Naira Appreciation Faster Than Expected, Says BDC Operators
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- Опубліковано 20 тра 2024
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I like the way this Baba Speaks, He is very intelligent 🎉. Cuddles to everyone doing their part to make Nigeria a better place to live.
I pray they should not inflate it again.
We need to start producing earnestly. Even if it's to stop importation of all petroleum products and produce locally.
Some people are not happy about it
You really shouldn't
@uchemoses9994 why? What are your reasons?
I will explain this as simple as possible, dollar was at an all time high. Dollars flowed into the country like crazy.. now naira appreciated against the dollar at a significant rate, good are still annoyingly expensive..bro watch those diaspora remittances drop, for a country that needs dollar so much, and are not producing enough..
Now, exporters won't be so psyched about it anymore because if the naira they are getting in exchange of their dollar earnings isn't enough to afford their needs, you know what happens? Inflation increased when dollar was high , inflation increased even MORE when it dropped ..THE latter is worse. .This is economics, dollar inflow is gonna drop significantly, which will create a lot of problem for the government again if they keep intervening and subsidizing the dollar..mind you, The Nigerian government is still gonna pay back with INTEREST euro/ dollar bonds because u believe it or not, they have borrowed money from a lot.
@@cokmatrix1999 excellent point. However, there is a “sweet spot” for the forex rate that will encourage production and exports while keeping inflation under control. The job of the CBN is to find that point. I would like the dollar around N1,200-N1,500.
Hopefully with dangote refinery gradually ramping up its operation. This will lead to import subtitution n eventually sustaining our FX trade balance n naira stability. Although more domestic productivity is just d answer to a stabilized naira
Is this guy a lifetime president of ABCON or what? I tire oooo. Anyway, I need the rate to come down so I can afford a new vehicle.
This man is speaking sense, De risking export is very important
Why things are still expensive?
Do yall realise that this means cheaper imports and expensive exports?
I hope you're not indirectly telling us you failed economics in school because that is what your comment seems to mean. 😅
I like what this guy said about political will
The president of bdc is well loaded with knowledge.
It's not mitigating the prices of goods and services in the country. The naira appreciation is just for while. The naira will still depreciate badly soon. There's so much corruption in Nigeria.
God will not answer your prayer
Since all these days, what are they be doing to control exchange rate?
Which means they just want masses to suffer for long before finding a solution.
I love the question of the presenter about sustainance.
Kudos
Dollar Subsidy. When removed;👉2000
Simple Question, is it sustainable??
I don't trust these people yet.
As long as the CBN maintains supply at fair market pricing, not pegging... It is sustainable. Right now the CBN is not even doing much, besides the policies they rolled out, it is the speculators dumping their dollars that is making the naira gains to be so fast, that's why the dollar in the parallel market is now lower than the officcial CBN rate..
Is this reflecting in price of things in the Market?
Of course not yet. The argument they say is that most of the goods in d market are old stocks which were imported at previous FX rated. That has to be cleared n which in this case will take some couple of weeks or say few months
@@roberthabakkuk7875Are we importing spaghetti, yam, garri, pure water, vegetables like tomatoes etc? The prices of this goods sky rocketed just as the naira's value plummeted. How come prices have not come down? 😂😅😊
He won't answer you cuz he doesn't have an answer. Ordinary pure water bag is N300@@4evertrue830
Great so it's 750 to 1 now ......FFS
hmmmm, and all this have nothing to do with reverting back bad decisions like devaluation of naira and removal of oil subsidy? let ne happy now, till the elephant is the room rises to that 3k.
English apart he knows what he is talking about
This cannot be sustained. Our economy does not have the productivity. Managing the Naira is only one part of managing the “economy “
Keep on lying...
This analysis is really silly and far from the truth. There's nothing to congratulate this govt or the CBN about. The CBN is directly manipulating the situation by creating naira scarcity in the economy. Getting cash out of the ATM machines is at an all time low. You can be lucky today and be unlucky tomorrow. No economy worldwide can sustain itself on a cashless monetary system. That is a big joke. Where you have such, it creates a mirage of the naira appreciating in value against the dollar and other foriegn currencies which is not true. Every business activity in Nigeria today is done by transfer, transfer, transfer using your mobile phone. This is ridiculous and not sustainable. It will eventually collapse like a pack of cards. The true value of a country's economy is the strength of it's currency, which should be physical in nature and has a good store of value backed by gold. The gold standard is key here not an imaginary cashless society being pushed for everyone to embrace. 😢
*"The CBN is directly manipulating the situation by creating naira scarcity in the economy "* - Point number 1
*"Getting cash at the ATMs is at all time low"* - Point number 2
*"Every business today is done by transfer,transfer,transfer, using your mobile phone. This is ridiculous and not sustainable"*
In all these, you think you've made sense àbí? You sef, think am, go through all these and make a sense out of all the trash you wasted time, money and data in typing...
You're just talking rubbish. Learn, no be everything Dem dey castigate