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Nairaland Forum / Nairaland / General / Business / CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" (41286 Views)
CBN Introduces BVN Lite For Minimal Financial Transactions / CBN Introduces New FX Rate For Bdcs / CBN Introduces New Charges On Bank Deposits And Withdrawals (2) (3) (4)
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Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by einsteine(m): 12:08pm On Mar 27, 2017 |
Is this not a devaluation? This is an increase in price by the Cbn. |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by YomiYarzo: 12:09pm On Mar 27, 2017 |
This is another scam by CBN, It is a known fact that the devaluation of the Naira in the past months has largely been as a result of speculators and round tripping with cabals behind profiting while CBN had kept quiet CBN dubiously devalued the Naira from 200 naira to a dollar using the floating FX rate policy which should be based on demand and supply but has maintained Naira to dollar rate of about 307 Naira to 1 USD stipulating that banks cannot sell with more that 20% margin which it never enforced if truly CBN is serious about strengthening the Naira, Pegging the Naira to a dollar at a particular rate should be the least of its concern it should propose economic reforms to strengthen the naira while supporting local business initiatives and projects to will increase inflow of the dollar while leaving the rates to demand and supply. Following the riot act from FG to CBN, we have seen a strengthened Naira with CBN making dollars readily available to banks and BDCs to the point where banks have become bloated having met there customer demand for USD. With improved dollar liquidity in banks, there has been a free fall of the dollar at the parallel market with rates as low as 375 naira to a dollar lately. So while Nigerians are happy that the naira would continue to gain strength possibly hoping for rates as low as low as 300 and that Naira debit cards will soon be enabled by all banks for international transactions The CBN dubiously creeps in again pegging the naira to a dollar @ 360 at the bank, it beats me hollow Am beginning to wonder if CBN under the current helmsman Emefiele really wants a strengthened Naira and an improved economy because it policies are not only contradicting, such policies continues to inflict economic hardship on Nigerians and it is rubbishing the economic progress made Buhari's administration. 3 Likes 1 Share |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by ISTANDWITHBUHAR: 12:15pm On Mar 27, 2017 |
Bobo419: LOL even BDC's are scare to buy dollars from bank now, They are yet to sell the ones they bought when it was 450 haha.. Even BDC president said he only sell $4000 last week meanwhile he has been selling hundreds of thousand in the past hahha, Nobody ready to hoard dollars anymore.. |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by ossuofia1: 12:15pm On Mar 27, 2017 |
Livebygrace: Nigerians are wicked people. All that "church. church, God, God" na scam. 1 Like |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by Jammiiee(m): 12:16pm On Mar 27, 2017 |
All u said is very correct but cost of Palmoil > Cost of G/oil, isn't that too much khalids: |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by ISTANDWITHBUHAR: 12:16pm On Mar 27, 2017 |
malton: Bro before weekend it will fall to like 320 bookmark this page.. |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by wristbangle: 12:16pm On Mar 27, 2017 |
Now that Brent oil is $50.72 per barrel against $58 some months ago and the price is still going downwards, what measures are being put in place by CBN to ensure reserves won't deplete and this policy is sustainable? I am glad they are really fighting to ensure Naira has value and for speculators to force out selling. 1 Like |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by dallyemmy: 12:16pm On Mar 27, 2017 |
WAR AGAINST FOREX SPECULATORS! DESTROYING ECONOMY SINCE 1458AD |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by Jesusgirl92(f): 12:17pm On Mar 27, 2017 |
kahal29:Proudly economists. |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by youngsahito(m): 12:19pm On Mar 27, 2017 |
osinbajo made this possible. I hail u my amiable n intelligent vp |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by buchibrand(m): 12:19pm On Mar 27, 2017 |
I wonder why most people expect the new rates to reflect on the prices of goods and services immediately! Definitely the prices will adjust itself downwards in the coming weeks and months, we all know that it takes an average of 26 days for goods to arrive this country via water transportation (shipping). WHY ARE PRICES STILL HIGH? Most people placed their order and have it shipped at the rate of #500/$ (BDC Rate), and those goods have just arrived so they will surly sell to make up. Some or all of the old stock have to go before the new price reflects. HOW WILL THE PRICES NOSE-DIVE? Once the first batch of goods purchased at the recent dollar price arrive the market place, prices will be forced to come down, because an average business man/woman wants to sell off and import more as soon as possible. So even those who still have old stock will have no other option than to sell bellow cost price to avoid losing their customers. Download Free SEOptimized Blogger Responsive Premium Template (check my signature) 1 Like |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by Nobody: 12:20pm On Mar 27, 2017 |
BDCs would start complaining and try to force banks to sell to them. But I thought the CBN exchange rate was N307.... why are they selling it a N357 to banks? |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by guychidile: 12:21pm On Mar 27, 2017 |
want to see it reach.....$1 to #155.75 |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by dallyemmy: 12:21pm On Mar 27, 2017 |
BDC going the way of MMM! |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by wristbangle: 12:24pm On Mar 27, 2017 |
YomiYarzo: Sometimes I also wonder why pegging the dollars @ a particular rate instead of allowing law of demand/supply to set in. Suppose this current policy is sustainable, we could have naira appreciating to 320/dollars but the fact that it has been pegged @ 360, which means corrupt is still being played underneath. Who is deceiving who? Why can't they allow the market determines the value by itself? Though corruption too will take place. This country sef |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by FavoredGuy: 12:29pm On Mar 27, 2017 |
All these interventions, who taught/lent the govt the idea now or if they have the idea before, why did they wait so long before applying the strategy? Anyway, we are moving forward. That's gr8. I am not a wailer |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by pinkyruledworld(m): 12:33pm On Mar 27, 2017 |
I am not understanding o. does this means the cbn rate of 308 will be 357 or just for BTA/PTA only |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by meetgaya: 12:35pm On Mar 27, 2017 |
Why should CBN sale dollar at this rate to banks instead of N197? This is wickedness of the highest order. |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by scachy(m): 12:41pm On Mar 27, 2017 |
Livebygrace:Agreed, but remember importers exchanged foreign currencies like dollar at 500 and above to import, so don't expect them to reduce the prizes immediately n suffer loss. We ll feel the changes after they must have sold their old goods n that's gonna take some time |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by erico2k2(m): 12:42pm On Mar 27, 2017 |
Banks should allow us use our ATM abroad to put the final nail on the coffin of the BDCs 2 Likes |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by donhils: 12:43pm On Mar 27, 2017 |
So in effect CBN is now saying that N360/$ is the lowest it's gonna fall? I was hoping for further dip. |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by erico2k2(m): 12:44pm On Mar 27, 2017 |
scachy:That will B like next year 1 Like |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by Appleyard(m): 12:45pm On Mar 27, 2017 |
Livebygrace: Don't worry bro. Those sellers whose price of goods are over the skies will actually lose out on the long run. Right now, lots of people are no longer buying goods the way they use to, and before they will sell their goods and return to the market to restock; they would have run at a serious loss. We o see see who go laugh last.... You need to see how the prices of building materials are crumbling like a pack of cards--most especially with "alamako" (aluminium) materials... Mny of the thieving sellers are already counting their losses.... |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by erico2k2(m): 12:46pm On Mar 27, 2017 |
FavoredGuy:They are being mischief makers.they have enriched themselves friends and family . The sell by the backdoor to the BDC |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by Toks2008(m): 12:51pm On Mar 27, 2017 |
YomiYarzo: You just poured out my stand view. |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by gonkin(m): 12:53pm On Mar 27, 2017 |
If it comes down to 250, flight tickets would cost less and jumia/konga will come back to life. Dating site fraudsters go start to cry |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by Appleyard(m): 12:56pm On Mar 27, 2017 |
malton: I beg to disagree. The rate is very sustainable. Oil prices aren't going down the hill for the foreseeable time, so; the present rate can be maintain for the time being. Yes. Nigeria's economy defies logic in the sense that, despite being a developing nation (according to western economic ideology,) and with Bokoharam on the other hand, it was able to recover speedily from such level of devastating recession, faster than the economies of Brazil, Greece, etc; countries which are tagged as developed nations. Give it up for Nigeria. 2 Likes 1 Share |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by ebby9z(m): 1:04pm On Mar 27, 2017 |
AngelicBeing:So you expect the government to wave a magic wand for the goods to reduce in price. Dont you know what is called value chain? I marvel at how people just open their mouth and spew...complete it yourself |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by deathwing(m): 1:06pm On Mar 27, 2017 |
Palm oil is mostly imported. People who sell these thing also have to buy cars, clothes etc from people who have to import it with a high dollar. If they sell their garri cheaply, how will they be able to afford the new price of other things. Think. Jammiiee: |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by AngelicBeing: 1:06pm On Mar 27, 2017 |
[s] ebby9z:[/s] My opinion, say yours and move on 1 Like |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by oluwasegun007(m): 1:21pm On Mar 27, 2017 |
Livebygrace: God bless you and your generation for this talk....since there is no one to control them |
Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by lonelydora: 1:26pm On Mar 27, 2017 |
Livebygrace: Nigerians are the problem of Nigeria 1 Like |
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