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CBN Introduces Flexible FX Market - Business - Nairaland

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CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" / CBN Introduces New Charges On Bank Deposits And Withdrawals / CBN Introduces New Charges On ATM Cards, Cheques (2) (3) (4)

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CBN Introduces Flexible FX Market by fizzile(m): 3:23pm On Jun 15, 2016
Foreign currency purchases in Nigeria will be on the interbank market from Monday June 20, Central Bank Governor Godwin Emefiele announced Wednesday. He said this will kick off the era of automatic adjustment mechanism of the Naira-dollar rate with the operation of a flexible interbank market which shall also have primary dealers. “There is one window and that is what is will be,: Emefiele said while clarifying that there shall be only one rate for the dollar going forward. The governor said all the 41 items earlier banned from access to foreign exchange . According the governor non oil exporters will now be allowed to sell their export proceeds on the interbank market at the ruling rate. He promised that the market will be transparent, liquid and warned speculators to stay away from the market. Source: abokifx.com/nigerias-central-bank-open-forex-futures-market-reuters/
Re: CBN Introduces Flexible FX Market by msogunro: 3:30pm On Jun 15, 2016
fizzile:
Foreign currency purchases in Nigeria will be on
the interbank market from Monday June 20,
Central Bank Governor Godwin Emefiele
announced Wednesday.
He said this will kick off the era of automatic
adjustment mechanism of the Naira-dollar rate
with the operation of a flexible interbank market
which shall also have primary dealers.
“There is one window and that is what is will be,:
Emefiele said while clarifying that there shall be
only one rate for the dollar going forward.
The governor said all the 41 items earlier banned
from access to foreign exchange .
According the governor non oil exporters will now
be allowed to sell their export proceeds on the
interbank market at the ruling rate.
He promised that the market will be transparent,
liquid and warned speculators to stay away from
the market.
Source: abokifx.com/nigerias-central-bank-open-forex-futures-market-reuters/

Should we expect the naira to rise or drop because of this action?
Re: CBN Introduces Flexible FX Market by Inception(m): 3:33pm On Jun 15, 2016
na wa
Re: CBN Introduces Flexible FX Market by nobilis: 3:51pm On Jun 15, 2016
msogunro:


Should we expect the naira to rise or drop because of this action?

Without daring to sound too economic, one good thing about this policy is that it will do away with speculation and speculation is the single most important factor that drives the dollar upwards.

The dollar might rise intermittently but it will eventually fall.
Re: CBN Introduces Flexible FX Market by fizzile(m): 4:03pm On Jun 15, 2016
msogunro:


Should we expect the naira to rise or drop because of this action?
A sharp rise but within a few weeks there will be a sharp drop

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