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CBN Suspends Dollar To Naira Trades Till Monday - Business - Nairaland

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CBN Suspends Dollar To Naira Trades Till Monday by FxMallam: 1:54pm On Jun 16, 2016
Nigeria’s central bank made no dollar to naira trades on the interbank market on Thursday but settled $13.6 million of trades made on previous days at about the naira’s pegged rate of 197.5 per dollar, an official said.

The central bank said on Wednesday it would begin open-market foreign currency trading next week, abandoning its 16-month-old peg against the dollar and setting the stage for the Nigerian currency to fall sharply.

Dealers said they expected no interbank currency market activity until the new trading regime starts on Monday.

“Central bank is not selling any money. Those who want to trade can do that among themselves,” the official said, referring to the volumes as “carryover trades” agreed but not settled before Wednesday’s announcement.

Nigeria, Africa’s largest crude exporter, has resisted devaluing its currency for more than a year even though other major oil producers, including Russia, Kazakhstan and Angola, have allowed their currencies to fall as crude prices plunged.

Currency traders were meeting on Thursday to discuss the new rules and will seek to determine trading spreads including circuit breakers, if any, they say.

“The rules are just a guideline. The practicality is totally different so people are holding on until Monday,” one trader said.

Three economists estimated the fair value of the naira at between 280 and 300 against the dollar, although the black market rate is around 370.

http://www.fxmallam.com/news/central-bank-suspends-dollar-sales-till-monday/

Re: CBN Suspends Dollar To Naira Trades Till Monday by Nobody: 2:03pm On Jun 16, 2016
But where is lalasticlala sef
Re: CBN Suspends Dollar To Naira Trades Till Monday by salabscholar01(m): 2:17pm On Jun 16, 2016
good

6 Likes

Re: CBN Suspends Dollar To Naira Trades Till Monday by dotcomnamename: 2:18pm On Jun 16, 2016
Re: CBN Suspends Dollar To Naira Trades Till Monday by Taryur3(m): 2:18pm On Jun 16, 2016
Just 4 days after today

1 Like

Re: CBN Suspends Dollar To Naira Trades Till Monday by stcool(m): 2:18pm On Jun 16, 2016
I expect a sharp rise...but should subside as market forces comes to play. In Nigeria what goes up - remains up! grin

18 Likes 2 Shares

Re: CBN Suspends Dollar To Naira Trades Till Monday by hardywaltz(m): 2:19pm On Jun 16, 2016
Good
Re: CBN Suspends Dollar To Naira Trades Till Monday by darocha1: 2:19pm On Jun 16, 2016
What does this mean in lay man grammer?

2 Likes

Re: CBN Suspends Dollar To Naira Trades Till Monday by Godswillnwaoma(m): 2:19pm On Jun 16, 2016
Abeg oooooo. Let them do anything they want but my own be say make it good for our economy.

2 Likes

Re: CBN Suspends Dollar To Naira Trades Till Monday by mondbest(m): 2:20pm On Jun 16, 2016
I think they are really taking positive steps into strengthening the Naira
Re: CBN Suspends Dollar To Naira Trades Till Monday by biikeys(m): 2:20pm On Jun 16, 2016
Better...at least to prevent last minute shady trades with insider information

5 Likes 1 Share

Re: CBN Suspends Dollar To Naira Trades Till Monday by Emeskhalifa(m): 2:20pm On Jun 16, 2016
Nija I hail thee
Baba Godey prayer they really work for naija, anythin wey go up no dey eva come down

1 Like

Re: CBN Suspends Dollar To Naira Trades Till Monday by Nobody: 2:20pm On Jun 16, 2016
...

1 Like

Re: CBN Suspends Dollar To Naira Trades Till Monday by NwaNimo1(m): 2:21pm On Jun 16, 2016
Naira devaluation by stealth........sounds like a 'Bank Holiday'

4 Likes

Re: CBN Suspends Dollar To Naira Trades Till Monday by eightsin(m): 2:22pm On Jun 16, 2016
Would this affect someone who wants to pay for visa?
Re: CBN Suspends Dollar To Naira Trades Till Monday by Nakairogold(f): 2:23pm On Jun 16, 2016
Why una dey lie say Naira has not been devalued when some weeks back news had it that FG had secretly devalued Naira pushing it From 320 to 370 against 1 dollar in d parallel market.

1 Like

Re: CBN Suspends Dollar To Naira Trades Till Monday by Chillext(m): 2:23pm On Jun 16, 2016
till then,

15 Likes 3 Shares

Re: CBN Suspends Dollar To Naira Trades Till Monday by yinka2011: 2:24pm On Jun 16, 2016
CBN effectively devalued the Naira with the flexible forex policy.

and the stock market is loving it. stock market rose 3.17% yesterday. check this.




June 15 (Lagos) - Stocks rallied across all sectors in today’s session as clarity from the CBN on the new foreign exchange framework lifted investor confidence towards market close. Global markets reversed previous losses as investor’s eyed the conclusion of the U.S Federal Reserve’s two-day meeting, shrugging off concerns about the possibility of a Brexit vote.



The Financial Services (+396bps) and Consumer Goods (+237bps) sectors bounced back into positive territory, championed by gains in heavy weights GUARANTY (+778bps), ZENITHBANK (+548bps), ACCESS (+363bps), NB (+449bps), and GUINNESS (+500bps). Similarly, the Industrial Goods (+64bps) and Oil & Gas (+107bps) sectors remained in the green, led by advances in DANGCEM (+500bps), OANDO (+500bps), and MOBIL (+495bps).


UBA topped the volume and value charts trading 197 million units worth N866 million.



The NSE ASI and NSE 30 gained 317bps and 310bps, putting YTD returns at -2.62% and -3.86% respectively.



The market recorded turnover of N3.5 billion on 588 million shares. Value and volume of transactions were above May averages by 47% and 55% respectively.



Market breadth remained positive with 37 advances and 10 declines.



NEM, GUARANTY and FCMB led the gainers chart, advancing 9.52%, 7.78% and 7.69% respectively, whilst UPL, GLAXOSMITH, and NEIMETH led the losers chart, declining 4.99%, 4.87%, 4.65% respectively.



Analysts at Vetiva Capital Management Limited in Victoria Island expect the renewed market confidence amidst the clarity on currency market framework to stir the NSE ASI to another strong close in the session ahead.




reporting for easykobo.com on Wednesday, June 15 2016 from Lagos, Nigeria






http://www.easykobo.com/News.aspx?id=19465
Re: CBN Suspends Dollar To Naira Trades Till Monday by 9jatatafo(m): 2:24pm On Jun 16, 2016
$1=N1 loading in PMB's track

10 Likes 2 Shares

Re: CBN Suspends Dollar To Naira Trades Till Monday by Nobody: 2:24pm On Jun 16, 2016
Everything is being suspended, including Buhari's return to his own country. May God take control.

5 Likes

Re: CBN Suspends Dollar To Naira Trades Till Monday by YerYer: 2:24pm On Jun 16, 2016
It's time to bring back coweries.

7 Likes

Re: CBN Suspends Dollar To Naira Trades Till Monday by noeloge82(m): 2:25pm On Jun 16, 2016
If done well its better than total devaluation
Re: CBN Suspends Dollar To Naira Trades Till Monday by akosh005: 2:25pm On Jun 16, 2016
Why keeping us waiting till Monday, wen oil price was increased with immediate effect. Abeg tell us Becos I won import garri online dis weekend oooooo. 0ne naira one dollar

1 Like

Re: CBN Suspends Dollar To Naira Trades Till Monday by nairacliq(m): 2:26pm On Jun 16, 2016
Im just here to read comments because even those that have not seen dollar for years will comment

2 Likes 1 Share

Re: CBN Suspends Dollar To Naira Trades Till Monday by Nobody: 2:26pm On Jun 16, 2016
CBN just dey do our economy anyhow. They surely would have to get it right at some point.
Re: CBN Suspends Dollar To Naira Trades Till Monday by Nobody: 2:26pm On Jun 16, 2016
Confused govt..
Re: CBN Suspends Dollar To Naira Trades Till Monday by Kyliegame: 2:26pm On Jun 16, 2016
Na Wa
Re: CBN Suspends Dollar To Naira Trades Till Monday by 989900: 2:28pm On Jun 16, 2016
Fingers crossed.
Trading is speculated to start between N260-N270.

1 Like 1 Share

Re: CBN Suspends Dollar To Naira Trades Till Monday by strangest(m): 2:28pm On Jun 16, 2016
Ok.... Like Oga postpone im coming back
Re: CBN Suspends Dollar To Naira Trades Till Monday by Professor101(m): 2:28pm On Jun 16, 2016
Too bad
Re: CBN Suspends Dollar To Naira Trades Till Monday by sammyj: 2:28pm On Jun 16, 2016
ok

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