Currency speculators from Chad, Ghana, Benin Republic and other neighbouring countries yesterday trooped to Nigeria in a scramble for cheaper dollars.

The speculators, The Nation learnt, took advantage of the early morning drop in dollar rates — at N202 to the dollar in Abuja and N210 in Lagos — to make brisk purchases.

But the greenback recovered late afternoon to close at N208 and N222 in Abuja and Lagos.

Banks have been rejecting dollar deposits across the counter, but inflows from foreign accounts are allowed. They lenders said they are unable to transfer excess liquidity to their correspondent banks overseas which are restricting importers from using domiciliary accounts.

The CBN said it would continue to curtail the acceptance of foreign currency cash deposits, much the same way as customers in other countries cannot just walk into banks and make foreign currency cash deposits without proper documentation.

“We wish to assure all citizens seeking foreign currencies for legitimate personal and/or business interests that there remains ample opportunity to do so within the law. The CBN’s Foreign Exchange Rules have many windows for accessing foreign exchange for legitimate business as well as for personal commitments including payment of medical bills, school fees, mortgages, demand notes and other bills,” the CBN said.

The naira rate represents a sharp rise from N240 a week ago, as commercial banks continue to reject cash deposits in dollars, traders said.

On the official interbank market provided by the CBN, the naira traded at the pegged rate of N197 to dollar.

Association of Bureau de Change of Nigeria (ABCON) President Aminu Gwadabe told The Nation that the rejection of dollar deposits was still ongoing and was marginally changing the status of the local currency.

“Banks are rejecting dollar deposits. They are not able to transfer excess liquidity to their correspondent banks abroad which is restricting importers from using domiciliary accounts,” he said.

Gwadabe, who confirmed the temporary gain made by the naira in the morning, said: “By yesterday’s morning, many people who had stockpiled dollars rushed to sell and there were equally willing buyers in the market. But later in the afternoon, the rush subsided. We noticed that majority of the buyers were from neigbouring countries of Ghana, Chad and Benin Republic who wanted to take advantage of the low dollar rate.”

He said the Bureau de Change segment of the market was in disarray over the CBN directive that they sell dollars to small-scale users as long as this is to meet genuine needs, and documentation to the CBN, including the customer’s Bank Verification Number (BVN) is provided.

Gwadabe said the Nigeria Interbank Settlement System (NIBSS) portal required by the BDCs to implement the BVN directive was not available, but the CBN insists that the portal must be used.

He said a gradual appreciation of the currency would require building confidence in the financial system and price of crude oil in the international market. “This is what is going to drive the exchange rate now and beyond. We cannot isolate what is happening in the global economy like the issue of diversification of energy sources,” Gwadabe said.

http://thenationonlineng.net/chadians-ghanaians-others-storm-nigeria-for-dollars/

Realy? Interesting!

It seems the new CBN policy is achieving the intended result despite the criticism by the PDP.

.

Wonderful!
Desperate times call for desperate measures!
Abeg
Continue the ban Jare,
Dollars must be equal to naira

I just hope it ends weĺl and soon

Nice... But they should be careful. Make Nigerian no go sell fake dollars for them oooo.

Good news

They should be careful oooo... Before Nigerian sell fake dollars to them

why should dollar be deposited instead of naira our own currency? CBN just wake up from sleep.

importers should save naira and withdraw dollar or euro when they get to their business countries.

I pity chad and Ghana ppl, if nja guys sell una fake dollar, make na know cry o

..

dokiOloye:
Much respect to d CBN governor Emefiele.
I know that d cow rearer from Daura can NEVER originate such an idea.
It's way beyound his scope.

Mumu, does he necessary have to be the initiators of all idea..he needed technocrats to support his administration to manage the economy.

Lol reminds me of a millenium development goal


Halt and begin to reverse the sale of dollars across the country....

HungerBAD:
Currency speculators from Chad, Ghana, Benin Republic and other neighbouring countries yesterday trooped to Nigeria in a scramble for cheaper dollars.

The speculators, The Nation learnt, took advantage of the early morning drop in dollar rates — at N202 to the dollar in Abuja and N210 in Lagos — to make brisk purchases.

But the greenback recovered late afternoon to close at N208 and N222 in Abuja and Lagos.

Banks have been rejecting dollar deposits across the counter, but inflows from foreign accounts are allowed. They lenders said they are unable to transfer excess liquidity to their correspondent banks overseas which are restricting importers from using domiciliary accounts.

The CBN said it would continue to curtail the acceptance of foreign currency cash deposits, much the same way as customers in other countries cannot just walk into banks and make foreign currency cash deposits without proper documentation.

“We wish to assure all citizens seeking foreign currencies for legitimate personal and/or business interests that there remains ample opportunity to do so within the law. The CBN’s Foreign Exchange Rules have many windows for accessing foreign exchange for legitimate business as well as for personal commitments including payment of medical bills, school fees, mortgages, demand notes and other bills,” the CBN said.

The naira rate represents a sharp rise from N240 a week ago, as commercial banks continue to reject cash deposits in dollars, traders said.

On the official interbank market provided by the CBN, the naira traded at the pegged rate of N197 to dollar.

Association of Bureau de Change of Nigeria (ABCON) President Aminu Gwadabe told The Nation that the rejection of dollar deposits was still ongoing and was marginally changing the status of the local currency.

“Banks are rejecting dollar deposits. They are not able to transfer excess liquidity to their correspondent banks abroad which is restricting importers from using domiciliary accounts,” he said.

Gwadabe, who confirmed the temporary gain made by the naira in the morning, said: “By yesterday’s morning, many people who had stockpiled dollars rushed to sell and there were equally willing buyers in the market. But later in the afternoon, the rush subsided. We noticed that majority of the buyers were from neigbouring countries of Ghana, Chad and Benin Republic who wanted to take advantage of the low dollar rate.”

He said the Bureau de Change segment of the market was in disarray over the CBN directive that they sell dollars to small-scale users as long as this is to meet genuine needs, and documentation to the CBN, including the customer’s Bank Verification Number (BVN) is provided.

Gwadabe said the Nigeria Interbank Settlement System (NIBSS) portal required by the BDCs to implement the BVN directive was not available, but the CBN insists that the portal must be used.

He said a gradual appreciation of the currency would require building confidence in the financial system and price of crude oil in the international market. “This is what is going to drive the exchange rate now and beyond. We cannot isolate what is happening in the global economy like the issue of diversification of energy sources,” Gwadabe said.

http://thenationonlineng.net/chadians-ghanaians-others-storm-nigeria-for-dollars/

strange policy of rejecting dollars into your account.

Can we fast for the Nigerian currency?

dokiOloye:
Much respect to d CBN governor Emefiele.
I know that d cow rearer from Daura can NEVER originate such an idea.
It's way beyound his scope.

Now tell me, what exactly did CBN do for this to happen?

I guess it's within your scope.

Waiting.

Edit

You've been busy posting on other threads while pretending not to see this one that's calling you out for a discussion and a debate.

Lesson: stop blabbing that anyone is ignorant, a dullard or a cattle rearer. You've not demonstrated that you have anything intelligent to say.

Things like this only happen when you have the right people in goverment.....kudos to the ERA of PMB

dokiOloye:
Much respect to d CBN governor Emefiele.
I know that d cow rearer from Daura can NEVER originate such an idea.
It's way beyound his scope.

That's the advantage of being a boss bro, you take the glory for your employee's work.

Bank terminology? because it's not clear to me.

T4taiwo:
Mumu, does he necessary have to be the initiators of all idea..he needed technocrats to support his administration to manage the economy.

You are the MUMU here,so ELEFELE is not technocrat
I was expecting this policy long ago and the next move should be the issueance of IBAN number to all customers to make international payment in Naira THEN delete all DOM accounts,foreign currency must be wiped off this system

Let the Change continue!
Another bad day for ......, make I sha no mention names coz I know want trouble from some set of people..

T4taiwo:
Mumu, does he necessary have to be the initiators of all idea..he needed technocrats to support his administration to manage the economy.

ewu,if d dollar were to take a hit now,U wouldn't remember Buhari's name.
Hypocritical ediots like will start calling for d sack of d CBN governor.

One man's poisen is another man's meat. That strengthens the parallel market.

Can someone please interpret the above story to the lay - men like us?

dokiOloye:
Much respect to d CBN governor Emefiele. I know that d cow rearer from Daura can NEVER originate such an idea. It's way beyound his scope.

dokiOloye:
Much respect to d CBN governor Emefiele.
I know that d cow rearer from Daura can NEVER originate such an idea.
It's way beyound his scope.

Then why didn't emefiele do this when the Drunkard was in power??he had all the time to do so. My Brother,you better accept the NEW NIGERIA or else you will be left behind still angry because of your loss at the elections .

dokiOloye:
ewu,if d dollar were to take a hit now,U wouldn't remember Buhari's name.
Hypocritical ediots like will start calling for d sack of d CBN governor.

every decision that will reshape the economy and strengthen the naira against dollar involve planning and a bit risk, u guys never expected the positive response of the naira..all u wants is massive failure...

seunmsg:
It seems the new CBN policy is achieving the intended result despite the criticism by the PDP.

We should understand one thing- PDP doesn't want Buhari to succeed, it is their only hope of getting back to the dinner table. They fervently pray and wish, just like their NL supporters, to see Baba fail woefully and have all nigerians groaning under immense hardship.

Against all odds, this policy appears to be working, but the government should be wary of these nay sayers- they would do anything to sabotage the system and have us stumbling into the abyss.

Just as they criticise this, watch it, when the time comes and the arms embargo by the US is finally lifted and significant upgrade of our military complex is being made, this same PDP and her minions that have been throwing tantrums over Baba's "failed mission" to the US would be the same people to accuse him of "militarising the country and plunging us back to the 80's"!!

I believe very strongly this man will succeed in his mission to dig Nigeria out the ashes and give her a good dress up to the admiration of her neighbours and the international community.

May God bless and renew his strength everyday for our sake.

dokiOloye:
Much respect to d CBN governor Emefiele.
I know that d cow rearer from Daura can NEVER originate such an idea.
It's way beyound his scope.

it just funny DAT the CBN governor couldn't think of this during the clueless one regime. continue wailing. u still have a long time to wail. oponu

Wat of Cameroon,niger,mali etc,
abi na only Ghana,chad nd Benin republic waka come?

All dis dollars dat cbn/banks r sharing should b given to pmb so dat he cn take dem to west-germany so dat president Michelle cn come and help us fight boko-haram.

Plsssssssssssssss oh,tel those dat r planning to come again should incase d dollars falls more further to remain in where dey r,dey shouldn't come and created more problems for pmb

bettercreature:
You are the MUMU here,so ELEFELE is not technocrat
I was expecting this policy long ago and the next move should be the issueance of IBAN number to all customers to make international payment in Naira THEN delete all DOM accounts,foreign currency must be wiped of this system

ode, ur hatred for buhari will not allow u to properly decode my message before name calling.DOM is a medium to channel and loot our resources.if u needed to carry out any transaction on Nigeria soil, then do it in naira.the era of impunity is over.