REVEALED: ₦1,900 Naira to $1? CBN, Fintech & Crypto Ban Explained!

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Over the last few weeks, the Naira to dollar exchange rate has hung around the 1500 Naira to 1 dollar zone. However, at some point in February, the value of the Naira slumped to a whopping 1900 to the dollar. In this video, I will help you make sense of all the activities and controversies that have flown around in this period. What are your thoughts on the current state of the Nigerian economy? Leave a comment 👇🏽! #FinanceFriday #Crypto #FinTech
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Check out previous videos here:
• REVEALED: ₦900 Naira t...
• REVEALED: ₦820 Naira t...
Contributors:
Leke Olushuyi
Solomon Idris
Kabiru Sodiq
Links to Sources:
punchng.com/customers-panic-a...
www.cnbcafrica.com/media/6268...
nairametrics.com/2021/08/17/c...
www.thecable.ng/fx-transactio...
nairametrics.com/2024/05/03/o...
punchng.com/customers-panic-a...
www.binance.com/en/support/an...
nairametrics.com/2024/02/29/b...
www.chainalysis.com/blog/afri...
punchng.com/nigerian-crypto-i...
techcabal.com/2024/04/29/excl...
nairametrics.com/2023/08/31/e...
techcabal.com/2024/01/26/moni...
techcabal.com/2024/06/03/cbn-...
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6 июн 2024

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Комментарии : 233

@FisayoFosudo Месяц назад

What do you think about the exchange rate & the current situation? Do you think it could get better? Reply below 👇🏾 Let’s chat! PS. Don’t forget to subscribe to Finance Friday, it’s Free: youtube.com/@financefridayyt?si=zZN9QiKx8T7GPkt7

@TherebelCompany Месяц назад

I think it'll get better,and I strongly believe the government should have a proper sit down with Fintech companies here in Nigeria to see how tools can be developed on their platforms to promote or elevate the mere thought of Naira (for instance reducing their fixed dollar to naira rate, it's too inflated, we could have top ETFs on the platforms that you can only buy with naira) I don't know, we can do better and we will..

@KeneDigital Месяц назад

Subscribed.. enjoy your work sir.. Any space for internship?

@TheGeminiXplug Месяц назад

Ive been trying to reach you as a fellow creator in nigeria but you don’t answer on any platform. I’m a fan and a brother. I need your insight

@mobitecstore7344 Месяц назад

First it was BDC's then it was AbokiFX then they moved to Binance before finally settling the blame on Fintechs. Technically the cbn is still subsidizing the rates 1 year after floating the naira. The rates will still get to 1900 or 2k by this time next year

@hkmusty Месяц назад

It’s wrong that BDCs were left to control the dollar indirectly, we had a time of two exchange rates which was just an infinite money glitch for the people with access to Dollar at “official rate”. The loop was crazy, get USD at bank rate (at about N450/1$) sell at black market (at about N750/1$) that’s about N300 profit on every dollar, and then still use the same money to buy more dollars and run it back again. In my humble opinion this is where the chaos started. When banks were servicing USD transactions with little to no hassle, things were stable, the BDC had very little control over the market, in fact they would only get customer who were in a rush and there was little difference between the bank rates and BDC rates. No one felt the need to hoard dollar because it was accessible. The currency markets are a cumulation of all the participants’ thoughts and actions. If people believe that it’ll be hard to get something in the future, demand will increase and hence the price increase (take covid and tissue papers in 2021 as an example). We saw our local cards go down to $100 dollars a month as a limit for international transactions and a few months later $20 a month until they entirely stopped servicing international transactions. You don’t deprive a man food when they can watch you eat. They will find a way to eat too. I might be wrong somewhere or have provided little context but, these are my two cents. I just pray Nigeria gets back to a sustainable path. Nigeria will be great one day but only with the right policies.

@eleanyadavid8561 Месяц назад

Cleanest Nigerian Creator there is. the quality the eloquence. its Fisayo!

@FisayoFosudo Месяц назад

Thank you for the compliment 🙏🏾

@eleanyadavid8561 Месяц назад

@@FisayoFosudo Wanna be like you when I grown up. love you plenty

@HismumYT Месяц назад

AFRICAN tbvh 🐐

@TechTalkwithATM Месяц назад

Absolutely💯

@HelloYagii-xd9wu Месяц назад

I actually don't know what the nigeria govt expect when unemployment rate is massively high and the few who are working are underpaid, 70% of average youths in nigeria depends on crypto, forex trading and yahoo, for survival which is playing a huge role in deciding the fate of the currency and economy to some extent, sooner or later this current measures will stop holding water.

@slpha3525 Месяц назад

70 per cent is a really high number, though, please do more research

@thekingsgordon Месяц назад

You forgot betting

@julianokeke3466 29 дней назад

It’s a circle that starts from bad governance. No Jobs, no education etc.

@youpedia4614 27 дней назад

@slpha3525 it's actually more than 70%. The percentage of Nigerian youths working is VERY low. Are you not seeing how low the economy is?. Where will the work come from in a 250 billion dollars economy in 2024 which shrinked from 470 billion last year?. Our population is 230 million which increased from 220 million last year. Work is not enough to go around

@univera1111 26 дней назад

You forgot about ghost workers in government administration.

@enod9746 Месяц назад

A weak currency is not a bad thing if your country has an export-oriented base. Switzerland has intervened several times to weaken its currency to encourage exports. Japan has long benefitted from this scenario. The number one problem of Nigeria is POWER! How can a nation ever hope to become an industrialized, export-oriented economy without power? HOW?

@ISAACreate Месяц назад

Power and Transport. If Nigeria can solve these two, we'll advance so fast!

@seunodusote Месяц назад

@@ISAACreate Energy literally is a critical factor for production. To think Nigeria has fossil fuel in abundance and have not leveraged it continues to amaze me.

@nnadilambert731 Месяц назад

I agree but you forgot to add insecurity. Insecurity is becoming a thorn in the flesh of worthy investors and entrepreneurs

@chibyk2008 23 дня назад

Nigeria government is just plain crazy. You are a consuming nation and you think weakening your currency will help. Weaken currency is only good if you are a manufacturing nation.

@anyimmichaelik Месяц назад

Inflation in Nigeria is about 30% annually while that of America is about 3% . That, is the problem. Do the math and you will know what 1 dollar will be next year. The solution to Nigeria problem still remains exportation. Produce and export. Invent if possible, manufacture and export. I don't know how else to say this.

@kenmay5532 Месяц назад

Common sense is not common 😅 Let them keep witch hunting their own ghost. The highest users of crypto are the people in government

@ISAACreate Месяц назад

But first, solve the of power and transport.

@julianokeke3466 29 дней назад

Simple and short.

@adatheentrepreneur 27 дней назад

@@ISAACreatetruth!!!!

@joey1000_ Месяц назад

Your low tone helps to calmly listen to you for this long😊

@g-dstreamz_studio Месяц назад

VERY TRUE!

@myestery Месяц назад

Why is everyone forgetting that our banks have the biggest hands in this forex saga? CBN banned us from buying forex directly and made it exclusive to banks and banks decided to hold it and sell only to abokis at rates they liked. This contributed hugely to our exchange rate issues immensely cos no matter what happened in finance p2p, if the banks sold at the correct rates then price would've stabilized

@theboysammyjay Месяц назад

Finance Friday is back

@box498 Месяц назад

Great insight Mr Fisayo. Going straight down to finance Friday

@guy_cod Месяц назад

Thank you Fisayo. I enjoy how slow paced and very informative the video is. Keep up the good work.

@MiDaY_i Месяц назад

man i've missed these finance Friday videos so much!

@FinancialPaul Месяц назад

This is an awesome analysis Fisayo, i think there is more to be done like you highlighted, looking at the current interest rate increase by CBN to encourage FDI Foreign Direct Investment can also help to stabilise the exchange rate but also has an adverse effect on small business making them finding it hard to get funding . Its a lot but we hope that more measures and policies will create more positive change

@hillaryremy Месяц назад

Thank you very much for this piece, Fisayo. Brought answers to some many questions I had on the fluctuation in exchange rate.

@olatoyeblessing6955 Месяц назад

Thank you for the insights

@rotcivikiasAKAsaiking Месяц назад

We are happy to see your content 😊

@ayomideajayi4469 Месяц назад

Great work Fisayo. Always bringing us quality content 👏🏽💯

@wisdommudasiru Месяц назад

Yay for Finance Friday

@emmanuelolugbami9313 Месяц назад

Subscribed To Finance Friday

@fallenclara Месяц назад

WE NEED MORE OF FINANCE FRIDAYS FISAYO

@kobbie774 Месяц назад

Amazing video!

@Rnee750 Месяц назад

I seeeeeeee. it all makes sense nowww and you REALLY did a good job explaining. thank youuuu.

@divthecreator6074 Месяц назад

Yes Friday!!!!

@praiseadeolaolufunsho6493 Месяц назад

I enjoyed every bit of this.

@adeleyeadewuyi5407 Месяц назад

Now I know why people couldn't create an account with kuda and Opay

@irokpe6977 Месяц назад

So you've been living under a rock?

@raskidon Месяц назад

@@irokpe6977 haba calm down naa, no be every body go know

@youpedia4614 27 дней назад

And moneypoint. Especially moneypoint

@OfficialYusufbm Месяц назад

Thank you for this

@KeneDigital Месяц назад

Thank you for your efforts. Well appreciated

@Providence11 Месяц назад

Fully informed

@kyomnomyakubu6187 Месяц назад

please more finance fridays. please

@favourajuobi27 Месяц назад

Thanks for the information 👍

@kingsleykelechi_ Месяц назад

Good job sir Fisayo ❤❤❤❤ Thanks for the information

@BitcoinAndCryptoCurrency Месяц назад

thanks for keeping it simple and straight forward

@ganajoshuadanlami 28 дней назад

thank you for the insights boss fisayo🙌🙌

@BlessingJohnAseweje Месяц назад

I love the editing and sound design

@tayo_Odusoga Месяц назад

Insightful analysis

@whytemanvictor Месяц назад

I don't believe crypto was responsible for the fall of the naira. I heard people were making a lot of money. People bought dollars when going in. Majority of expenses in Nigeria are in Naira. So after multipyling your money in foreign currency you need to change it into naira. The money you are returning with is more than the naira you converted. So in the end, you are demanding more naira than the dollars you initially acquired in the first place. So if Nigerians are making money, (foreign currency) they are actually helping the naira by contributing to the foreign currency Nigerians are earning into the system. Lack of local production, and balance of international trade deficit, remain the major reason for the naira's plummet. Blaming crypto is just smoke and mirrors.

@joshuaosondu8027 Месяц назад

Well said

@joshgord Месяц назад

I don't know why this seemingly common sense knowledge is amis amongst so called intelligent economists out there. Well said. Nothing but facts. Let the govt keep blaming everything else but the actual issues. Rawbish. Lol m

@seunodusote Месяц назад

Cryptocurrency investments are largely unregulated. A downturn in the crypto market could affect Nigeria’s foreign exchange if a substantial portion of the nation’s assets is invested in cryptocurrencies. Given the potential for manipulation by unscrupulous entities within major cryptocurrency exchanges, it would be prudent to regulate the crypto market under the Securities and Exchange Commission’s oversight, similar to other investment avenues.

@ahmedhakeem9941 Месяц назад

It's not a long term solution, however Stopping the crypto p2p exchange was a short term solution. The P2p traders were unregulated and constantly inflated the price of getting Usdt (dollar) with naira for profit. This devalued the naira at an extreme rate. That's why at some point it was increasing by 100 naira per day, If you notice when the regulation happened along with the sanction on BDC's the extreme inflation stopped. Crypto isn't the major factor that affected the naira, but it's one of the factors. The way Nigerians were shorting the Naira against the dollar Contributed

@chromebk8674 11 дней назад

The currency is quite volatile compared to the currency they’re earning in, would you willing convert all your earnings if you knew it could lose its worth the next day, it makes more sense to save in that currency and convert it when you want to spend When that is the case you’ll have more people spending more naira (more demand) to acquire dollars than there are people spending dollars to acquire naira. The value for dollar increases and so does its price while the demand for naira decreases

@ayobamiokla Месяц назад

Nice one..... well explained.

@blueecademy 25 дней назад

A very insightful video ❤

@tarelatawari7042 Месяц назад

So well made. I didn’t want it to end

@kelvinn007 Месяц назад

O.G fisayo back!

@evansagina4151 Месяц назад

Finance Friday!!! 🎉🎉

@antnam4406 Месяц назад

When Dangote refinerry stats running fully, with NNPC refineries, there will be more forex due to stoppage of oil import.

@ExcellentIfediora Месяц назад

Is this good or bad

@antnam4406 Месяц назад

@@ExcellentIfediora why is it bad?

@wealthonlinemarketing Месяц назад

Awesome… I love the careful analysis and thorough research 👏👏❤️

@FisayoFosudo Месяц назад

Thank you for watching 🙌🏾

@codered_dev Месяц назад

I have been waiting for nearly a year for this!

@Uyobong Месяц назад

I must commend you for the effort you put into researching on this subject matter. Well done I am currently writing a paper on how financial crimes in Nigeria such as money laundering are done on this crypto platforms just like what we saw in the Jian Wen's case

@DecentralisedTV Месяц назад

First of all, This is a short and rich video very educative and informative. Thumbs up for that Fisayo. The current solution provided by the Federal government is a temporal solution because their solution is just one in a thousand although that's a good move. The federal government has to encourage local manufacturing of goods and services with the available locally sourced raw materials. Encourage farmers to produce more food, GMO produce are not good for us at all. Well these are my taught and once again, thank you for this wonderful content

@ten_cents 29 дней назад

maybe tech guy IS finance guy after all. Looking forward to more vids like this

@Lowkeyyshorts Месяц назад

These are the videos I am subscribed for All the other videos no dey concern me 😂

@techjunk8467 Месяц назад

I tell you bro

@ISAACreate Месяц назад

real ones enjoy all his videos.

@adeleyeadewuyi5407 Месяц назад

This is very informative. Thank you so much ❤

@FisayoFosudo Месяц назад

Thank you for watching 🙏🏾

@akapoayomidemary5134 Месяц назад

The best

@Gmkkkkkkkkkkkkkkk Месяц назад

Gaining stability for the naira within this period is still going to be difficult as our reserves are declining if there is any, GDP isn't at its finest, foreign investment and companies are exiting due to FX rates and inflation is a precurrent problem for Nigerians on a quaterly basis. And let's not even get started on our country's debt infrastructure. Honestly, i look forward to a finance friday video where Fisayo talks about how banks still remain profitable quaterly in a declining economy. As i speak for myself when i say finance friday explains economic events backed by data in simple terms.,

@DOXAINFINITY Месяц назад

Hahaha... I look forward to that... How will banks not be profitable when they rack up multiple charges on every transaction even For just logging into the app...

@Gmkkkkkkkkkkkkkkk Месяц назад

@@DOXAINFINITY 😅😅

@femiolayemi5902 Месяц назад

Creating this must have taken a good amount of time. Thank you for preventing me reading all manner of information to make sense out of them all. Good presentation, I feel like my data was worth its use.

@FisayoFosudo Месяц назад

Thank you for watching 🙌🏾

@uzochukwuamarabenneth2583 Месяц назад

We warned y'all about the APC but tribal and religious inclinations no allow una reason well.

@Kcrectitude23 27 дней назад

Lol they will still not listen come 7 years time. Nigeria and tribal politics is the problem. I hope they're enjoying it now

@uzochukwuamarabenneth2583 27 дней назад

@@Kcrectitude23 and they would make another video explaining how dollar rose to 10,000 in 2027, poor souls

@antnam4406 Месяц назад

Foreign portfolio was also used to stabilize the Naira.

@praiseadeolaolufunsho6493 Месяц назад

Thank you Fisayo.

@FisayoFosudo Месяц назад

Thank you for watching 🙏🏾

@eyesOnJayda Месяц назад

Fisayo: "I'll get back to it later in the video..." NEVER GETS BACK TO IT

@oyedotun_oyeleke294 21 день назад

Thanks for the expose Fisayo, my POV is the other side of financial market disruption that isn’t spoken about. “Illegal racketeering” committed by banks & politicians who embezzle public funds. They also get these monies moved out using the crypto currency & all of these contribute to the weakening of the economy but many people overlook this eg Former Gov of Kogi state case with the EFCC

@adesanyatimileyin3521 28 дней назад

Thanks for doing this . I've been trying do a research on why Binance was banned but I've been restricted due to inability to subscribe on platforms

@BitcoinAndCryptoCurrency Месяц назад

I am going shopping now after this video 💰

@victoronyekonwea2910 Месяц назад

Great

@tinatamako5 Месяц назад

Good

@user-gm4qc5bl6z Месяц назад

Thank you Fisa...my first time to participate on the finance Friday since I subscribe...😊

@olayinkaakerekan613 Месяц назад

First to comment and learn!

@dbrave1524 Месяц назад

Buhari and emiefele killed our economy beyond what anyone can imagine

@dabadah86 Месяц назад

PalmPay is now permitted to on-board customers.

@youpedia4614 27 дней назад

What about moneypoint?

@johnsamuel1482 Месяц назад

The 3 key things affecting the currency is 1. Insecurity 2.Electricity, 3.Bad Road Network if these can be solve. Which is impossible by the way then the currrency will appreciate, not by shifting of cbn policy every Eke Market days, we will be able to cater for our own needs and even export. so if they ban all the banks, it will not work, instead it will make it worse

@oladelesamuel9149 27 дней назад

This is nothing but a classic show from the man FF

@nwabuemele5887 27 дней назад

This just seems like an easy route to blaming fintech for the weakening of the naira, excluding the principal factors such as policies, lack of economic roadmap, unemployment etc

@DrealRay Месяц назад

The ban has been lifted on Opay now

@michaeljeawhanlee5615 Месяц назад

Tell me Fisayo, is that the M4 iPad Pro?

@user-pg8xy5ym2b Месяц назад

A Country's exchange rates is just a weight index of investors demands.....a good economy is that which can give good circulation of it's currency regardless it's value..." if a man can make his own bread, why buy another man's bread"

@tegatee Месяц назад

that good times was personal😂😂

@roqcreates Месяц назад

Lets face the real truth, the dollar and digital currency investments has added to the devaluation of the naira BUT its not even among the top 5 reasons why Naira is devalued. End.

@chisomprosperity5505 Месяц назад

Time to buy more dollar

@eyitopee.fagbemi2566 Месяц назад

While I must commend the CBN governor for his effort in managing the monetary aspect of the economy, the fiscal aspect is where the real work lies. How do we go from import dependent country to export? Exporting goods and services will boost our FOREX as well as increase our foreign reserve. This is the only way our currency can be stronger against the dollar. Good job Fisayo!

@irokpe6977 Месяц назад

Even if we don't export that much, if we manage to meet about 90% of our needs locally, Naira will be stronger against USD.

@eyitopee.fagbemi2566 Месяц назад

@@irokpe6977 That too, but we still need lots of investment in agriculture to be able to meet local demand. I wonder what these people in government think about when the solution is pretty straight forward.

@jameskimani5414 Месяц назад

Do a Kenyan shilling one

@Taolicious_Aj Месяц назад

Fisayo thanks for the enlightenment As an opay agent people don't want to understand....they are like make Una pack Una money commot ooo ..... Which sound very funny Cus we are in a word now where even Ur personal stuff are virtual😁😁😁 So if yu have any advice for we Nigerians to follow jst put it out Cus I wanna see my motherland currency compete with the world greatest ones

@divinefavouregeh Месяц назад

We are blessed with confused individuals as leaders in this nation. From top to bottom

@gbengaemma Месяц назад

You mean "cursed"

@elijahema4074 Месяц назад

Hi Why have you not done a review on your iPad 😢

@mrjonpes8221 27 дней назад

Too bad most Nigerian youths are not educated on topics like this... Even myself recently started educating myself on more government operations...

@hillaryremy Месяц назад

First to arrive 🤩

@DOXAINFINITY Месяц назад

When you float the exchange rate in a country that imports virtually everything it consumes, then you remove subsidy simultaneously from one item(petrol) that it's increase practically affects every consumables what would you expect to happen? Anyway what do I know? Great video mehn...

@walebanj8388 Месяц назад

“We’ll reduce the purchasing power of the people to further slow down the economy” - Bola Tinubu. U can’t buy what u can’t afford

@kingkongrilla Месяц назад

@@walebanj8388 That is all you can do when your economy is going to the toilet. Then strategically improve infrastructure and create an environment to improve the trade deficit. We all expect magic overnight at the worst time in history, what were we doing doing our glory days ?

@pro-xinyang Месяц назад

In which part of Nigeria is smartphone cost declining???????

@actionboi05 Месяц назад

11:18 over 200 million people

@oluwatosinomoluwa1972 Месяц назад

I got a notification from kuda yesterday saying "anyone can now open a kuda account! Tell a friend to tell a friend to join you here" I guess they've lifted the ban.

@taiwoyusuf718 Месяц назад

I hope this fiannce friday doesnt put you in trouble sha... Thread carefully my brother

@rolandunusual1021 Месяц назад

He didn’t say anything new or outrageous to the whole currency situation. All what he said were what has been known. I was actually expecting something different though.

@K-boy22 Месяц назад

LFG!

@obiajuluchisomchikamso9663 Месяц назад

pls sir how does the enaira help in all this

@wjbhr 26 дней назад

Nice video but you actually did not explain why the crypto ban resulted in stability of the naira.

@BoxerboyTech 29 дней назад

Where do you get your stock videos from. Great video by the way. I pray it doesn't lead to the "Great Depression of the 1930's" or "2009 UK inflation" As an Economic student, just as how Zimbabwe made bad monetary and fiscal policies which led to its demise, i hope Nigeria don't do thesame. Though around the latter part of march and early April,naira gained the title of being "the strongest currency in the 1st quarter of 2024" by forbes. For the naira to reach equilibrium of 1050/$ back in April and the slight reduction in some certain goods and services i think it might have a correction in the next couple of months if good policies are kept. Keep in mind the FOUR(4) Economics/business cycle. 1. Expansionary (getting to full employment) 2. Peak(full employment) 3. Contraction (unemployment) 4. Trough (full unemployment) I hope this was helpful in any way.

@ronaldjames7154 Месяц назад

How do we get our money out of these banned platforms

@knightgem Месяц назад

Dollar to naira will get to #2000 if there's no production in Nigeria.

@My_Inquiri Месяц назад

The more you look, the less you see. That’s my analysis on Nigerians Economy

@melchizedecotuoze4264 Месяц назад

Weak currencies encourage FDI, which happens in Nigeria but the politicians siphon every return for themselves

@folajimifawehinmi4982 Месяц назад

How do we get the new channel, I searched for it and it didn't pop-up.

@FisayoFosudo Месяц назад

It’s the first link in the description of the video and the pinned comment

@theanalyser8456 Месяц назад

1:58 😂😂

@emmanuelgodwin4046 Месяц назад

Hello Fisayo, does this also affect Forex Trading? Is Forex Trading banned?

@Providence11 Месяц назад

Like this comment if you love this review

@precious_orim Месяц назад

Not arrested. More like kidnapped.

@Rod_madk Месяц назад

I'm happy you highlighted the foul play by CBN when it comes to targeting the fintechs for their growth, having backward people as leaders has really affected us as is evident with our economy today in Nigeria, there is a more lasting solution to the exchange rate but the people in Government are not interested in taking those steps, after the back and forth we will all come to accept the fact that these steps with the fintechs are only temporary. Absence of adequate production equals a failed economy 🇳🇬

@chriskewe4238 Месяц назад

You forgot to mention the ban of aboki fx on grounds that they were manipulating the fx price by their daily publications. However, despite the ban we see no increase in the value of the nsira. It has since crashed beloe what it eas when aboki fx was banned