hrykanu231:
I bought for 295/1 dollar...first Bank early this morning

You mean you bought dollar cash from first bank at 295 ?

Will dese stop the niger delta 4rm bombing pipelines?

This foreign exchange thing sef ehn,
you float the naira, you devalue the naira, all of them is making the naira dance like mumu

neocortex:


You mean you bought dollar cash from first bank at 295 ?

Bought stuff on amazon, paid through my first Bank master card and I was charged 295 Naira.
Paid#21,350 for 72$

hrykanu231:


Bought stuff on amazon, paid through my first Bank master card and I was charged 295 Naira.
Paid#21,350 for 72$

Well, that is no good news to high volume business men.
First bank has a $500 monthly limit on its card which
means only small shoppers are covered.

rubbish!!!
Dollar was 345.5/350 yesterday, and someone is here trying to use bread pack my stew away..


No to democracy
we need a military regime.

I bet you,two years,Nigeria will move forward.

AreaFada2:
So after floating the money they still have black market?

We were asking how this floatation will remove aboki money changers and bdc from mopping up dollars from official sources through the back door and hiking the parallel market rates again. Some people began to speak grammar to us. As if we do not know that rules specifically exist for breaking in 9ja.

There is still black market because banks will not release dollars for some 41 items, such as toothpick, frozen chicken, rice etc, so importers of such items will have to go to the black market to get dollars, also banks cannot provide dollars for all importers in Nigeria, they believe some goods are important than others, so they provide forex according to how important they feel the product is. But over a long period of time if investors invest in this country n dollars become very much available black market will disappear.

Music to my ears

shior

The dollar will still peak at 400 naira soon,there is no way cbn can help it ,all these cosmetic measures are only postponing the real scenario but cant change it

Naira just dey go upandan like Baba... :

Petrol nko

madridguy:
Nothing to celebrate about, after all I voted for $1-#1. Sai Baba I believe you.

Lol...you'd better wake up.

SamMilla1:
It's back to 340 this evening; Call your Mallam.
The Kangaroo hide and seek policy will be running in circles.
There is no foundation and structure to sustain floating forex policy except CBN knows how much dollar people need in a day, which is impossible.

This is Nigeria, so it's either you devalue and stablize or you stick to your hard-line and criminal disbursement of our dollars to your friends and relatives.
There is too much corruption in the system and it will take years to clear.
Some people will have to be jailed forever before we can achieve that, That's what the Chinese did and maintained.
The problem is that some animals already believe that it's a way of life to cheat the system.
When you appoint your friends and family to CBN or any agency ahead of more qualified people, That's massive corruption. You may think you are doing them a favour but the truth is that you are setting the country back.

Either way, we can only suffer it for a few more years before you either finish your tenure or die. Time takes care of everything.
I am not wishing you death, it's a natural occurrence that seems to target old people more than the young ones.
Just that we fail to acknowledge that.

And before the trigger happy banner pull his trigger, understand that i am just saying the truth and that i don't care.

Your write-up here holds little or no water.

During Soludo's time, dollar flow was buoyant and the disparity between the official rate and black market rate insignificant which made round tripping unprofitable.

Even during GEJ 's era, the dreadful state which you are so convinced about barely existed. There was enough forex to go round and difference between the official and parallel rates also insignificant.

I mean, people like you and me even used to withdraw Western Union in dollars only.

People are always pessimistic about anything Nigeria even where policies have succeeded in the past. They just can't get the negativity out of their system.

Note: I am apolitical.

Lexusgs430:
How does this new forex rate affect DISCO, from dancing DISCO with my electricity supply?

Blame the Niger Delta Avengers blowing up pipelines

BREAKING NEWS!!!
"The Nigerian Naira meets up with The American Dollar at N1 to $1"
.
.
.
Chillax, That was how I also saw it in my dream lastnight while squatting in Lai Mohammed's boys' quarter.
:p

optimusprime2:
Its a temporary effect... Common demand and supply law in action.
The truth is, the naira will be permanently devalued to a fixed 280 or 300- 1$
This floating policy is only a short term solution. Its like using ice on an injury, it will feel good for a moment but sooner or later it will melt.
It doesn't even make sense to allow the Forex of an oil exporting country to depend on the demand factor on a long term, its actually risky when oil prices spontaneously drop.

oga chief economist, no country in the world with the size of Nigerian economy peg/fix its exchange rate, they are all floated and subjected to the forces of the market to create stability, fixing the rate which is same as devaluation, is same as subsidy its subject to abuse.

onatisi:
The dollar will still peak at 400 naira soon,there is no way cbn can help it ,all these cosmetic measures are only postponing the real scenario but cant change it

no big deal if it goes to 1000 naira to a dollar, the most important part is stability, instability is an enemy of economy.

[sub][/sub]

optimusprime2:
Its a temporary effect... Common demand and supply law in action.
The truth is, the naira will be permanently devalued to a fixed 280 or 300- 1$
This floating policy is only a short term solution. Its like using ice on an injury, it will feel good for a moment but sooner or later it will melt.
It doesn't even make sense to allow the Forex of an oil exporting country to depend on the demand factor on a long term, its actually risky when oil prices spontaneously drop.

Temporary? In the short term maybe, in the long run certainly not. You can expect a stronger naira in the long term. Without floating the currency there is no encouragement to remit non oil dollars. Next month the $6bn Yuan swaps kicks off. Meanwhile accumulated pressure on the naira was wiped out with the $4bn sale.

This is not just a devaluation, it is an entirely different mechanism. We have never had official forward rates before and this is huge because it allows the market manage risk. Over time arbitrage within a market shrink. There is no reason to expect that over time the naira will not become stronger on the back of increased non oil exports.

grandstar:


Blame the Niger Delta Avengers blowing up pipelines

So it's not the Minister of Darkness fault?

NigerDeltan:
I tot i was seeing 280 yesterday?

that was inter bank rate when a bank is buying from another bank

SamMilla1:
It's back to 340 this evening; Call your Mallam.
The Kangaroo hide and seek policy will be running in circles.
There is no foundation and structure to sustain floating forex policy except CBN knows how much dollar people need in a day, which is impossible.

This is Nigeria, so it's either you devalue and stablize or you stick to your hard-line and criminal disbursement of our dollars to your friends and relatives.
There is too much corruption in the system and it will take years to clear.
Some people will have to be jailed forever before we can achieve that, That's what the Chinese did and maintained.
The problem is that some animals already believe that it's a way of life to cheat the system.
When you appoint your friends and family to CBN or any agency ahead of more qualified people, That's massive corruption. You may think you are doing them a favour but the truth is that you are setting the country back.

Either way, we can only suffer it for a few more years before you either finish your tenure or die. Time takes care of everything.
I am not wishing you death, it's a natural occurrence that seems to target old people more than the young ones.
Just that we fail to acknowledge that.

And before the trigger happy banner pull his trigger, understand that i am just saying the truth and that i don't care.

Are you among the SSCE holders spaming this forum? please go back to school

grandstar:
Your write-up here holds little or no water.

During Soludo's time, dollar flow was buoyant and the disparity between the official rate and black market rate insignificant which made round tripping unprofitable.

Even during GEJ 's era, the dreadful state which you are so convinced about barely existed. There was enough forex to go round and difference between the official and parallel rates also insignificant.

I mean, people like you and me even used to withdraw Western Union in dollars only.

People are always pessimistic about anything Nigeria even where policies have succeeded in the past. They just can't get the negativity out of their system.

Note: I am apolitical.

Are you implying that Buhari copied Jonathan again?

chiefkpokp:
NAIJ.com can report that the new foreign exchange policy by the Central Bank of Nigeria (CBN) may have started taking its toll on the bureau de change operators. Findings on Wednesday afternoon revealed that after the flotation of the Nigerian currency, the BDC guys have started lowering their rates as more banks have been empowered to sell the naira to interested buyers in a bid to have a single market for forex trading.

Rising from its N335/$ rate on Tuesday, the Nigerian currency now trades at N320/$ on the black market as more buyers prefer to purchase from authorised dealers rather than the black marketers. Sources at the BDC informed our correspondent that they have been in trouble since the new policy took effect on Monday, June 20. Although many of the operators are still on the streets, trying to get people to buy their dollar which may soon get beyond their reach if the new CBN policy swings into full implementation. Meanwhile, there are also reports that the CBN sold a massive $100 million at its interbank spot on Tuesday, as the country’s apex bank seeks to pay the backlog of $4bn being owed.

Speaking on the latest development, CBN’s spokesperson, Isaac Okoroafor told Bloomberg that, “It’s our estimate that the bulk of the backlog of orders has been met. “We’re very optimistic that liquidity in the FX market will improve. Whether we decide to intervene again depends on the dynamics.”

The new policy, according to Godwin Emefiele, the CBN govenor, is one that ensured the floating of the Nigerian currency, and the fact that the foreign currency will only be obtained from only a market. When NAIJ.com’s crew went on the streets to ask the BDC operators for their thoughts on the new policy by the central bank, they were quite evasive, as they vowed that they had nothing to say about the new development. Most of them stated categorically that it will not in any way affect their smooth operation.

https://www.naij.com/868653-black-marketers-go-carpet-naira-strengthens-dollar.html

Lie Big LIES
I sent pounds home today and got N452, so how can black market in Nigeria then sell at N450
stupid silly liars

southpole:


Are you among the SSCE holders spaming this forum? please go back to school

Apparently I am..
But then it will take you a thousand years to know what I know at the moment.

Mille:
Does anyone know a reputable BDC?

Check signature lets talk.

MrTruth4real:

There is still black market because banks will not release dollars for some 41 items, such as toothpick, frozen chicken, rice etc, so importers of such items will have to go to the black market to get dollars, also banks cannot provide dollars for all importers in Nigeria, they believe some goods are important than others, so they provide forex according to how important they feel the product is. But over a long period of time if investors invest in this country n dollars become very much available black market will disappear.

I think you are over excited,who are teh black marketers?
Anyone who deals in forex other than teh banks right

seguno2:


Are you implying that Buhari copied Jonathan again?

Both will be market driven but they are not the same.

Soludo involved the BDC 's in order to eliminate the disparity between the official and black market rate. This worked liked magic creating a level playing field for everyone.

This one eliminates the BDC's from getting funding from the CBN altogether. The banks and CBN seem to be the only players. It may work.

This are still early days. I feel there is a strong need for more competition.

hrykanu231:
I bought for 295/1 dollar...first Bank early this morning

What documents did you submit please, I'm interested,

Thank you

SamMilla1:


Apparently I am..
But then it will take you a thousand years to know what I know at the moment.

check how many people responded to your post and the content of their replies will give you a pointer

We call this appreciate?Appreciate my foot!