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Nairaland Forum / Nairaland / General / Business / CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate (60308 Views)
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Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by merits(m): 6:31pm On Jun 14, 2023 |
Tntsi: Continue looking for Obi stolen manhood, š¤£ we PBAT have move on,and more good things are coming.If you are not happy you can š« hug transformer.who cares! 2 Likes 1 Share |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by ogaontop(m): 6:46pm On Jun 14, 2023 |
VeeVeeMyLuv:Sure it can be unified but the price will float, -depending on the powers of demand and supply, when they hoard it, supply will reduce and demand will increase, thereby pushing the price up. But the government can achieve the feat by decentralizing the supply more and monitoring how they sell it. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by VeeVeeMyLuv(m): 6:57pm On Jun 14, 2023 |
Globad:Yea we need vibrancy in our economy. Not an inertial economy. A vibrant economy where people will be too excited and happy to contribute to its growth and development through high level productivity 1 Like 1 Share |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by 9jaRealist: 7:12pm On Jun 14, 2023 |
Lush100: Dude, forget hot button items like hajj, even the petrol subsidy was essentially subsidizing consumptionā¦ If you want to subsidize PRODUCTION, use tariffs, tax incentives, good infrastructure (including power), NOT ācheapā forex. Virtually EVERY nation imports some raw material/componentsā¦ But Nigeria is āimport dependentā because itās cheaper to use subsidized forex to import (toothpicks, etc.) than to produce locally. When you have these forex differentials, you are not only creating an avenue for corruption and rent-seekingā¦ But since you are actually subsidizing the cost of forex for only a segment of the population, youāre creating winners and losers! Meanwhile, NNPC is NOT privatized (100% of its shareholding is held by MOFI), so it has NO politician equity holdersā¦ But why would anyone expect ALL of the forex earned by Dangote (or any other Nigerian company) to āreturnā to Nigeria? So, yet again, Tinubu may well be a drug baronā¦ But his forex policy is the BEST (not the perfect) one for Nigeria. Time to start weaning our economy off cheap subsidized imports. > 1 Like 1 Share |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Marvfem: 7:12pm On Jun 14, 2023 |
Globad:how sir |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by ashawopikin(m): 7:39pm On Jun 14, 2023 |
Omo maman daura go dey piss for body now, how him wan dey get dollars for subsidized rate now? |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by ashawopikin(m): 7:42pm On Jun 14, 2023 |
Jorussia:my own be say make CBN just remove that dollar limit |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by ashawopikin(m): 7:45pm On Jun 14, 2023 |
mrvitalis:are y buying petrol in dollars? |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by mrvitalis(m): 8:18pm On Jun 14, 2023 |
ashawopikin:The importers are 3 Likes |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by ashawopikin(m): 8:23pm On Jun 14, 2023 |
mrvitalis:yes I forgot |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Globad(f): 8:38pm On Jun 14, 2023 |
ChybuzzDD: You're the ignorant and annoying one |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Globad(f): 8:39pm On Jun 14, 2023 |
caracas: Your head isn't correct |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Livingforall: 9:10pm On Jun 14, 2023 |
Ok. Thanks. I don't want too much grammar in my head these days. TheGoodJoe: 1 Like |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Globad(f): 9:13pm On Jun 14, 2023 |
obi2eze: IMPACT OF REMOVAL OF FUEL SUBSIDY AND SINGLE EXCHANGE RATE ON THE ECONOMY Inflation! Pump price of PMS will have to adjust again, to around $1.00. Wages must go up! On the external side, non oil exporters will be encouraged to export at competitive exchange rates and those who want to invest in Nigeria will also the able to do so at competitive rates. This means that non-oil dollar inflows will improve significantly. These inflows should help clear the backlogs on services and factor payments (dividends, due to airlines etc). Government finances will improve. Revenue goes up (from subsidy removal and higher exchange rates) but FGN deficit will still be 6-8 trillion Naira. How will FGN finance this? By borrowing from the domestic financial markets. On the monetary side, this means interest rates will rise. Where will the one year yield on FGN T-bills settle? Somewhere between the long term rate of inflation of 13% and the short term rate of 22%. Because all these price corrections are taking place at the same time, inflation will rise sharply. However, over the next year, it should drop sharply due to the base effect and as the markets reward these policies. Growth and employment will improve but not immediately. If the policies are complemented with improved power and weāre able to transport goods by rail, then we can unleash high growth rates. Businesses will finally breathe. They will be able to source FX to fund their businesses, power their factories at competitive rates and reduce their logistics costs. Government now benefits from higher tax revenues. Even IMF must be scared at the rate at which Nigeria is implementing positive reforms. I expect our ratings to improve. - Bode Agusto |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Livingforall: 9:17pm On Jun 14, 2023 |
So,all this while dollar is being subsidized. Hmmmm. For an SME to buy a simple equipment from China, you calculate and calculate. It is well o TheGoodJoe: 1 Like |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by occfx: 9:17pm On Jun 14, 2023 |
vannessa7: Lagos was capital of Nigeria... Just like Abuja. The difference is age and time. You guys should be reasonable |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by salih74(m): 9:46pm On Jun 14, 2023 |
Tntsi:Ipobian_obidense_Yes daddy gang spotted!!! Your hate for Nigeria is irredeemable and that hate will surely consume you and your entire Generation In another news Pls patronize us we sell sniper And also provide Uber services from any location to the river Niger NONSENSE AND INGREDIENTS
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Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Okhuadams(m): 9:57pm On Jun 14, 2023 |
Tntsi:As e dey pain you e dey sweet many are already seeing the benefits you dey see nothing bad belle run ur stomach dry |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by jonsn: 11:34pm On Jun 14, 2023 |
Tntsi: You have not stated why the floating of the Naira will have no effect on the average Nigerian. You only succeeded in condemning the policy. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by ChybuzzDD(m): 3:12am On Jun 15, 2023 |
Globad: I send dollars to Nigeria every 2weeks and i understand the issues relating to forex in Nigeria. Just tell me how you and Tiefnubu will be vomiting dollars in Nigeria to increase the supply that has been the major problem, you hypocrites. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by o42austino(m): 4:05am On Jun 15, 2023 |
1 dollar will exchange for 1000-3000naira soon, all previous govt are not stupid, the Mass will suffer big time , get ready in few months down the line to buy a bag of rice for 150k |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by o42austino(m): 4:05am On Jun 15, 2023 |
1 dollar will exchange for 1000-3000naira soon, all previous govt are not stupid, the Mass will suffer big time , get ready in few months down the line to buy a bag of rice for 150k. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by o42austino(m): 4:16am On Jun 15, 2023 |
Globad:where will the foreign exchange come in from ? That's the question. Oil remain our number 1 foreign exchange earner apart from oil which single commodity we export that can earn the dollar?, Thing will get worse in the coming months , dollar will sell for 1000-3000 naira per dollar, we don't have enough export to support such, previous govt are not stupid to avoid doing this. Get ready winter is coming. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by o42austino(m): 4:24am On Jun 15, 2023 |
Globad:the only thing that will ever make naira increase is earnings from export and both of us know it will take many many years, what the president should have done is to help the export economy in his first term and grow it, in the second term then he can introduce this policy, all former presidents are not stupid by avoiding this because the masses will suffer greatly. This is a policy whose time is not now, the naira will collapse and their is no export market(apart from crude which is our main earner )to revive it. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by o42austino(m): 4:38am On Jun 15, 2023 |
JuanDeDios:lies it will not ooo, yes it will if we have an export market that earns the dollar but, we don't have enough, the demand for dollar will go high since we don't have enough and this will crash the naira to 1000-3000 naira per dollar, that bag of rice ur family depends on will sale for 100k to 150k |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Microwhy: 5:08am On Jun 15, 2023 |
Tntsi:He does not have Igbo people mandate... How can a minority single-handedly impose a president on us. Even a Igbo I know with master degree still wail same way illiterate Obinna the shop boy would behave. Nobody who steals political power uses it for the good of the people. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Globad(f): 5:55am On Jun 15, 2023 |
o42austino: You've assumed that export isn't the only thing that grows inflow Also, you've assumed that you can grow exports in 4 years to meet your funding gap Without power and security, and other infrastructure, how do you want to grow exports and attract inflows? How long will all these take, out of four years? |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Skyehigher1: 5:57am On Jun 15, 2023 |
Since the time CBN has aboki fx I knew that dollars will raise up .... Thank you Mr President God bless you |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by JuanDeDios: 6:14am On Jun 15, 2023 |
o42austino:Managing our dollar is a different topic from making more dollars. Of course, we have to make more. Explain why the demand for dollars will increase because it has been floated. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by o42austino(m): 7:00am On Jun 15, 2023 |
JuanDeDios:Nigeria has supply problem in FX market and that has not been fixed. It's only export that can fix it and we don't export much ooo, naira will tank just watch and see. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by o42austino(m): 7:09am On Jun 15, 2023 |
Globad: |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by o42austino(m): 7:16am On Jun 15, 2023 |
JuanDeDios:managing the dollar will not work because it's a floating market, u can't have a floating market and still be managing the available dollars, what u need is to earn more dollars and that's where the problem is ooo, most dollar in our economy is from oil and gas sector, the little agro export and remittance from 9ja people abroad... This is a good thing but, no now...he should have focus to increase our export, help the manufacturers for his first term, he can now implement this policy in his second term. 1 Like |
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