What time is Chelsea Arsenal match?

EyinadeAdemola:
All I know is dry bones shall rise again

Leave them make dey dey postulate theories.

If I hold dollar and bank no gree accept am, I go keep am na, or dollar get expiry date?

K

typing..............let me knw when 1 $=#100

Oya, over to the wailing wailers..

Runs outta thread...

Seriously waiting for the dollar @ 150NGN.....

Smuggling dollar to neighboring countries and then selling to Nigerian importers in electronic form is the next lucrative business

optimism: the bane of many.

obailala:
Sounds like a good analysis, but I must confess, I'm not an economist and dont understand up to half of what has just been analysed.

In summary, is the latest trend good or bad for the naira and the Nigerian economy?

lol...u r so funny. What did u study?

there is one ,way to go ..diversify

Lol

Lol.

8-)£€$¥8-)

Nice

soe:
lol...u r so funny. What did u study?

did you come to check if anyone wished buhari a death sentence today? Animalia aturu

This is just a cosmetic move by the CBN to try and bump up the naira. This will on temporarily bring relief if at all any to the pressure on the foreign reserve due to the low oil price. As long as income from oil remains low this cosmetic measure will fail. In my opinion.

soe:
lol...u r so funny. What did u study?

did you come to check if anyone wished buhari a death sentence today? Animalia aturu.

nwaire:
It makes sense though... I hope so
But I wish CBN don't have to relax any of the controls put in place so far, atleast for this year

Don't CBN,actually it's our own(Nigeria) good in the long run.

ECOTERRORS:
did you come to check if anyone wished buhari a death sentence today? Animalia aturu

U dey mind am?

laplace12:

Smuggling dollar to neighboring countries and then selling to Nigerian importers in electronic form is the next lucrative business

True talk bro ,no time.

But our President have to put things in place to prevent mighty corruption coming in.

DEGREE2466:
And Buhari has been doing what?

It is obvious Mr. President does not know economics when he made that statement "I will make one naira equal one dollar".

It is the forces of demand and supply that determine the purchasing power parity (PPP).

Did u hear PMB make the statement with your own ears or u re relying on beer parlour gist??

Built2last:


Banks are shoting their doors against FX deposits because the cost of managing it will tell on their books.

we are strickly back to FORM A and FORM M.

This is the part I just don't understand.....I can understand the banks accepting FX but adapting regulations in giving it out. If they all stop accepting I guess is because of the FG ruling and not because of managing costs. If it were costs banks would simply add a fee for transactions. Whatever the case...the policy is effective and showing results and I strongly believe putting the brakes on the import everything culture plays a big role. @OP....most of your speculation is reasonable ......on paper! In reality a person storing huge sums of cash would definitely face serious security problems.

Adesiji77:



http://nairametrics.com/conspiracy-theory-of-what-could-happen-to-nairadollar-in-the-next-few-weeks/

Good one. Let"s 're-nairanize' the economy. I see it going back to N150.

Offload your dollar holding now and grab the King Naira.

May be Buhari has started the 'Tinubunomics" programme.

soe:
lol...u r so funny. What did u study?

I am an engineer

I read on nairaland that the maximum someone could have in his dormicilary account was $10,000.

Thi got me worried.


I enquired from my bank on Friday and they said that the maximum was limitless as long I could account for the funds.

Also, that the banks are no longer accepting dollar deposits should also be a rumour. I advise you confirm from your bank.

The present governor has proven to be a poor manager. He sjhould b sacked. Its a time they employ a seasoned economist and banker

Originalsly:
This is the part I just don't understand.....I can understand the banks accepting FX but adapting regulations in giving it out. If they all stop accepting I guess is because of the FG ruling and not because of managing costs. If it were costs banks would simply add a fee for transactions. Whatever the case...the policy is effective and showing results and I strongly believe putting the brakes on the import everything culture plays a big role. @OP....most of your speculation is reasonable ......on paper! In reality a person storing huge sums of cash would definitely face serious security problems.

I am quite busy now and may not be able to tell you in details how keeping of FX in bank vault incures heavy financial burden on them.

If you approach CBN to deal FX either as a bank., Discount house or BDC. You are categorised with a limit of purchase and deals.
The categories are A B C.
What that simply means is that if you are a commercial bank for instance with a vault limit of 5million dollars by CBN peg. Any other dollar after that 5million peg is huge cost on the bank. You pay penalty of 3percent to CBN on the excess daily.

NSITF Insurance does not cover that excess in your vault. Cost of repatriation of the dollars outside the country is on you and not CBN.

CBN policy does not allow banks to charge customers extra for FX deposit or management.

I will explain better when am less busy if you need further clarifications

grandstar:
I read on nairaland that the maximum someone could have in his dormicilary account was $10,000.

Thi got me worried.


I enquired from my bank on Friday and they said that the maximum was limitless as long I could account for the funds.

Also, that the banks are no longer accepting dollar deposits should also be a rumour. I advise you confirm from your bank.

The present governor has proven to be a poor manager. He sjhould b sacked. Its a time they employ a seasoned economist and banker

GT Bank, Stand Chartered and Stanbic have stopped accepting forex for the past week or more. I have gotten several emails and confirmed from them. Actually forex was refused at Gt bank

DEGREE2466:
And Buhari has been doing what?

It is obvious Mr. President does not know economics when he made that statement "I will make one naira equal one dollar".

It is the forces of demand and supply that determine the purchasing power parity (PPP).

You're the one who obviously needs a lesson on economics.

The government has placed ban on purchase of unnecessary items reducing the demand for dollars to purchase them invariably increasing the supply of dollars.

The government has made sure all credit/debit cards with accounts domiciled in the country cannot spend more than the amount stipulated when used out side the country. This will reduce the amount of dollars leaving the Nigerian economy invariably increasing the supply of dollars.

The CBN has refused to effect foreign transfers from account that has no BVN. Most politicians who does not want to be directly linked to the money in the dollar accounts of companies they used to front for syphoning money would find it hard to transfer their money that are in dollars. They will be forced to sell the dollars in their account or allow it to remain their and eventually loose value. Either way the dollars for supply in the economy increases. The only other option is, they withdraw the dollars and smuggle it out of the country but they risk being caught. The one in Naira account too will not be able to be transferred reducing the demand for dollars and invariably increasing its supply.

All the above policies ensures that the demand for dollars is drastically reduced and eventually when supply finally starts to outstrip dollars Naira will gain tremendously. Though not totally enough but it go a long way to reduce the tension on dollars.

Here are some other areas that can affect the demand and supply of dollars(not exclusive)

Foreign reserve
It is on the increase which will also increase the supply of dollars Nigeria have.

Resumption of refineries
The resumption of refineries will reduce the demand for dollars to purchase refined crude oil from foreign countries and on the flip side supply of dollars for necessary transactions will increase.

Ban on Nigerias beans and other export to europe
This will have negative effect on the Naira unless the FG does something about it real quick because it will reduce Nigerias foreign receipt of dollar thereby reducing the dollar supply to the economy.

So far the economy is on its way to recovery. Thanks to PMB.

God help us!

stagger:
So for guys like me who have a business that pulls in dollars into a domiciliary account, we stand to gain a lot right?

Well here is your solution, go electronic!. You are satisfied, CBN is equally satisfied.

Appreciate naija made things. This will not only make the dollar fall against the naira by reducing importation and opening the door for impressive creativity, innovation and investment,it will also create more jobs.



THINK AND CREATE.