PentiumPro:


This your analogy applies more to FORWARD CONTRACT and not SPOT RATE.

yinka2011:
you are not well informed. this naira float is a devaluation of not only the Naira but also our lives, our homes, our investments and indeed the future of our children.


everything is not about wailers this wailers that.


try and understand what just happened. Naira will breach 400 eventually due to market forces. yet people like you will say naira is not devalued.


so from 197 to 253 >>if thats not a devaluation then what is it?

smh

PentiumPro:


Tell your banking officer that someone say she is either playing games with you or her bank don't know what they are doing.
The thing works more like WDAS and not like RDAS.

ExInferis:


Well, why would he listen to you when you've "crazy" in your name?

Ogetogeo:
Just spoke with my account officer now. She said, I would need to apply to the bank stating the quantity of dollar I want to buy and at what rate am willing to buy, the bank would then call me if my proposed rate meets their rate. That they won't tell me what their rate is, I just quote what am willing to buy.

When i probed futtyershe said today rate at their bank is 319 for $.

What kind of Yeye policy is this? So I would need to keep writing letter like am writing a contract proposal for something I need to pay my cash to buy?

I don't get this kind stree

TheGoodJoe:


[s]
We were not dealing or trading with the official rates. Even the banks operated on Black Market prices. So while we had an official N197, we did not work with with that.

What concerns us is the narrowing price between the Black Market value and the Interbank value. From that view, it is not a devaluation.

If we devalued the official rate to, let us say N250, the Black Market would have gone up to about N400 and above. The opposite is the result.[/s]

SirAweezy:
@tbaba1234 I think you shouldn't waste your time explaining... the Topic said "Market opens at 253$" not that trade is currently going on with it... not that banks are currently selling at this rate it's on platform already waiting for bidders...
If you wish to monitor live market value of the Naira.
http://www.bloomberg.com/quote/USDNGN:CUR

iwaeda:

Have you thought about airlines and visa application?

AtlanticBreeze:

ok, keep the rubbish posts coming... una never see anything

berrystunn:

They should take us back to where they pick us from...., Nonsense.

Ogetogeo:


Are you a banker?
Have you been able to buy at that rate? If yes, which bank?
If yes to the above, how di you buy?

Can you give us live update from banking hall not from online quotes.

deflover:

It means the war chest of the baskets of currencies worth $5trillion will begin to hit the naira hard... how long can our mere reserves of $29billion hold.

TheGoodJoe:


We just floated the Naira, so buying now will take a lot of stress because dollars have not circulated to the bank. You have to be patient for the dollars to circulate and the price of the dollar to Naira becomes stable.

crazymommy:
How do you expect an exact spot rate in a floating market

BlackMerchant:


You are the one deceiving yourself. Babangida never floated the Naira as PMB is doing now. Rather, Babangida devalued the Naira as part of the Structural Adjustment Programme(SAP), as part of the conditions given by IMF for its loan to Nigeria at that time. The floating of the Naira today is a very novel idea by Emefiele. Please stop misinforming people.

chucksbadt:



Was Pounds Affected by this
New Policy?........Because all what's being talked about
now is the Dollar!

Ogetogeo:


That is not the problem, the problem is if these conditions my account officer is giving is the right way to access the dollar, then its DOA and also the quoted rates today of 253-260, which bank is selling that now and how do we access it?

PentiumPro:


Sorry ma'am, I don't quite get your point.

BlackMerchant:


You are the one deceiving yourself. Babangida never floated the Naira as PMB is doing now. Rather, Babangida devalued the Naira as part of the Structural Adjustment Programme(SAP), as part of the conditions given by IMF for its loan to Nigeria at that time. The floating of the Naira today is a very novel idea by Emefiele. Please stop misinforming people.

crazymommy:
Have you thought about inbound transfers ,massive reduction in round tripping,reduction in the spreads between the interbank market and the absolute parallel market??

crazymommy:
As expected....about 3 days ago a guy on a thread said he wants to sell his 10000$ Which he said he bought at the rate of 302 but that he wants to wait till it gets to 400naira per dollar,I adviced him that he should better sell it at that moment when it was around 350 because anything can happen on Monday which is today because I believe that the market might possibly fall in between the official price and the last parallel market price and that should be around 250-290.guess what??the guy said I am deceiving myself...that he is very intelligent and he believes that the dollar price will even open higher on Monday which is today....I hope the overconfident ignorant fellow his reading this...the annoying thing about some people on nairaland is that they feel they know it ALL and they are not ready to hear the opinion of any other person especially if it is coming from a woman....smh...

crazymommy:
Alright ma'am...

frisky2good:
I could be wrong but one key element of SAP was SFEM which is practically what Emefiele renamed FLOAT.

Ogetogeo:


That is not the problem, the problem is if these conditions my account officer is giving is the right way to access the dollar, then its DOA and also the quoted rates today of 253-260, which bank is selling that now and how do we access it?

TheGoodJoe:


Definitely not. She is just reading stuffs on her hand. What she is telling you is, I think steps for bankers to receive.

There will be an interbank price which will be the common price to buy and sell dollars.

Dollars will now be available in banks and there will be a price you work in and buy. Little to no black market after the price normalizes.

zubizareta:


You are the one rather sounding over confident and ignorant here..The OP even said no deals have been recorded at this rate..did yu even try to call the nearest Mallam selling dollars to ask for market price before you wrote this?? well, dollar was sold for 330 today..atleast i checked the market and not you bashing ignorantly..

zubizareta:


You are the one rather sounding over confident and ignorant here..The OP even said no deals have been recorded at this rate..did yu even try to call the nearest Mallam selling dollars to ask for market price before you wrote this?? well, dollar was sold for 330 today..atleast i checked the market and not you bashing ignorantly..

PentiumPro:


As long as your transaction is eligible, the bank will surely give you a rate.
In the inter bank market, the bank actually plays with various sources of supply including among themselves, where they give their quotes, if they succeed, they buy and then give you their own rates (with their own margin of course).
You only give your own quote in a Retail Dutch Auction System (RDAS) and not in a system like Wholesale Dutch Auction System (WDAS) which is the closest to what we are trying to operate now.

PentiumPro:


Floating because there is relative laissez-faire of the market by the regulators and not because a spot rate cannot be determined at any particular point in time of the day.
I can give you spot of 260/usd now and in two hours time give you a different spot of 270/usd.