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Naira May Appreciate To N300 Per Dollar – BDC Operator by 989900: 2:32pm On Aug 16, 2016
Lagos – A Bureau De Change (BDC) operator, Mr Harrison Owoh, on Monday predicted that the Naira might appreciate to N300 against the dollar within a week. Owoh said the CBN’s directive to banks to sell $30,000 to BDCs weekly could be responsible for the imminent gain against the dollar.

In an interview in Lagos, the Managing Director, H J Trust and Investment Ltd., said seven banks had already done documentation for customers. According to him, the ongoing documentation process was why the Naira had not appreciated immediately. Owoh said once the banks were through with the documentation, the Naira would begin to appreciate against the dollar. NAN recalls that the CBN had fortnight ago, announced additional regulatory measures aimed at improving dollar liquidity in the economy.

Specifically, the apex bank directed authorised dealers to sell foreign currency cash to BDCs, subject to a maximum $30,000 per BDC per week. In turn, each BDC was required to nominate only one preferred authorised dealer through which it would purchase its weekly foreign exchange.

The authorised dealers’ selling rate to the BDC was stipulated at its purchase rate from its approved International Money Transfer Operator (IMTO). Also, the BDCs were required to sell foreign exchange cash to end users at its purchased rate and a maximum margin of two per cent. Last week, foreign exchange market witnessed sustained depreciation of the Naira against the dollar in all segments as foreign currency supply remained inadequate.

http://www.vanguardngr.com/2016/08/naira-may-appreciate-n300-per-dollar-bdc-operator/
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Nobody: 2:38pm On Aug 16, 2016
Ok
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by tomakint: 2:39pm On Aug 16, 2016
Appreciate? Ok we are watching.

1 Like

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by LoveMachine(m): 2:43pm On Aug 16, 2016
They said Q3 is the turnaround. Let's pray they were truthful.

9 Likes

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by osasu8876: 2:44pm On Aug 16, 2016
will dis reduce the e price of garri... if yes make i start forty day fasting and prayer oh

1 Like 1 Share

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 2:44pm On Aug 16, 2016
For where?

It has gone beyond supply of dollars to total lack of confidence in the naira and the ailing economy.

People like me will rush and buy at 340!

Nigerians with the means and foresight are dumping the naira because there is no investment prospect in Nigeria today owing to the clueless and directionless economic policies of the Dullard's govt.

43 Likes 1 Share

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Proudlyngwa(m): 2:47pm On Aug 16, 2016
Hope it appreciates fast enough.
I also hope it will not be used for sharp practices , our rice industry is growing, when the naira appreciates , I hope it won't be released to those who wants to import those things that can be produced in Nigeria.

8 Likes 1 Share

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 2:47pm On Aug 16, 2016
I admire the OP's optimism .


But oga OP what happened to the Chinese Yuan currency deal you were promoting all over this section?


Yeye

65 Likes 2 Shares

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by DropShot: 2:49pm On Aug 16, 2016
12Monkeys:
For where?

It has gone beyond supply of dollars to total lack of confidence in the naira and the ailing economy.

People like me will rush and buy at 340!

Nigerians with the means and foresight are dumping the naira because there is no investment prospect in Nigeria today owing to the clueless and directionless economic policies of the Dullard's govt.
Why not relocate or renounce your citizenship?

@ topic, if the CBN directive can be implemented, monitored and sustained, Naira should appreciate continuously.

30 Likes 3 Shares

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Proudlyngwa(m): 2:50pm On Aug 16, 2016
12Monkeys:
I admire the OP's optimism .


But oga OP what happened to the Chinese Yuan currency deal you were promoting all over this section?


Yeye
I have asked that question before in a similar thread, half of our imports are from China, we have a trade relationship with them, why do we need the dollar.

17 Likes

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 2:51pm On Aug 16, 2016
DropShot:

Why not relocate or renounce your citizenship?


The bitter truth.

No sensible business man will miss this opportunity to dump the useless naira

24 Likes

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 989900: 2:52pm On Aug 16, 2016
12Monkeys:
I admire the OP's optimism .


But oga OP what happened to the Chinese Yuan currency deal you were promoting all over this section?


Yeye

I hope you can differentiate between a copied material, and one written by a poster.

Yuan deal, yes, I am the CBN Governor, President of Nigeria, and China, and Chinese bank executives rolled into one.

I beg carry your emptiness and go o!

"O s'aro Monday".

29 Likes 1 Share

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by KnowAll(m): 2:53pm On Aug 16, 2016
Since they started SAP in the late 80's Naira has never appreciated. If you mean one step backwards 5 step forwards then perharps Naira has appreciated.

2 Likes 3 Shares

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 2:53pm On Aug 16, 2016
Proudlyngwa:

I have asked that question before in a similar thread, half of our imports are from China, we have a trade relationship with them, why do we need the dollar.

Because if Buhari tries sh1t in moving our reserves from the dollar that is the day his Presidency ends.

Buhari and the Useles APC were supported by Washington for this sole purpose to enslave us to western banks .

Ask Ghadafi, Chavez why they are all long dead and they will tell you it's because they wanted to dump the dollar.

9 Likes

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by DropShot: 2:54pm On Aug 16, 2016
12Monkeys:


The bitter truth.

No sensible business man will miss this opportunity to dump the useless naira
The story will surely not continue like this. The key is policy implementation and sustainability to make the naira appreciate.

6 Likes

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 2:55pm On Aug 16, 2016
989900:


I hope you can differentiate between a copied material, and one written by a poster.

Yuan deal, yes, I am the CBN Governor, President of Nigeria, and China, and Chinese bank executives rolled into one.

I beg carry your emptyness and go o!

You don dey deny how you were jumping up and down saying Buhari has done a master stroke with the yuan deal.

Let Buhari try it and see if Washington won't assassinate him immediately .

22 Likes 1 Share

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 2:58pm On Aug 16, 2016
DropShot:

The story will surely not continue like this. The key is policy implementation and sustainability to make the naira appreciate.

The story is too familiar and before you can say Chanji, Buhari will pass executive orders making it illegal for Nigerians to buy and hold forex.


He did it in 1984 and he will do it again when Nigerians begin to invest in forex only.

6 Likes

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by BlackPeni5: 2:58pm On Aug 16, 2016
Lol...good news is so scarce now in Nigeria that an ordinary BDC operator is being quoted on the fate of the Naira.

The Naira will continue to fall whether we like it or not because more people are losing faith in it. They'll rather store wealth in foreign currency.

28 Likes

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 989900: 2:59pm On Aug 16, 2016
12Monkeys:


You don dey deny how you were jumping up and down saying Buhari has done a master stroke with the yuan deal.

Let Buhari try it and see if Washington won't assassinate him immediately .

Like I said, I am not a policy maker, nor enforcer, I only comment as appropriate. It would have been a masterstroke, and, yes over 41 50 coutries have done that, and none of their head of government have been executed yet.


[b]From an economist friend in Seattle some years back:

Today, more than 60% of all foreign currency reserves in the world are in U.S.dollars – but there are big changes on the horizon…Some of the biggest economies on earth have been making agreements with each other to move away from using the U.S. dollar in international trade…[and this shift] is going to have massive implications for the U.S. economy.

China has the second largest economy on the face of the earth, and the size of the Chinese economy is projected to pass the size of the U.S. economy by 2016 [and projected to become three times larger than the U.S. economy by the year 2040 by at least one economist. [As such,] China is sitting there and wondering why the U.S. dollar should continue to be so preeminent if the Chinese economy is about to become the number one economy on the planet.

China, and other emerging powers such as Russia, have been quietly making agreements to move away from the U.S. dollar in international trade over the past few years [and, as such,] the supremacy of the U.S. dollar is not nearly as solid as most Americans believe it to be.

As the U.S. economy continues to fade, it is going to be really hard to argue that the U.S. dollar should continue to function as the primary reserve currency of the world. Things are rapidly changing, and most Americans have no idea where these trends are taking us.

The following are 10 reasons why the reign of the dollar as the world reserve currency is about to come to an end:

#1: China And Japan To Use Own Currencies In Bilateral Trade

A few months ago, the second largest economy on earth (China) and the third largest economy on earth (Japan) struck a deal which will promote the use of their own currencies (rather than the U.S. dollar) when trading with each other. This was an incredibly important agreement that was virtually totally ignored by the U.S. media. The following is from a BBC report about that agreement:

“China and Japan have unveiled plans to promote direct exchange of their currencies in a bid to cut costs for companies and boost bilateral trade. The deal will allow firms to convert the Chinese and Japanese currencies directly into each other. Currently businesses in both countries need to buy US dollars before converting them into the desired currency, adding extra costs.”

#2: The BRICS Plan To Use Own Currencies When Trading With Each Other

The BRICS continue to flex their muscles. A new agreement will promote the use of their own national currencies when trading with each other rather than the U.S. dollar. The following is from a news source in India:

“The five major emerging economies of BRICS — Brazil, Russia, India, China and South Africa — are set to inject greater economic momentum into their grouping by signing two pacts for promoting intra-BRICS trade…The two agreements will enable credit facility in local currency for businesses of BRICS countries…[which is] expected to scale up intra-BRICS trade that has been growing at the rate of 28% over the last few years but, at $230 billion, remains much below the potential of the five economic powerhouses.”

#3: China and Russia Use Own Currencies In Bilateral Trade

Leaders from both Russia and China have been strongly advocating for a new global reserve currency for several years, and both nations seem determined to break the power that the U.S. dollar has over international trade. [In fact,] Russia and China have been using their own national currencies when trading with each other for more than a year now.

#4: Use Of Chinese Currency Growing In Africa

Who do you think is Africa’s biggest trading partner? It isn’t the United States. In 2009, China became Africa’s biggest trading partner, and China is now aggressively seeking to expand the use of Chinese currency on that continent.

A report from Africa’s largest bank, Standard Bank, recently stated the following:

“We expect at least $100 billion (about R768 billion) in Sino-African trade…to be settled in the renminbi by 2015.”

China seems absolutely determined to change the way that international trade is done. At this point, approximately 70,000 Chinese companies are using Chinese currency in cross-border transactions.

#5: China and United Arab Emirates To Use Own Currencies In Bilateral Trade

China and the United Arab Emirates have agreed to ditch the U.S. dollar and use their own currencies in oil transactions with each other.

The UAE is a fairly small player, but this is definitely a threat to the petrodollar system. What will happen to the petrodollar if other oil producing countries in the Middle East follow suit?

#6: India To Use Gold To Buy Oil From Iran

Iran has been one of the most aggressive nations when it comes to moving away from the U.S. dollar in international trade. For example, it has been reported that India will begin to use gold to buy oil from Iran.

#7: Saudi Arabia Likely to Abandon Use of Petrodollar in Dealings With China

Who imports the most oil from Saudi Arabia? It is not the United States, it is China…Saudi Arabia and China have teamed up to construct a massive new oil refinery in Saudi Arabia…so how long is Saudi Arabia going to stick with the petrodollar if China is their most important customer?

#8: The United Nations Continues to Push For A New World Reserve Currency

The United Nations has been issuing reports that openly call for an alternative to the U.S. dollar as the reserve currency of the world. In particular, one UN report envisions “a new global reserve system…that no longer relies on the United States dollar as the single major reserve currency.”

#9: The IMF Has Been Pushing For A New World Reserve Currency

The International Monetary Fund has also published a series of reports calling for the U.S. dollar to be replaced as the reserve currency of the world. In particular, one IMF paper entitled “Reserve Accumulation and International Monetary Stability” actually proposed that a future global currency be named the “Bancor” and that a future global central bank could be put in charge of issuing it….

“A global currency, bancor, issued by a global central bank (see Supplement 1, section V) would be designed as a stable store of value that is not tied exclusively to the conditions of any particular economy. As trade and finance continue to grow rapidly and global integration increases, the importance of this broader perspective is expected to continue growing.”


[/b]

ATM, we hold other currencies including the yuan, and gold too as part of our Forex, increasing the Yuan storage was what it is/was about.
BTW, I prefer to stick with the topic.

6 Likes

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Nobody: 3:00pm On Aug 16, 2016
It can't
Nigerian importation is crazy

1 Like

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Proudlyngwa(m): 3:00pm On Aug 16, 2016
12Monkeys:


Because if Buhari tries sh1t in moving our reserves from the dollar that is the day his Presidency ends.

Buhari and the Useles APC were supported by Washington for this sole purpose to enslave us to western banks .

Ask Ghadafi, Chavez why they are all long dead and they will tell you it's because they wanted to dump the dollar.
That is a kindergarten assumption, our reserves is a measurement on the strength of the economy. Do banks and BDC sell yuan?
Your question should be do we have enough yuan for our imports.

2 Likes

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 3:06pm On Aug 16, 2016
Proudlyngwa:

That is a kindergarten assumption, our reserves is a measurement on the strength of the economy. Do banks and BDC sell yuan?
Your question should be do we have enough yuan for our imports.

Our reserves are nothing but govt proceeds from one sector - oil and has nothing to do with our economy.

The reserves only help boost local economy by offering forex to business men to import goods and raw materials.

It has nothing to do with the economy as it is strictly controlled and managed by govt policies and not in any way a reflection of market forces.

3 Likes

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 3:14pm On Aug 16, 2016
989900:


Like I said, I am not a policy maker, nor enforcer, I only comment as appropriate. It would have been a masterstroke, and, yes over 41 coutries have done that, and none of their head of government have been executed yet.

ATM, we hold other currencies including the yuan, and gold too as part of our Forex, increasing the Yuan storage was what it is/was about.
BTW, I prefer to stick with the topic.

Tell Buhari to diversify our reserves from the dollar to the yuan and see how and where that gets him with Washington.

Even our oil trade with china is done directly in dollars or through Chinese direct investments in infrastructure but never in Yuan.

So when you were prancing up and down shouting "master stroke " and declaring that the currency swap will begin in April this year and everything will be ok, I was just wondering how myopic the youth are today in international events.

All wars Washington has fought since the end of WW2 was to ensure that the dollar remains the dominant currency of trade!

Back to the topic and I see you still have you hopes up. If Buhari releases the remaining odd $26bn reserves in one fell swoop on the currency market and sets the price bidding from 500 naira to a dollar before the week ends , the naira will be trading well above 1,000 as Nigerians will rush to dump the useless naira.

Buhari at least knows this and that is why he refused to float the damn currency in the first place.

So all this wet dreaming you are having over this useless prediction will end up as an anticlimax just like the same yuan currency deal.

11 Likes

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Proudlyngwa(m): 3:15pm On Aug 16, 2016
12Monkeys:


Our reserves are nothing but govt proceeds from one sector - oil and has nothing to do with our economy.

The reserves only help boost local economy by offering forex to business men to import goods and raw materials.

It has nothing to do with the economy as it is strictly controlled and managed by govt policies and not in any way a reflection of market forces.
You are just countering yourself, available Forex and reserves are too different things, most of our forex is gotten from petroleum related sales. Our reserves is factored on a lot of things which determine the strength of our economy. The telecommunication sector affects our economy, but might not directly provide forex.
Don't get it twisted.
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 3:19pm On Aug 16, 2016
Proudlyngwa:

You are just countering yourself, available Forex and reserves are too different things, most of our forex is gotten from petroleum related sales. Our reserves is factored on a lot of things which determine the strength of our economy. The telecommunication sector affects our economy, but might not directly provide forex.
Don't get it twisted.

You are the confused one.

The federal govt operates the Single Treasure Account (held in naira) and external reserves (held in dollars).

Both of these are accrued from govt revenue only.

How does MTN balance sheet help the economy where they are not even quoted in the stock market and in a situation most of their earnings are repatriated back to their home base in south Africa ?

You better not come here and expose your ignorance further.

11 Likes

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Proudlyngwa(m): 3:22pm On Aug 16, 2016
12Monkeys:


Tell Buhari to diversify our reserves from the dollar to the yuan and see how and where that gets him with Washington.

Even our oil trade with china is done directly in dollars or through Chinese direct investments in infrastructure but never in Yuan.

So when you were prancing up and down shouting "master stroke " and declaring that the currency swap will begin in April this year and everything will be ok, I was just wondering how myopic the youth are today in international events.

All wars Washington has fought since the end of WW2 was to ensure that the dollar remains the dominant currency of trade!

Back to the topic and I see you still have you hopes up. If Buhari releases the remaining odd $26bn reserves in one fell swoop on the currency market and sets the price bidding from 500 naira to a dollar before the week ends , the naira will be trading well above 1,000 as Nigerians will rush to dump the useless naira.

Buhari at least knows this and that is why he refused to float the damn currency in the first place.

So all this wet dreaming you are having over this useless prediction will end up as an anticlimax just like the same yuan currency deal.
Your assumptions are myopic, to say the least,laughable at most.
We know quite well ,that USA is for USA alone, but they can't do anything once Nigeria starts a direct trade relationship with China, as have some other African countties. Are we renegading on any US treaty, are we threatening global security with our actions. The US can only threaten not to buy our oil,limit sales of hardware toys and sponsor insurgency, which Nigeria is already going through.
What we need is a national resolve, and damm Uncle Sam

8 Likes

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 989900: 3:24pm On Aug 16, 2016
12Monkeys:


[s]Tell Buhari to diversify our reserves from the dollar to the yuan and see how and where that gets him with Washington.

Even our oil trade with china is done directly in dollars or through Chinese direct investments in infrastructure but never in Yuan.

So when you were prancing up and down shouting "master stroke " and declaring that the currency swap will begin in April this year and everything will be ok, I was just wondering how myopic the youth are today in international events.

All wars Washington has fought since the end of WW2 was to ensure that the dollar remains the dominant currency of trade!

Back to the topic and I see you still have you hopes up. If Buhari releases the remaining odd $26bn reserves in one fell swoop on the currency market and sets the price bidding from 500 naira to a dollar before the week ends , the naira will be trading well above 1,000 as Nigerians will rush to dump the useless naira.

Buhari at least knows this and that is why he refused to float the damn currency in the first place.

So all this wet dreaming you are having over this useless prediction will end up as an anticlimax just like the same yuan currency deal.[/s]

1 Like

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Proudlyngwa(m): 3:30pm On Aug 16, 2016
12Monkeys:


You are the confused one.

The federal govt operates the Single Treasure Account (held in naira) and external reserves (held in dollars).

Both of these are accrued from govt revenue only.

How does MTN balance sheet help the economy where they are not even quoted in the stock market and in a situation most of their earnings are repatriated back to their home base in south Africa ?

You better not come here and expose your ignorance further.
Like I said you don't understand the difference BTW the economy, federal reserve and forex.
Let me help you, if MTN closes shop, and leaves will it affect the economy yes, will it affect Forex, insignificantly,
If oil output drops from 2 million barrels per day to 1 million barrels, will it affect forex, yes, if we are an end product exporting nation, will it affect the economy ,insignificantly.
Unfortunately we are a crazy import driven nation, and they only way out ,now is direct trade with China.

5 Likes 1 Share

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Pavore9: 3:31pm On Aug 16, 2016
Let us wait and see.

1 Like

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 3:33pm On Aug 16, 2016
Proudlyngwa:

Your assumptions are myopic, to say the least,laughable at most.
We know quite well ,that USA is for USA alone, but they can't do anything once Nigeria starts a direct trade relationship with China, as have some other African countties. Are we renegading on any US treaty, are we threatening global security with our actions. The US can only threaten not to buy our oil,limit sales of hardware toys and sponsor insurgency, which Nigeria is already going through.
What we need is a national resolve, and damm Uncle Sam

Myopic.

Can you remember when US ceased buying Nigeria crude claiming their shale oil was able to meet their energy needs even though they increased oil imports from Saudi Arabia?

Try and bypass the dollar and see if you will have a country .

The US economy is only buoyed by the ability of the US govt to force the dollar as a global means of trade.

Their 18trillion dollar debt is hinged on their ability to ensure smaller vassal states like Nigeria continue to accept without question the dollar as a means of trade.

This is how worthless brass manilas were used by the Europeans in trading with your ancestors.

Continue thinking US is your friend.

Buhari, in his blind power quest, made a deal with the devil.

The repercussions of which we are now facing.

2 Likes

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 3:37pm On Aug 16, 2016
Proudlyngwa:

Like I said you don't understand the difference BTW the economy, federal reserve and forex.
Let me help you, if MTN closes shop, and leaves will it affect the economy yes, will it affect Forex, insignificantly,
If oil output drops from 2 million barrels per day to 1 million barrels, will it affect forex, yes, if we are an end product exporting nation, will it affect the economy ,insignificantly.
Unfortunately we are a crazy import driven nation, and they only way out ,now is direct trade with China.

My friend, stop talking trash!

MTN does not inject forex into our external reserves or economy.

Rather they take out our wealth back to SA.

If they shut down now, there will by the antecedent job losses associated with those that are employed directly or indirectly with MTN.

You should stop reasoning from your anus and appreciate the fact that the Nigerian economy as whole depends solely on forex earnings from oil sales and nothing else!

Even your satanic APC and Buhari dunce have bemoaned their inability to deliver on weak oil pricing, low output occasioned by militancy and no ready availlable buyer for Nigerian crude!

So stop spewing trash!

5 Likes 1 Share

Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Proudlyngwa(m): 3:48pm On Aug 16, 2016
12Monkeys:


Myopic.

Can you remember when US ceased buying Nigeria crude claiming their shale oil was able to meet their energy needs even though they increased oil imports from Saudi Arabia?

Try and bypass the dollar and see if you will have a country .

The US economy is only buoyed by the ability of the US govt to force the dollar as a global means of trade.

Their 18trillion dollar debt is hinged on their ability to ensure smaller vassal states like Nigeria continue to accept without question the dollar as a means of trade.

This is how worthless brass manilas were used by the Europeans in trading with your ancestors.

Continue thinking US is your friend.

Buhari, in his blind power quest, made a deal with the devil.

The repercussions of which we are now facing.

Like I said you are filled with bigoted assumptions,
You can't prove Buhari made any negotiations with the US.
I am in support of direct trade with China,and support boycotting the dollar
US govt does not control volume of crude into the US, actually it was Saudi that increased production and reduced price to punish US for renegading on a decision not to go into shale.

5 Likes

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