Naira Needs a Nap: CBN Tells Banks to Stop Hoarding Dollars and “Make it Rain!”
The Central Bank of Nigeria, apparently tired of watching banks sunbathe on a beach of Benjamins — Dollars, for the uninitiated– while the Naira did the drowsy galala, just dropped a truth bomb hotter than jollof rice on a Tuesday afternoon. Turns out, these lenders have been hoarding more dollars than a Nigerian politician with accursed avarice.
So, the CBN, acting like your grandma tired of seeing your room overflowing with dirty laundry, said, “Enough is enough!” and basically told the banks to “Sell that stash faster than Usain Bolt on Red Bull!”
Apparently, some banks were holding onto these dollars like they were the last slice of pizza at a party. But the CBN is having none of it! They’re like, “Listen up, financial friends, either share the wealth or prepare for an intervention that’ll make late Sani Abacha look like a drill sergeant!”
So, get ready for some interesting financial acrobatics, Nigeria. We might see banks doing cartwheels to get rid of their dollars, or maybe even a fire sale with prices so low they’ll make your wallet do a happy dance. Who knows, maybe we’ll all be swimming in a pool of greenbacks soon (don’t get too excited, that’s probably not happening). But hey, at least the drama never ends in the world of Nigerian finance, right?
Meanwhile, here are what Nigerians are saying on Twitter (sorry, X) on the matter:
I am so happy seeing how the Naira has been gaining strength against the Dollar throughout the day. Naira will continue getting stronger.
— Bashir Ahmad (@BashirAhmaad) February 1, 2024
https://twitter.com/Dannyben_/status/1753038286535147888?t=PZ5qjAX-B6qEoX6bSNND2g&s=19
Oh yes!
We freaking told you so!!We told you that if a criminal ever becomes President crime will go up.
We told you!
We told you that if you throw the rule of law away, dollars and dollar investment will flee Nigeria.
And that Naira will fall like a useless drunk.
We told…
— Dr Ayo (@OluAyoola7D) February 1, 2024
https://twitter.com/klintoncod/status/1752993156033908894?t=LXkGvKFYrYu94ULCleMOhA&s=19
Under a clueless man dollar stayed between 160-165 Naira for 6year. Under the most righteous one it went from 165 to 550 in six months and to 450 officially and 700 black market for 8years. Under ‘My turn’ it has gone from 450 to 1500 in eight months. DiarisGod o.
— Hilda Dokubo (@dokubohilda) February 1, 2024
War against the subsidy mogul went successful. We have functional refineries in Nigeria today because of that.
War against the dollar hoarders and currency speculators ongoing. It will end successfully Insha Allah.
It took a long time to stain the system, it’ll also take some…
— Adamu Garba II (@adamugarba) February 1, 2024
Generators are imported by rich men. BDCs are owned by rich men. Fuel stations are owned by rich.
Whoever will fix electricity and crash the dollar will fight the elites. And they will fight him back in return.
— Niyi Zamani (@NiyiRj) February 1, 2024
https://twitter.com/Mario9jaa/status/1753005752979984446?t=fZmNCG4g7RRwjwpztPSxpQ&s=19
