catchdwind4rmkd:
This is ridiculous. What an Irony for a government that promised to make $1 = N1.
Initially I thought this new flexible market rate was only for banks, and doesn't affect the official CBN rate. Surprisingly, it does, as the dollar is now officially N280 and fluctuating, so could still rise for sometime as the market reacts before any decline is expected.

Now I'm forced to use the word "ZOMBIES" for the first time here: And the Zombies said this is not DEVALUATION of the Naira? When there is now officially no means one could get the dollar at N197?!!! PTA/BTA, Education, investments, medicals, etc will now all obtain the dollar at this new rate (N280/$ fluctuating) even if you apply from the APEX bank (CBN).

Well, we've not seen hardship yet. Most businesses were still being run at official CBN rates of N197 having met the criteria to obtain such. The Dangote refinery, and other good investments were to benefit from such. But with this new policy, everyone gets it at the prevailing market rate. Flight tickets (in Naira) have almost doubled, prospective students to international schools will now have to budget almost twice their previous expectations for flights, fees and allowances. I had really thought this policy was meant to control the parallel market while the CBN remains unaffected, since zombies have been claiming it wasn't devaluation. Let's see how this affects prices of goods and services in the country. This is really sad.

Pls ZOMBIES, stop deceiving yourselves in trying to defend or explain every rubbish that comes out of this APC led administration. At least be neutral in some matters and see how it affects everyone.

iykedare:
Where are those economists who were trying to make me feel bad for saving in dollars?

Cc crazymommy
Ispiksdatroof

Cybug
Olayinkafawaz

martineverest:
its a gradual process:it will flunctuate and mellow down after a while.the demand is very high,esp now that the xchange rate of dollars have fallen.with time,the demand will fall and naira wll appreciate....lets be optimistic.i know some wailers are happy about the news.

Boss13:


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.

rusher14:


I'm interested to know how much forex your business makes for the economy.

As if the fhucker even has a job.

wayodude:
One of the biggest problems facing Nigeria is the poor education of her citizens. Nairaland is prime evidence of this.

crazymommy:
Keep deceiving yourself...so you think banks will buy dollar from you at the parallel rate?you must be joking...banks want to gain too...their buying rate will be the current interbank rate and their selling rate will be determined by them which is going to be higher than the interbank rate so they can make their profit....

owagbeba:
Why are the banks still charging at black market rates for oversea ATM and online transactions?

tivta:


Madame, smart Nigerians don't sell to banks, they sell to forex dealers at black market rate...

FredN:



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

greenpasture:


Yes I have it on Good authority that it kicks off next month. This new mechanism supports it. It will be plug and play.

tivta:


Mr man, as long as Nigeria doesn't have electricity to power the manufacturing sector, Nigeria will continue to import goods and the dollars will continue to rise, stop living in fools paradise and call the rocket scientist minister to do his job...

BlackSeptember:
Apart from all these dogo turenchi does it mean that I will be buying things on Amazon at an exchange rate of 346 or 288


Buhari s the worst thing to have happened to Nigeria.


I stand naked and place a curse on that man that's ruining this economy cos of his pride and arrogance

martineverest:
wait until federal govt implement chinese yuan policy,u ll know if dollar is necessary or not...the success of that policy will spell dooms and glooms for dollars.other african countries will adopt it,since china is africa's numero uno partner in trade........stop being a deluded wailer

crazymommy:
So you think forex dealers at the black market at the moment will buy higher than 320??when they can simply buy at the lower price from the banks due to the new exchange policy??

tivta:

Even the 320 is far more profitable than 288.

Clone2020:
I have $2000 PayPal @N320/$ or $6000 @N330/$ wire transfer from my Chase bank account to your U.S account or TD bank to your dorm account in Nigeria, you will have to pay the $40 wire fee.
Mention me and drop your phone number. Scammers beware.

crazymommy:
I still picked up western union money yesterday at the rate of 305 so the spread between the interbank rate and black market is decreasing day by day....Why do you think the BDC are already lamenting??even my personal aboki told me yesterday evening on phone that more people are selling their dollars to them with less buying....higher supply with less demand will lead to what??your guess is as good as mine..

tivta:


Keep making excuses for a directionless government, you are just wasting your time if you think such policy exists or can work

tbaba1234:


Oga, let's have the same conversation in December...

This spike is completely expected...

tivta:

All I know is that naira will continue to fall as long as we don't have industries in the country, Dunlop left Nigeria because of power, ovation, even mtv base has their broadcast station in South Africa despite having Nigeria has their biggest market. Fashola better perform rocket science fast or else...

Shym3xx:


Lol, this policy won't even go beyond September.

It isn't sustainable.

crazymommy:
I still picked up western union money yesterday at the rate of 305 so the spread between the interbank rate and black market is decreasing day by day....Why do you think the BDC are already lamenting??even my personal aboki told me yesterday evening on phone that more people are selling their dollars to them with less buying....higher supply with less demand will lead to what??your guess is as good as mine..

crazymommy:
Keep deceiving yourself...so you think banks will buy dollar from you at the parallel rate?you must be joking...banks want to gain too...their buying rate will be the current interbank rate and their selling rate will be determined by them which is going to be higher than the interbank rate so they can make their profit....e.g if the current interbank rate is 288 automatically the buying rate for the bank will be 288 and they can sell it e.g for 320 making them 40 naira profit.....

CandyDiamond:

Stop all this lies, it will not lead you anywhere, dollar will move up to 500 naira by the end of the year, where will the dollar people are selling to BDC coming from , Nigeria is import dependent country, very soon the bank and BDC will not be able to meet the dollar demand as usual and that will be forcing CBN to intervene as usual at stage CBN will be tired because of depletion of foreign reserve and they will revert back the policy and go back to pegging of Naira.