federal Reserve Bank, Office of the Comptroller of Currency, IMF, World-Bank and Governors of Africa's Central Banks, the United States Govt has set date for restriction on acceptable legal tender note of US Dollar which will commence on Jan. 31st 2023.

The restriction implies that any US Dollar note below 2021 printed date will no longer be accepted or be a legal tender anywhere in the world... This effort is to curb billions of illegal monies in dollar bills warehoused around African continent emanating from drug related, terrorism, kidnapping and money from corrupt politicians.

As part of the enforcement of the strict action plan, African central banks will be assigned with a special agent from the Office of the Comptroller of Currency, of National bank United States of America to checkmate all inflows and outflows of dollar transactions.

The report also has it that US president has also written to British Government and European Union to tour same line and redesign their currencies accordingly to frustrate those with ill-gotten money in US dollar, British Pound Sterling and Euros.

Should this action be implemented come January 2023 as reported, Nigerian corrupt politicians will be worse hit.

Credit..

Routers News.

Lol

In decade coming, US won't redesign it currency

safesurfer:
Great investors in the building.
I greet you all.

Please what is the minimum amount of money I can invest in treasury bills?

I have 4 million naira and I want to put it there for now.

Am I good to go?

List banks you have or go to Stanbic.

Also please recommend a bank I can use.

I hope I'm not asking too much.

Thanks.

oluayebenz:


Lol

In decade coming, US won't redesign it currency

But Mefi said it's standard practice to redesign notes every 5-8yrs abi US no dey follow standard ni?
Yea, instead of redeg, it's actually easier to mopup/stop circulation of older notes up to 5yrs back.

Boyhood:
COPIED..

USA MOVES TO CHECKMATE DOLLAR STOCKPILE IN AFRICA..

Sequel to the just concluded extraordinary meeting held in Washington DC on Nov. 2nd 2022 between the United States Federal Reserve Bank, Office of the Comptroller of Currency, IMF, World-Bank and Governors of Africa's Central Banks, the United States Govt has set date for restriction on acceptable legal tender note of US Dollar which will commence on Jan. 31st 2023.

The restriction implies that any US Dollar note below 2021 printed date will no longer be accepted or be a legal tender anywhere in the world... This effort is to curb billions of illegal monies in dollar bills warehoused around African continent emanating from drug related, terrorism, kidnapping and money from corrupt politicians.

As part of the enforcement of the strict action plan, African central banks will be assigned with a special agent from the Office of the Comptroller of Currency, of National bank United States of America to checkmate all inflows and outflows of dollar transactions.

The report also has it that US president has also written to British Government and European Union to tour same line and redesign their currencies accordingly to frustrate those with ill-gotten money in US dollar, British Pound Sterling and Euros.

Should this action be implemented come January 2023 as reported, Nigerian corrupt politicians will be worse hit.

Credit..

Routers News.

its fake news... Though wish they were true

Boyhood:


But Mefi said it's standard practice to redesign notes every 5-8yrs abi US no dey follow standard ni?
Yea, instead of redeg, it's actually easier to mopup/stop circulation of older notes up to 5yrs back.

It be hard....

just2endowed:

Will this result in excess dollar liquidity in Nigeria and lead to rise of the naira against the dollar?

No wonder cbn governors decide to tour this part. Its like he is aware of this information for few weeks now and decided to follow the same.

December and January is goinf to be very dicey arojnd the world. Oya if u have dollar, this is the best time to sell before the free for all dollar.

Who knows, I might see a cheaper dollar seld

Fake

Boyhood:
COPIED..

USA MOVES TO CHECKMATE DOLLAR STOCKPILE IN AFRICA..

Sequel to the just concluded extraordinary meeting held in Washington DC on Nov. 2nd 2022 between the United States Federal Reserve Bank, Office of the Comptroller of Currency, IMF, World-Bank and Governors of Africa's Central Banks, the United States Govt has set date for restriction on acceptable legal tender note of US Dollar which will commence on Jan. 31st 2023.

The restriction implies that any US Dollar note below 2021 printed date will no longer be accepted or be a legal tender anywhere in the world... This effort is to curb billions of illegal monies in dollar bills warehoused around African continent emanating from drug related, terrorism, kidnapping and money from corrupt politicians.

As part of the enforcement of the strict action plan, African central banks will be assigned with a special agent from the Office of the Comptroller of Currency, of National bank United States of America to checkmate all inflows and outflows of dollar transactions.

The report also has it that US president has also written to British Government and European Union to tour same line and redesign their currencies accordingly to frustrate those with ill-gotten money in US dollar, British Pound Sterling and Euros.

Should this action be implemented come January 2023 as reported, Nigerian corrupt politicians will be worse hit.

Credit..

Routers News.

You copied fake news and pasted here.


What would you gain from that?

chigo4u:

Fake

Yes it's rumour and fake news

Grupo:


You copied fake news and pasted here.


What would you gain from that?

Atleast I now know it's fake

Somebody should put me through on this treasure bill, please