Anticabal:
They just want to increase panic factor and make people bring out their dollars. Laye! i hold onto my dollars tightly. Oil dey crash steady and we won't manufacture anything tangible in the next 200 years. 1$= N3000 by next year.

Remove that anti in your user name,your real username is cabal,obaye je,you,your children and children's children will all suffer for it, if your prayers were answered.

2sex:
GTB is already selling at 199 to dollar as at yesterday.

May your wish never come to pass.

Stop misleading people. Gtb won't charge you less than 280/$. I'm sure you are referring to buying of dollars using form A.

iykedare:


Stop misleading people. Gtb won't charge you less than 280/$. I'm sure you are referring to buying of dollars using form A.

I think he meant 299, which was gtb's online rate yesterday.

iykedare:


Stop misleading people. Gtb won't charge you less than 280/$. I'm sure you are referring to buying of dollars using form A.

dream on.

Cc: tranxo, please come tell this doomsday prophet GTB exchange rate

2sex:
dream on.

Cc: tranxo, please come tell this doomsday prophet GTB exchange rate

I bought something worth $10 and the charge THIS morning was N1,990.00
Wednesday was 299 yesterday was 220

tranxo:
I bought something worth $10 and the charge THIS morning was N1,990.00
Wednesday was 299 yesterday was 220

thank you and God bless you bro.

NavierStokes:


Managing the exchange rate requires a careful combination of fiscal and monetary tools, so In this case it will be either we lack them at this point or we are clueless on what to do.

What fiscal tool nah?

Name one please

This is the scariest news I've seen in a long time. I can't wait to see the **** ideas they will come up with to try to control the parallel market.

This is as **** as the minister of agriculture saying they are targeting a price of N500 for a full chicken in the public markets (without funds)

Bevista:
But even if we needed to make payments in RMB instead of dollars, do we have enough RMB to sell to importers? Will there still not be an imbalance in supply/demand sending the RMB/NGN exchange rate higher?

I am not saying that is the solution but there is certainly an inefficiency in that process.The solution is to industrialize which won't happen overnight.In the meantime we will suffer

omonnakoda:
What fiscal tool nah?

Name one please

Interest rates
Disposable income via taxes
Overall price changes via government spending.

Controlling the exchange rate is not the job of the chm alone, reason why there is a caveat "country", on my very first post you quoted.

NavierStokes:

Interest rates
Disposable income via taxes
Overall price changes via government spending.

Controlling the exchange rate is not the job of the chm alone, reason why there is a caveat "country", on my very first post you quoted.

Disposable income through taxes. What does this mean Disposable? and what does that have to do with exchange rates. Who exactly ae you going to tax extra specifically as things are now

Overall price change through government spending? What are you talking about


"Interest rates" is not a FISCAL instrument it is a MONETARY instrument

With respect you have no clue what you are talking about

omonnakoda:

Disposable income through taxes. What does this mean Disposable? and what does that have to do with exchange rates. Who exactly ae you going to tax extra specifically as things are now

Overall price change through government spending? What are you talking about


"Interest rates" is not a FISCAL instrument it is a MONETARY instrument

With respect you have no clue what you are talking about

One moment lemme logon on a computer

Okay here we go:
I told you at the moment, (as a country) considering our position we can not wield the necessary instruments for this battle.

1) Talk about disposable income after taxes: You can agree with me that it will be politically suicidal at the moment for the government to tax Nigerians heavily, You talk about a quest for foreign goods, do you realize that with increased taxes relative to current figures, people will have less disposable income and a reduced quest for foreign goods, causing less pressure and reduced demand for the dollar, but then our Govt can not afford to go that path.

2) overall price change through government spending: what do you think will be the effect of an expansionary or contractionary budget. The expansionary budget our government is planning on, will definitely lead to increased demand, while we are still dreaming of a diversification, what do you think will be the overall effect of that? Increased demand for goods which will obviously be foreign and hence an increased pressure and quest for the greenback, which the cbn clearly doesn't have. Also with increased demand comes increased prices, and what do you think wiil result?, our export prices increase and it becomes relatively more attractive to import.

3) Interest Rates: Since it is the desire of the government to run an expansionary fiscal approach, it will turn to the markets to sell bonds (Through the DMO), which as a consequence raises interest rates for the bonds to be attractive to investors, in our own case, who will buy the bonds when our currency is still over-valued? Its a morning i didn't plan being close to a computer, but all the same I hope this brief explanation helps to clarify my earlier points that we at the moment are short of the FISCAL and MONETARY Instruments for this battle.

Hope you have a good weekend.
cheers

Don't forget after this budget is passed them we shall see the true depreciation of the naira.

hmm

this is just like a statement to bring optimism to nigerians mind.
what we want is active measures so we will be convinced

Hmmmmm just passing.... Mr.dollar just cum down make i go buy my cooking utensils.....o or else hunger go wire me die

Lattop:
See Changeeeeee

Na you sabi

NavierStokes:
These guys just want to increase the "panic factor", i am afraid as a country, we are short on fiscal and monetary instruments to fight this battle, so we resort to psychological instruments☺.

Psychological intervention. This is very worrying as it depicts a CBN that has run out of ideas

They fail to realize that such effects do not last more than a week

1stCitizen:


Psychological intervention. This is very worrying as it depicts a CBN that has run out of ideas

They fail to realize that such effects do not last more than a week

See, when this inflationary budget is passed, then we shall see the real depreciation.

Abeg o.. i wan buy phone o bt d price is just unbearable...will d price rtill go back to where it was bfor? e.g infinix (27k)

citizenisb:
The Central Bank of Nigeria (CBN) is targeting a N200 to dollar exchange rate in the parallel market, The Nation learnt on Friday.

The naira which on Friday traded at N330 to a dollar in the parallel market is expected to appreciate speedily, as impact of the CBN’s measures to stabilize the currency volatility in the parallel market begin to materialize.

President, Association of Bureau De Change Operators of Nigeria (ABCON), said the N330 rate in the parallel market is an improvement from last week’s rate when the naira exchanged for N391 to dollar.

The strident calls by the International Monetary Fund (IMF) and some foreign interest for Nigeria to devalue its currency and the artificial spike in forex rate created by Bureau De Change operators appears to have tanked. This has been linked to a complex and integrated currency management approaches deployed by the CBN.

According to a top source in the apex Bank, “The aim of CBN is to ensure that the divergence between the official and parallel rate does not exceed N3, so we are looking at a parallel market rate of N200/$ because the downward trend in the pressure on the naira will be sustained.”

“The CBN has the capacity to sustain the downward pressure and will deploy further currency management initiatives, while capitalising on fiscal policies of the federal government to remain in support of non-devaluation of the Naira. The current stand of the federal government on Nigeria’s legal tender is Non-Devaluation. It will be unwise for anybody to be hoarding dollars because we can assure you that Naira appreciation is going to trend upwards going forward.”

So far, the CBN in a bid to manage the pressure on supply has deployed over $11.7billion to support Agricultural Sector, SMEs, manufacturers and others. This has reduced patronage of black market by end-users and has forced rent seekers to dump the greenback thereby creating a dollar-glut in the black-market.

The source noted that it has been observed that most of the imports that were draining forex resources have since found local substitutes with attendant savings in forex and shortage of demand for the greenback, which was fuelling the pressure, this is also coming on the heels of the CBN instruction to commercial banks to publish allocation of forex to end-users, this has in recent times ensure that real sector of the economy and genuine users for education and medicals have been able to access forex at official rate.


http://thenationonlineng.net/cbn-targets-n200-parallel-market-rate/

My question is : why is there a gulf between the rate the CBN sells to banks and the rates at which the banks buy these currencies? Is it a calculated attempt to throw the entire economy to chaos?

My take is that the government should bring in an economist not these evil bankers draining the economy.

Seun:
This is the scariest news I've seen in a long time. I can't wait to see the **** ideas they will come up with to try to control the parallel market.

This is as **** as the minister of agriculture saying they are targeting a price of N500 for a full chicken in the public markets (without funds)

seun? whats **** ideas? walai i go ban ur moniker