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Nairaland Forum / Nairaland / General / Business / CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate (60302 Views)
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CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by HonNL: 12:14pm On Jun 14, 2023 |
Banks being told that supply and demand will determine rates Nigeria resets monetary policy after sacking central bank head Nigeria is on the verge of making a decision to allow its local currency to trade more freely against the dollar, three people familiar with the matter said. SOURCE The Central Bank of Nigeria has allowed commercial banks to freely trade foreign exchange at any rate. SOURCE Nigeria has officially floated its naira currency after years of sticking with a hard peg that spooked investors and drained dollars from the economy. SOURCE 70 Likes 13 Shares
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Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Tntsi: 12:19pm On Jun 14, 2023 |
Dont be deceived by all these long grammar and paid media promotion gigs all to promote tinubu. All these have no effect common man on the street. All these noise being made are paid media promotions to deceive those that will be deceived. There is a moral burden on tinubu that is too heavy. He did not win the people. He does not have the people's mandate. And so he and his team are bombing the media space with flashy stuffs that have no content. Watch out for more and more media propagandas and thrash in the name of one thing or the other. Nobody who steals political power uses it for the good of the people. 508 Likes 77 Shares |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Lyrics269: 12:23pm On Jun 14, 2023 |
Baba tinubu is the right man. Only him can restore what the worms have eaten Baba Tinubu to the world 203 Likes 25 Shares |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by hardywaltz(m): 12:23pm On Jun 14, 2023 |
Let's see how it goes 15 Likes 1 Share |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Globad(f): 12:26pm On Jun 14, 2023 |
Hope people can now see what is meant by purposeful and deliberate leadership With this policy, more foreign exchange inflow will come in. Naira may depreciate in the short run but it will appreciate in the long run 143 Likes 21 Shares |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Jorussia(m): 12:27pm On Jun 14, 2023 |
This should have been done a long time ago. Three economic oddities that have bled this country for the past 3 years are about to end. Fuel subsidy,multiple corrupt fx,and hopefully Organised crude oil theft that has made us Lose billions of dollars are buried in first two months of PBAT administration. PMB really brought the standard of so low,that many people began to think that everybody in APC are idiots like buhari.I pray the Lord help PBAT to achieve uncommon success in the economy and security of this country in Jesus name Amen. 146 Likes 21 Shares |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by RawSex(m): 12:27pm On Jun 14, 2023 |
Nigerians brace up! The times of doom are over! Jagaban is here to give us a RENEWED HOPE! The time is now! 123 Likes 14 Shares |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by 9jatriot(m): 12:27pm On Jun 14, 2023 |
8 years is a long time. With no bad news to report since the man demma call Tinubu ascended power, they have decided in their whatsapp group to call any news that sounds good as propaganda Tntsi: 162 Likes 27 Shares |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by OfoIgbo: 12:29pm On Jun 14, 2023 |
It seems as though Tinubu has abandoned his Agbado proposals, and decided to settle for proposals marshaled out by Peter Obi during the campaign season. That is good news. I do hope they totally destroy those initial proposals by Tinubu to recruit 50 millions youths into the army and feed them agbado. 59 Likes 3 Shares |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by 9jatriot(m): 12:30pm On Jun 14, 2023 |
Hmmm, I was one of those who always opposed the free float because I felt we were not earning enough, but this your reason sounds sensible. I know FPI avoided Meffy and his voodoo policies because they could not repatriate money. Anyway, we'll see Globad: 14 Likes 5 Shares |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by iwaeda: 12:31pm On Jun 14, 2023 |
HonNL: Free fall market. At any rate. 1 Like |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Globad(f): 12:43pm On Jun 14, 2023 |
9jatriot: Exactly Dollar hoarders will offload Speculators will offload Foreign investors will come in 59 Likes 8 Shares |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Globad(f): 12:44pm On Jun 14, 2023 |
OfoIgbo: When did Obi say this? Obi that supported the currency confiscation programme? 101 Likes 14 Shares |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Sablexxxtoons: 12:57pm On Jun 14, 2023 |
Amazing job Jagabaan is doing in such a short time .. 22 Likes 1 Share |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by oluwaseyi0: 12:58pm On Jun 14, 2023 |
unfortunately this is the only way forward we can't keep subsidizing dollars for import 28 Likes 3 Shares |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by EmmaLege: 12:58pm On Jun 14, 2023 |
Haaa |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by mrvitalis(m): 12:58pm On Jun 14, 2023 |
This means fuel would be 850 minimum I hope they know what they are doing Price of petrol is 1.3 dollars... What ever the exchange rate is just multiple by 1.3 that would be price of petrol 24 Likes 7 Shares |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by unclejb2(m): 12:58pm On Jun 14, 2023 |
How much is the CBN trading it? Why all the secrecy in the devaluation of the naira? Why can't these people do one thing transparently? 14 Likes 1 Share |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Shigishege2: 12:59pm On Jun 14, 2023 |
Asiwaju in the building!!!! 16 Likes |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by arejibadz(m): 12:59pm On Jun 14, 2023 |
ok |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Winters23: 12:59pm On Jun 14, 2023 |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Shigishege2: 12:59pm On Jun 14, 2023 |
This means fuel would be 850 minimum in alaigbo 5 Likes 1 Share |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Redoil: 12:59pm On Jun 14, 2023 |
Jorussia:sorry to ask you do you understand the basic economics of international trade in relation to FX? 8 Likes |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Orathird: 1:00pm On Jun 14, 2023 |
Hmmm |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by dazzlingd(m): 1:00pm On Jun 14, 2023 |
Is this trial and error or what?? 4 Likes |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Redoil: 1:00pm On Jun 14, 2023 |
Globad:sorry to ask you do you understand the basic economics of international trade in relation to FX? 12 Likes |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Redoil: 1:00pm On Jun 14, 2023 |
Shigishege2:sorry to ask you do you understand the basic economics of international trade in relation to FX? 4 Likes |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by mannobi(m): 1:00pm On Jun 14, 2023 |
Economic decision. If this should eventually boost our currency then Emefiele and the formal cabals deserve death sentence 9 Likes 1 Share |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by princeemma69: 1:01pm On Jun 14, 2023 |
Will this policy work? Anyway, I wish tinubu's administration all the best of luck 13 Likes 2 Shares |
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