ifyalways:

Which bank(s) ?

I called gtb again just now and its still 340.

bebe2:


Pls , it's not over yet.

Pple will panic buy and panic sell, then rate will start to rise again because there is no enuf fx to satisfy all the want.

ifyalways:

Then stop typing it here!

I had to quickly log in to NLD cos of this obvious fake news.
Seun
Lalasticlala
Dominique

Take down this fake thread abeg. Until its sold for 257, lets stop misinforming people.

tbaba1234:


You are dumb, mate..

http://www.bloomberg.com/quote/USDNGN:CUR

The currency of Africa’s biggest economy fell 24 percent to a record 260.5 versus the dollar, from Friday’s rate of 199, before paring the decline to trade 23 percent weaker at 257.75 by 11:28 a.m. in Lagos, the commercial capital.

Optionalx:
Let's wait for a while appreciate the benefits or otherwise of this new policy b4 we start hailing. Na so people hail China parole finish it turned out to be the more look d less u see

PassingShot:

value?

AtlanticBreeze:


Now who is dumb.. Apologize for misleading the people.. cc lalasticlala



http://www.bloomberg.com/news/articles/2016-06-20/emerging-market-assets-rally-as-remain-gathers-momentum-in-u-k

PassingShot:


The good quality of our president is he accepts sound advice/argument provided you're able to convince him.

He said he was not convinced that devaluing the Naira was best for Nigeria and he has been proved right.

Imagine what would have happened to our economy if he had devalued the Naira to say N250 to a dollar. I am sure it will have shot up to N500 at the black market.

But his refusal to do that, plus non-working of the two parallel rates (official and black market), have made Emefiele and his team to put on their thinking cap to find an acceptable solution to the problem.

Salute to PMB once more.

conyema12:
All these are Economic jargons to deceive us.
Aboki still dey sell dollar 330

tbaba1234:


You know absolutely nothing about this stuff and keep commenting..

greatiyk4u:
We are gradually approaching the end of the tunnel, a reason we are seeing light small small

ifyalways:

Not just a.boki even banks oo.

How this FAKE thread got to the frontpage beats me. GTB actually sold 330 on friday and this morning its 340 YET nld and its moderators are mis-informing people .

ifyalways:

Then stop typing it here!

I had to quickly log in to NLD cos of this obvious fake news.
Seun
Lalasticlala
Dominique

Take down this fake thread abeg. Until its sold for 257, lets stop misinforming people.

tbaba1234:
Nigeria's naira was quoted at 253 against the U.S. dollar as a new interbank market opened on Monday but no trades were yet to be agreed, dealers said.

Nigeria's central bank said last week it would scrap its fixed exchange system which has seen the currency pegged at 197 to the U.S. dollar for the past 16 months. (Reporting by Chijioke Ohuocha; Writing by Joe Brock; Editing by Andrew Heavens)

http://www.reuters.com/article/nigeria-currency-quote-idUSL8N19C13U?feedType=RSS&feedName=usDollarRpt

PassingShot:
Happy days are ahead of us.

With the news, the worst of our economic woes are behind us.

Kudos to the government for floating the Naira rather than devaluing it. A first in the history of Nigeria.

*Modified*

Some ignorant mourning wailers are saying floating the naira is same as devaluing it. Hell NO!

If you devalue the Naira, you fix an official exchange rate to it. E.g N250 to a dollar. With that approach, the black market rate will jump to beyond N400 to a dollar.

But with floating, many traders with high volume of dollars come in and trade dollars based on demand. In this approach, there is no official dollar rate set by the government. The rate is purely determined by how much dollars are demanded and how much dollars are available. This way, the Naira finds its true value.

Baylam:
Dude you're sick, The bolded got me trolling.hahahhhaha

tbaba1234:


http://www.bloomberg.com/quote/USDNGN:CUR

That is what $ is trading at, right now... The difference will be narrower in the next few days as liquidity improves and the market stabilizes

tbaba1234:


It is not fake that is what Naira is trading for....

ifyalways:

Trading where ?

Simple question:
Which bank(s) is selling usd for 257 or even 300 today ?

wayodude:

What did your PhD friend suggest as a superior alternative?

PassingShot:
Happy days are ahead of us.

With the news, the worst of our economic woes are behind us.

Kudos to the government for floating the Naira rather than devaluing it. A first in the history of Nigeria.

*Modified*

Some ignorant mourning wailers are saying floating the naira is same as devaluing it. Hell NO!

If you devalue the Naira, you fix an official exchange rate to it. E.g N250 to a dollar. With that approach, the black market rate will jump to beyond N400 to a dollar.

But with floating, many traders with high volume of dollars come in and trade dollars based on demand. In this approach, there is no official dollar rate set by the government. The rate is purely determined by how much dollars are demanded and how much dollars are available. This way, the Naira finds its true value.

catlova2:
Too many dumb fellow here on NL.

Tbaba you dont have to answer every dog that barks at you.

tbaba1234:


On the interbank market...

Once there is stability, it will not be much different from how much you buy? Read the title of the thread...

ifyalways:


My brother. See people rejoicing and typing 257 everywhere when its NOT obtainable on ground. Is this not propaganda ?

I saw this thread and was confused because I had earlier wanted to make an online payment in usd, called three banks namely :Stanbic, GTB and Access and the cheapest rate was 340.

Fake thread.

tbaba1234:


It would stabilize around 250-280, maybe even 300. no way it will rise up to 600... That's just dreams.

uncleu:
I think the problem is that a lot of people are so ignorant of how these things work. The amount quoted are not fake. Look at how it works. The banks are bidding on behalf of customers who have already fulfilled certain requirements. This include filling proforma involve and all the rest. The need for the foreign currency must also be for items included in the foreign exchange regimen. Since you haven't gone through that process, the banks are giving you black market rates.
My problem is with the disparity between this rate and the black market rate. We know our immediate problem started with the exclusion of those 14 items from the foreign exchange regimen. They still haven't been included. They still will put undue pressure on the black narket.

neocortex:

Aboki currently sells for 340.

shyling:

Must you? I expect youths like you to posses critical reasoning skills and not just screaming in support of politicians without having an inkling of what is being discussed...