Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs - Business (2)

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Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs (18714 Views)

Banks To Pay N10,000 Fine For Failed Transaction Not Reversed Within 24hrs / CBN To Fine Banks ₦10,000 If They To Fail Reverse E-transactions Within 24 Hours / Is It Possible To Reverse Money Sent To Wrong Account Number? (2) (3) (4)

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Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by HAH: 7:39am On Mar 06, 2017

Good news, by God grace all pessimist and prophets of doom will b shamed.

Nigeria will be great again

1 Like

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by Nobody: 7:45am On Mar 06, 2017

VeeVeeMyLuv:

lol... BDC obligations maybe.

The BDC obligations also need to be broken down.

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by alizma: 7:45am On Mar 06, 2017

donsteady:
This is a temporary solution, no smart investor will want to play these kind of fooolish game. You can't give 25% demands and expect magic. Demand of dollar is higher than supply. You will have to balance it first befor you talk about stability. Where are the gurus? Plz come and correct me

I like your dream but we would gradually get there someday. mind you that once the supply is equally matched with demand, as you are expecting from the government, then the exchange rate will definitely be heading for $1=#1.

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by Femsmart(m): 7:46am On Mar 06, 2017

Clone2020:
If you are in the US or have relatives in the US trying to send money to naija, I will exchange the funds at 400/$, simply deposit into my US bank account and receive instant funding into your Nigerian account. Don't bother with western Union and co, they exchange at 375/$ with fees and the exchange rate drops to around 345/$.

See my contact below.

I messaged you on WhatsApp about $250, but to no response.
Is $250 too small to do?

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by 9japrof(m): 7:49am On Mar 06, 2017

the rules of the game should be sustainability not gaining today and losing tomorrow.

As much as I see the good effort put in by the CBN, I still see this as a temporal measure.

Let's get a permanent solution to this forex madness

3 Likes

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by Sirjamo: 7:49am On Mar 06, 2017

Thisis2raw:
This kind of action I expect from the his govt, not the blame game

Abeg who know Buhari, tell am say make him stay there till 2019 abeg

Stale

1 Like

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by Appleyard(m): 7:51am On Mar 06, 2017

Rubbish! What is the rationale of allowing the Naira to crash to such low extent before intervening? Why didn't they apply such measures before now?

Mtcheeeew!

6 Likes

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by Nobody: 7:52am On Mar 06, 2017

Some people would come an argue with how this is bad just because they make money from currency speculation.

3 Likes

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by Firstcitizen: 7:59am On Mar 06, 2017

This thread is now officially a combat zone between speculators and actual consumers.

3 Likes

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by 989900: 8:07am On Mar 06, 2017

modath:
OP, The 24hrs condition is for PTA/ BTA, while school fees/Medical is 48hrs... However there is a limit to what the "pump" action will achieve....subsidizing foreign travel in off peak season is mere band aid, summer is when people travel, september is when fees are paid, This FG/CBN fim ending we all know.

I am no economists but even i know quite well this russian roulette won't end well.....

P.S... Are manufacturers getting adequate forex NOW ?

Mo', count the gains or losses and dump the dollar if you are holding on to a large quantity now, same advice I gave my mum when she returned and it was N492, same advice I gave a friend who had N1.15 million with MMM just 2 weeks before the freeze, thankfully, they both took to my suggestion.

It is becoming some hyper-risky gambling adventure already. CBN likely won't let it breach the N500 barrier anymore . . . about the Naira cards, those will really help like you rightly suggested, even if it is $500 monthly limit and just international POS payments only; no withdrawals allowed -- it will still help, but the banks . . .

3 Likes

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by LordAdam16: 8:22am On Mar 06, 2017

Truth234:

How are you sure its 25% of total fx demands the CBN is meeting? If it's so, the Naira won't have gained this much, currency hoarders, speculators have a lot of dollars in hand and now in trouble with the CBN actions. If they fail to start bringing it out this week and cut their losses I am sorry, it will get worse as CBN seems to just be getting started. CBN wants to force them to sell or face forex glut that will worsen their situation.

So genuine local and foreign investors will jump in, except the ones planning to profit from the capital market using weak forex rates to aid profitability at the expense of the economy/masses. Nigeria is not buying that as we are not running a free floated currency policy.

Oh please, it's 20%. If you carried out as much research as you should have, then this simple fact will not elude you.

CBN has always been selling forwards, it's nothing new.

The drop in the parallel market was because of the policy change not directly because of the money they're pumping in. For the rate to fall steadily, the CBN would have to continue making policy changes that liberalizes the FX market.

Something like mandating all banks to start allowing their Naira MasterCard users to make FX transactions. That's a policy change.

But the CBN can't make continuous drastic changes like that because they don't have the dollars to sustain it. That's why they haven't done a free float. The government wants to eat its cake and have it, and it seems they haven't learned enough.

The coming weeks will be interesting that's for sure.

-Lord

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Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by Nobody: 8:27am On Mar 06, 2017

Firstcitizen:
This thread is now officially a combat zone between speculators and actual consumers.

And those that haven't seen dollar before let alone touched one grin

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Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by Nobody: 8:39am On Mar 06, 2017

Truth234:

How are you sure its 25% of total fx demands the CBN is meeting? If it's so, the Naira won't have gained this much, currency hoarders, speculators have a lot of dollars in hand and now in trouble with the CBN actions. If they fail to start bringing it out this week and cut their losses I am sorry, it will get worse as CBN seems to just be getting started. CBN wants to force them to sell or face forex glut that will worsen their situation.

So genuine local and foreign investors will jump in, except the ones planning to profit from the capital market using weak forex rates to aid profitability at the expense of the economy/masses. Nigeria is not buying that as we are not running a free floated currency policy.

Even if cbn auctions the entire reserve it won't stabilize naira . They just need to encourage more consumption of local goods, capital inflows ($), and checking sharp practices going on everywhere.

In fact this recession has thought me that only a stupid man will not save his nest egg in $, naira is only backed by oil and oil is volatile.

3 Likes

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by Nobody: 8:44am On Mar 06, 2017

sapientia:
I just pray miracle happens.. Cos if this hullabalo backfires... getting off it will be impossible.

I think the CBN is trading carefully and also looking at the foreign reserve balance of $29b.....This pump action became necessary when the crude price went up and also when the daily crude production and the security at the Niger delta stabilized...if the CBN can sustain this up to the end of second first quarter, I see a naira rallying BTW 250-300 and it will only be a spike of the Greenberg that will always be witnessed occasionally

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by Wiseoldman: 8:48am On Mar 06, 2017

The custodian of the Naira "CBN" wasn't "primarily" bothered about the Naira value in the last couple of month. I guess the were more focused on riding out the recession.

Well as of today, their primary focus is the value of the Naira. So for sure Naira will keep rising on the average. Speculators, it would be unwise to bet against the CBN. Naira's actual value is 305 to a dollar. The remaining on top is a smoke screen CBN can blow of within a day...lol

1 Like

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by modath(f): 9:03am On Mar 06, 2017

989900:

Mo', count the gains or losses and dump the dollar if you are holding on to a large quantity now, same advice I gave my mum when she returned and it was N492, same advice I gave a friend who had N1.15 million with MMM just 2 weeks before the freeze, thankfully, they both took to my suggestion.

It is becoming some hyper-risky gambling adventure already. CBN likely won't let it bridge the N500 barrier anymore . . . about the Naira cards, those will really help like you rightly suggested, even if it is $500 monthly limit and just international POS payments only; no withdrawals allowed -- it will still help, but the banks . . .

It's not much but it won't happen lai lai, grin

how summer wan happen? I remember how 2016 summer be.... Let's keep it & watch... no matter what CBN does, any free naira I have, any cheap dollar I see, straight to dorm...

As for cards, a friend in the know said it won't happen anytime soon cos they settle at "international rate" but PTA/Form A dollars is given to them by CBN & the margin is sound business for them...

P.S...I still need you to explain (you dodged in that your thread) why International MTOs especially moneygram is 447...

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by sapientia(m): 9:33am On Mar 06, 2017

danjumakolo:
N

I think the CBN is trading carefully and also looking at the foreign reserve balance of $29b.....This pump action became necessary when the crude price went up and also when the daily crude production and the security at the Niger delta stabilized...if the CBN can sustain this up to the end of second first quarter, I see a naira rallying BTW 250-300 and it will only be a spike of the Greenberg that will always be witnessed occasionally

Exactly my mind sir... Price of Crude and stability in the Niger Delta.. If both becomes favourable.. And Government promulgates policies that will enhance export.. at least... we will be sure our great grand children will enjoy a reformed Nigeria

1 Like

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by ISTANDWITHBUHAR: 9:36am On Mar 06, 2017

modath:

If CBN can really meet demands as they are posturing, all banks would have enabled their cards to work on international platforms... Only Access & GT allow a $100 monthly limit as we speak so what are we saying exactly.

Dear FG/CBN informants, Please inform them to allow our cards work on online platforms & @ the 320 range of GT & Access, then we can pay to watch this "currency battle" movie...

It's still very obvious they are in desperate mode...

Well about the master-card working outside Nigeria is no no for now, I based i Cotonou and i can tell you most of those exchangers has more than 20 cards, They use it withdraw money using CBN official rates and selling in black market rates..

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by modath(f): 9:41am On Mar 06, 2017

ISTANDWITHBUHAR:

Well about the master-card working outside Nigeria is no no for now, I based i Cotonou and i can tell you most of those exchangers has more than 20 cards, They use it withdraw money using CBN official rates and selling in black market rates..

They can disable cash & just allow POS/Online... BTW, GT & Access work for web/pos but the limit is too low, 100$ equivalent per month... Too low.

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Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by 989900: 9:45am On Mar 06, 2017

modath:

It's not much but it won't happen lai lai, how summer wan happen? I remember how 2016 summer be.... Let's keep it & watch... no matter what CBN does, any free naira I have, any cheap dollar I see, straight to dorm...

As for cards, a friend in the know said it won't happen anytime soon cos they settle at "international rate" but PTA/Form A dollars is given to them by CBN & the margin is sound business for them...

P.S...I still need you to explain (you dodged in that your thread) why International MTOs especially moneygram is 447...

Money Gram 447?

Check again, sis.

My gospel though (bottom line), is to harmonize rates wherever that converges, from whence the Naira can appreciate.
Like I broke it down on my thread (if that's the one you are referring to), remittances from diaspora at $35b (recorded) was roughly 3 times what we got from oil last year we need to harness that in-lieu of speculators hoarding that in dorm accounts and elsewhere. And the only way that will happen is by harmonizing rates.

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by ISTANDWITHBUHAR: 10:11am On Mar 06, 2017

modath:

They can disable cash & just allow POS/Online... BTW, GT & Access work for web/pos but the limit is too low, 100$ equivalent per month... Too low.

Nigerians are the problem, We take advantage of almost everything..

1 Like

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by modath(f): 10:15am On Mar 06, 2017

ISTANDWITHBUHAR:

Nigerians are the problem, We take advantage of almost everything..

Even oyinbos too take advantage... Tax evasion, Tax returns fraud, money laundering etc ... It's not a Nigerian thing, It's purely policy failure...

3 Likes

Re: Naira To Reverse Losses This Week, Banks To Process FX Transactions Within 24hrs by Nobody: 4:25pm On Mar 06, 2017

The important thing to note is that we now have $$ to sell because ND bombing has stopped and oil production and sales have improved. grin

Ultimately, Nigeria really should appreciate ND and know that all the talk about diversifying from oil is all just talk. cry

If Baba like make him come back, come label them 5 % again, una go hear ween!! lipsrsealed

When baba Cassandra dey come back sef?

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