Naira Quoted At 253/$ As Interbank Market Opens - Business (3)

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Naira Quoted At 253/$ As Interbank Market Opens - Business (3) - Nairaland

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Re: Naira Quoted At 253/$ As Interbank Market Opens by Nobody: 11:05am On Jun 20, 2016

Does this mean that even black market is at 253 cc passingshot

Re: Naira Quoted At 253/$ As Interbank Market Opens by PassingShot(m): 11:05am On Jun 20, 2016

Bollinger:

I wouldn't go that far. Hopefully it is true, but Nigeria still has a billion other problems to contend with.

Sure. But easy and accessible dollars will help solve some economic problems.

Not so?

5 Likes

Re: Naira Quoted At 253/$ As Interbank Market Opens by Boss13: 11:06am On Jun 20, 2016

tbaba1234:

It is currently at 257.. Let's see how the day ends... There is pent-up demand so it could end around 280 today... But it will still stabilize at around 250..

I think the spike is due to demand surge and backlog transactions.

4 Likes

Re: Naira Quoted At 253/$ As Interbank Market Opens by OBAGADAFFI: 11:06am On Jun 20, 2016

Floating the Naira mean liberalizing the FOREX regime to market forces.

The price won't remain in the same possition.

Demand and supply will determine FOREX prices .

11 Likes 1 Share

Re: Naira Quoted At 253/$ As Interbank Market Opens by PentiumPro(f): 11:07am On Jun 20, 2016

[size=15pt]I can see the sadist Biafran enemies of Nigeria here praying that this should not work[/size] God will disgrace you Biafrans .

21 Likes 3 Shares

Re: Naira Quoted At 253/$ As Interbank Market Opens by neocortex: 11:07am On Jun 20, 2016

tbaba1234:
257.75/$

Current rate

The question remains if I can easily get the dollar at 257.75 ?
Your guess is as good as mine.

Re: Naira Quoted At 253/$ As Interbank Market Opens by Adeoba10(m): 11:07am On Jun 20, 2016

Aswear to God, ano understand anything, i just dey read comments based on likes... Floating n devalue just like dy/dx

2 Likes

Re: Naira Quoted At 253/$ As Interbank Market Opens by Dainikel(m): 11:08am On Jun 20, 2016

TippyTop:
Expect the euphoria to be gone in a few weeks, Adeosun has no real economic blueprint to lure back investors.

Hey bro this is not the time to speak ill of the working government but show optimism & pray for the system to work out just fine.

5 Likes

Re: Naira Quoted At 253/$ As Interbank Market Opens by berrystunn(m): 11:08am On Jun 20, 2016

PassingShot:
Happy days are ahead of us.

With the news, the worst of our economic woes are behind us.

Kudos to the government for floating the Naira rather than devaluing it. A first in the history of Nigeria.

*Modified*

Some ignorant mourning wailers are saying floating the naira is same as devaluing it. Hell NO!

If you devalue the Naira, you fix an official exchange rate to it. E.g N250 to a dollar. With that approach, the black market rate will jump to beyond N400 to a dollar.

But with floating, many traders with high volume of dollars come in and trade dollars based on demand. In this approach, there is no official dollar rate set by the government. The rate is purely determined by how much dollars are demanded and how much dollars are available. This way, the Naira finds its true value.

Tah where was the dollar when buhari came into power

Re: Naira Quoted At 253/$ As Interbank Market Opens by tbaba1234: 11:09am On Jun 20, 2016

Boss13:

I think the spike is due to demand surge and backlog transactions.

Yes, back log of demand for $... There is also back log of supply but that will come more gradually over the next few months...

1 Like 2 Shares

Re: Naira Quoted At 253/$ As Interbank Market Opens by PassingShot(m): 11:09am On Jun 20, 2016

MuhdG:
Does this mean that even black market is at 253 cc passingshot

Black market may be slightly higher when buying and lower when selling.

The beauty of this floating strategy is that dollars will now be more easily available at the participating banks in the arrangement. That will mean less and less people patronize the black market as more people can now buy from the banks.

6 Likes

Re: Naira Quoted At 253/$ As Interbank Market Opens by AleAirHub(m): 11:09am On Jun 20, 2016

Wow

1 Like

Re: Naira Quoted At 253/$ As Interbank Market Opens by AtlanticBreeze: 11:10am On Jun 20, 2016

PassingShot:

Now I know you're very ignorant about this issue.

Just help yourself by reading the press release of Emefiele to understand the structure. The govt will not pump any dollars to prevent scarcity since there will be many big players including foreign licenced traders. The role of govt will be if there is scarcity not to prevent it.

I'm not here to teach you further.

You are just totally clueless about the system. You just want to quickly bask in euphoria to decieve your zombies. What is the structure Emefiele gave.. Abeg stop mentioning me and infecting me with your cluelessness.

Re: Naira Quoted At 253/$ As Interbank Market Opens by Babateemd: 11:10am On Jun 20, 2016

tbaba1234:
Rate is currently 257.50 to a dollar

Where are you guys getting this live updates pls.

1 Like

Re: Naira Quoted At 253/$ As Interbank Market Opens by Nobody: 11:10am On Jun 20, 2016

The naira has depreciated before it was floated, by pegging or fixing it at 197, the government was trying not to officially depreciate it I. e devalue it...
By floating it, the government has finally accepted the inevitable, a depreciated currency which is allowed to float is synonymous to a devalued one....

Tbaba and passingshot, I don't know your problem, English, Economics or Politics...

2 Likes

Re: Naira Quoted At 253/$ As Interbank Market Opens by tbaba1234: 11:11am On Jun 20, 2016

neocortex:

The question remains if I can easily get the dollar at 257.75 ?
Your guess is as good as mine.

Why not? It is free market now..

Re: Naira Quoted At 253/$ As Interbank Market Opens by tritt(m): 11:11am On Jun 20, 2016

tbaba1234:
Nigeria's naira was quoted at 253 against the U.S. dollar as a new interbank market opened on Monday but no trades were yet to be agreed, dealers said.

Nigeria's central bank said last week it would scrap its fixed exchange system which has seen the currency pegged at 197 to the U.S. dollar for the past 16 months. (Reporting by Chijioke Ohuocha; Writing by Joe Brock; Editing by Andrew Heavens)

http://www.reuters.com/article/nigeria-currency-quote-idUSL8N19C13U?feedType=RSS&feedname=usDollarRpt

There is no quote yet...so calm down.

Re: Naira Quoted At 253/$ As Interbank Market Opens by spinoff: 11:13am On Jun 20, 2016

PassingShot:
Happy days are ahead of us.

With the news, the worst of our economic woes are behind us.

Kudos to the government for floating the Naira rather than devaluing it. A first in the history of Nigeria.

*Modified*

Some ignorant mourning wailers are saying floating the naira is same as devaluing it. Hell NO!

If you devalue the Naira, you fix an official exchange rate to it. E.g N250 to a dollar. With that approach, the black market rate will jump to beyond N400 to a dollar.

But with floating, many traders with high volume of dollars come in and trade dollars based on demand. In this approach, there is no official dollar rate set by the government. The rate is purely determined by how much dollars are demanded and how much dollars are available. This way, the Naira finds its true value.

1 Like 1 Share

Re: Naira Quoted At 253/$ As Interbank Market Opens by BlackMerchant(m): 11:13am On Jun 20, 2016

AtlanticBreeze:

you people are just mischievous. A novel idea and you already believe it will work? What are the indices? Even top economists I have spoken to criticized this move by CBN. I'm talking professors here

You are just too incoherent for comfort! Lol!

Dude, the idea is novel because it has never been tried in Nigeria before. Kabish.

10 Likes

Re: Naira Quoted At 253/$ As Interbank Market Opens by tbaba1234: 11:13am On Jun 20, 2016

tritt:

There is no quote yet...so calm down.

It is currently up to 260... Fluctuating between 257-260

6 Likes

Re: Naira Quoted At 253/$ As Interbank Market Opens by PassingShot(m): 11:16am On Jun 20, 2016

[s]

AtlanticBreeze:

You are just totally clueless about the system. You just want to quickly bask in euphoria to decieve your zombies. What is the structure Emefiele gave.. Abeg stop mentioning me and infecting me with your cluelessness.

[/s]

4 Likes

Re: Naira Quoted At 253/$ As Interbank Market Opens by neocortex: 11:17am On Jun 20, 2016

tbaba1234:

Why not? It is free market now..

It is far from free, there are many restrictions placed
on the interbank market which are not present in the
black market.

As of 10 am this morning, dollar is sold at 340 naira in
the black market.

Re: Naira Quoted At 253/$ As Interbank Market Opens by snezBaba: 11:18am On Jun 20, 2016

shyling:

Must you? I expect youths like you to posses critical reasoning skills and not just screaming in support of politicians without having an inkling of what is being discussed...

I*m a GMB fan but you talked with SENSE. neutral guys like you are needed in the media agency.

1 Like 2 Shares

Re: Naira Quoted At 253/$ As Interbank Market Opens by Cargoed: 11:19am On Jun 20, 2016

FG Should immediately find one of our OIL or Gas and sell it in Naira to stabilize this thing immediately if not we are going to see N600/dollar withing the next few months.

Also what of our commodity exchange market where are they all messing up. They need to expose themselves now so they can defend this naira in the long term.

If not we will just deplete our foreign reserve by dumping on a perfect market system.

By the way where is the link to the interbank market i want to watch it too so i can quote it to my Aboki### local exchange partner.
I hope its not another topsecret stuff man know man business.

Re: Naira Quoted At 253/$ As Interbank Market Opens by AtlanticBreeze: 11:20am On Jun 20, 2016

lalasticlala and mynd44 will be quick to take this fake and unconfirmed thread to frontpage but will ignore taking my more serious threads up. smh

1 Like

Re: Naira Quoted At 253/$ As Interbank Market Opens by chucksbadt(m): 11:21am On Jun 20, 2016

Experts in the house, please was Pounds Affected by this New Policy?........Because all what's being talked about now is the Dollar!

Re: Naira Quoted At 253/$ As Interbank Market Opens by tbaba1234: 11:22am On Jun 20, 2016

neocortex:

It is far from free, there are many restrictions placed
on the interbank market which are not present in the
black market.

As of 10 am this morning, dollar is sold at 340 naira in
the black market.

That gap will reduce significantly as the day progresses.... The interbank market has been given more freedom to trade so people who do online transactions or businesses will get it at the interbank rate as opposed to what the banks were offering.

3 Likes

Re: Naira Quoted At 253/$ As Interbank Market Opens by LadyAimy: 11:23am On Jun 20, 2016

I think it's getting better

Re: Naira Quoted At 253/$ As Interbank Market Opens by wayodude(m): 11:24am On Jun 20, 2016

I am not an economist by trade but the idea of allowing the Naira determine its value based on prevailing market forces sounds fair considering the fact that the cost of propping up the Naira using our gradually eroding foreign reserves is not sustainable in the long term, especially with the significant drop in the government foreign exchange income.

The 2 biggest drains (I think) on our foreign exchange balance have been:

1. Petroleum products subsidy
2. Supporting an artificial exchange rate for the Naira

Now both of these drains have been 'plugged' and with corruption being tackled heavily (albeit it could be argued irrationally) I think we are making some important progress even though it may not feel like we are for sometime until things settle.

The government should now show some will power in dealing with the power (electricity) and security issues being faced by everyone, rich and poor. Something as simple as passing of the right policies can help in these areas.

We are watching...

15 Likes 1 Share

Re: Naira Quoted At 253/$ As Interbank Market Opens by oshudu(m): 11:24am On Jun 20, 2016

am not surprise because our so called leaders have lost their moral values no honesty no integrity so why naira we not loss value

Re: Naira Quoted At 253/$ As Interbank Market Opens by AtlanticBreeze: 11:26am On Jun 20, 2016

BlackMerchant:

You are just too incoherent for comfort! Lol!

Dude, the idea is novel because it has never been tried in Nigeria before. Kabish.

you don't know nothing.. Your job is to worship every decision buhari takes. Go and study your history before quoting me. novel idea ko

2 Likes

Re: Naira Quoted At 253/$ As Interbank Market Opens by neocortex: 11:27am On Jun 20, 2016

tbaba1234:

That gap will reduce significantly as the day progresses.... The interbank market has been given more freedom to trade so people who do online transactions or businesses will get it at the interbank rate as opposed to what the banks were offering.

You are right but the monthly limit of $700 spending for most banks on online transactions
wouldn't help matter.

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