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Nairaland Forum / Nairaland / General / Business / Naira Crashes To 288/dollar At New Official Market (33994 Views)
Dollar Crashes To N368/$1 / Naira Crashes To N484 Against Dollar As More Bdcs Go Underground / Naira Crashes As FG Denies Currency Swap Deal (2) (3) (4)
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Re: Naira Crashes To 288/dollar At New Official Market by Leopard2A7: 9:20am On Jun 21, 2016 |
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Re: Naira Crashes To 288/dollar At New Official Market by neocortex: 9:20am On Jun 21, 2016 |
BIGERBOY1: You mean you bought dollars at 281 this morning ? Please direct me to where you got it. 2 Likes |
Re: Naira Crashes To 288/dollar At New Official Market by bejick(m): 9:21am On Jun 21, 2016 |
it doesn't mean you will buy at N288 cos that is imaginary bank rate. |
Re: Naira Crashes To 288/dollar At New Official Market by 9jatatafo(m): 9:21am On Jun 21, 2016 |
Is it one naira to one dollar loading in PMB's economic policy? |
Re: Naira Crashes To 288/dollar At New Official Market by Nobody: 9:21am On Jun 21, 2016 |
martineverest: I think the market started well. What most people don't understand is that this is not a straight forward surrender to devaluation but a BRAND NEW market with forward and spot prices. PMB and his admin have created a whole new playing field that did not exist before. The CBN also showed their hand by wiping out all obligations in one day! Meaning less accumulated pressure going forward. With the $6bn Chinese currency swaps kicking off next month, the outlook for a stronger naira looks good. There is still some way to go but it looks good. This might even become the defacto currency market for the W.A region. 4 Likes |
Re: Naira Crashes To 288/dollar At New Official Market by SeverusSnape(m): 9:25am On Jun 21, 2016 |
latinoKingdom:Buhari is a certified dullard na... He's also an illiterate. 5 Likes |
Re: Naira Crashes To 288/dollar At New Official Market by vexing(m): 9:26am On Jun 21, 2016 |
BlackSeptember: Pishure of u standing unclad or idonbelieveit 2 Likes |
Re: Naira Crashes To 288/dollar At New Official Market by HAH: 9:28am On Jun 21, 2016 |
This tread is filled ignorant or possibly financial economics illiterate people, please have some basic knowledge of economics and dynamics of FX market before you comment. 3 Likes |
Re: Naira Crashes To 288/dollar At New Official Market by Leopard2A7: 9:29am On Jun 21, 2016 |
Shym3xx: This is a very sound message for omenka, vedaxcool, tbaba1234, Passingshot, Modath, Obailala and others. 1 Like |
Re: Naira Crashes To 288/dollar At New Official Market by onatisi(m): 9:29am On Jun 21, 2016 |
SeverusSnape: 1 Like
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Re: Naira Crashes To 288/dollar At New Official Market by Rhema0011: 9:29am On Jun 21, 2016 |
Gtb just quoted 339.00 per dollar now, what is happening ohhhhj 2 Likes |
Re: Naira Crashes To 288/dollar At New Official Market by Leopard2A7: 9:31am On Jun 21, 2016 |
GworoChewinMaga: Honestly I don't know how to describe these people. Something is moved from 199 to 250+ yet they say there is no devaluation just to guard the reputation of their herdsman president. 1 Like |
Re: Naira Crashes To 288/dollar At New Official Market by 989900: 9:31am On Jun 21, 2016 |
greenpasture: Is the yuan deal really going to happen, I mean next month? BTW, good points chipped in. |
Re: Naira Crashes To 288/dollar At New Official Market by martineverest(m): 9:33am On Jun 21, 2016 |
greenpasture:well said,the yuan policy will be our saving grace...once the policy kicks off,end of dollar monopoly will be nigh..i see the economy rebounding |
Re: Naira Crashes To 288/dollar At New Official Market by wayodude(m): 9:34am On Jun 21, 2016 |
One of the biggest problems facing Nigeria is the poor education of her citizens. Nairaland is prime evidence of this. 5 Likes 2 Shares |
Re: Naira Crashes To 288/dollar At New Official Market by HAH: 9:34am On Jun 21, 2016 |
greenpasture: Very sensible post, it is your type need here not those juveniles that throw abuses. Every financially literate person knows since the creation of CBN FX market this is the best decision taken where pure economic that will determine price The most interesting part of your post to me is the takeof of the China currency deal next month and the clearing of FX demand backlog. Kudos guy 5 Likes 1 Share |
Re: Naira Crashes To 288/dollar At New Official Market by 4stylz: 9:35am On Jun 21, 2016 |
What happened to the Chinese yuan they introduced ? Since we buy mostly from china |
Re: Naira Crashes To 288/dollar At New Official Market by Checked86: 9:36am On Jun 21, 2016 |
As far as the importers of those banned goods are not allowed to source for fx at official market, the war between naira and the dollar will remain one sided...naira being a the receiving end. I am not against the embargo placed on those goods because they are products we can produce ourselves. But, since the embargo was placed, what are the necessary steps taken by either the government or the private sectors in making sure they are being produced domestically? The products are just banned without corrective measures,it will surely create artificial inflation. An importer that source his fx in the black market will surely place black-market price tag on the product(s), and without alternative, Nigerians will still buy them, unfortunately. Official market exchange rate is a function of parallel market exchange rate and the forces of demand and supply. This is because BDCs get their dollar from the official market(banks) and sell at the parallel market. |
Re: Naira Crashes To 288/dollar At New Official Market by Boss13: 9:40am On Jun 21, 2016 |
donsteady: The Banks were all willingly to buy, nobody was selling till CBN intervened to sell. Some Banks have already made future purchases for 1-month, 2-months and 3-months. Let the smoke screen settle, by smoke screen I mean panic buy and huge demand due to transaction backlogs, then we will know how strong the naira can be. |
Re: Naira Crashes To 288/dollar At New Official Market by Nobody: 9:40am On Jun 21, 2016 |
989900: Yes I have it on Good authority that it kicks off next month. This new mechanism supports it. It will be plug and play. |
Re: Naira Crashes To 288/dollar At New Official Market by tbaba1234: 9:40am On Jun 21, 2016 |
Shym3xx: Oga, let's have the same conversation in December... This spike is completely expected... 2 Likes |
Re: Naira Crashes To 288/dollar At New Official Market by tbaba1234: 9:41am On Jun 21, 2016 |
Leopard2A7: There is nothing sound about the message. There is no economic analysis. 3 Likes |
Re: Naira Crashes To 288/dollar At New Official Market by Nobody: 9:42am On Jun 21, 2016 |
HAH: Thank you for your encouraging comments 1 Like |
Re: Naira Crashes To 288/dollar At New Official Market by HAH: 9:42am On Jun 21, 2016 |
4stylz: Yes we buy household goods from China but the truth is 70% of dollar demand are maily for, petrol, rice and wheat, now when when dangote refinery comes to production petrol import will stop, that alone is 50% of dollar demand, then by 2018 the government intents banning the import of rice and wheat that will lesson dollar demand by 20% . Everything looks good on paper hope we will get it right, cos if what I explained above come to fruition dollar may be as low as 100 naira 2 Likes |
Re: Naira Crashes To 288/dollar At New Official Market by poweredcom(m): 9:43am On Jun 21, 2016 |
Wetin concern me |
Re: Naira Crashes To 288/dollar At New Official Market by chimauga(m): 9:44am On Jun 21, 2016 |
SeverusSnape: 1 Like |
Re: Naira Crashes To 288/dollar At New Official Market by Boss13: 9:45am On Jun 21, 2016 |
Checked86: Everything the government! Seriously!!! The government through the CBN has restricted sales of FX to importers of those goods. A serious businessman should seize the opportunity to produce these banned goods domestically and compete with the imported goods which should be at a high price now. There is nothing like BDCs anymore from this policy. Anybody with a genuine business transaction can walk up to their Banks and get dollars at the either the Spot rate or future/Forward rate, except the person is involved in the banned goods. 1 Like |
Re: Naira Crashes To 288/dollar At New Official Market by Nobody: 9:46am On Jun 21, 2016 |
GworoChewinMaga: This government is playing hide and seek with policies. Last week when they announced they said Central bank now has enough dollars to back any demand. What that statement means they will provide enough dollars to back any amount of demand. By releasing dollars in tranches, they are basically controlling the price through the open market. If they release less than its demand, the price will go up. If they release more than the demand, the price will go down and if they decide not to release tommorrow, all speculators will simply relax and wait for the day they will release but real business men who are being affected by this dollar freeze will be in trouble because they will not see the dollars. No real business can survive that kind of uncertainty. In fact the biggest gainers in this system will be PMB and CBN people who are privy to the information on how much and when CBN will release so they can sell and buy with the flow. I said before that APC politics will ensure their goons and cabals must be rewarded in this dollar matter This is getting clearer every hour that once again PMBs clueless government have come with another juju economics to use in deceiving their Zombies that will blindly support anything they do. In my last post on this issue, I clearly praised this idi.ot government so my criticism now is based on the economics of what they are doing. Please sensible peeps, the only way to do business in this new system is to align yourself with any CBN or Ab0ki afilliated exchange house or else, you are in for a long thing THE MORE YOU LOOK THE LESS YOU SEE government 2 Likes |
Re: Naira Crashes To 288/dollar At New Official Market by Boss13: 9:47am On Jun 21, 2016 |
HAH: Bull eyes! Spot on! |
Re: Naira Crashes To 288/dollar At New Official Market by richling77(m): 9:51am On Jun 21, 2016 |
Clone2020: If it's genuine let's analyse this. Mail at richling77@yahoo.com first. |
Re: Naira Crashes To 288/dollar At New Official Market by owagbeba: 9:56am On Jun 21, 2016 |
Why are the banks still charging at black market rates for oversea ATM and online transactions? 1 Like
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Re: Naira Crashes To 288/dollar At New Official Market by pressplay411(m): 9:58am On Jun 21, 2016 |
BlackSeptember: Pls cover up you're causing an optical discomfiture. |
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