Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,195,350 members, 7,957,932 topics. Date: Wednesday, 25 September 2024 at 03:45 AM |
Nairaland Forum / Nairaland / General / Business / Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? (36145 Views)
Payoneer ATM Withdrawal. Please Help With Latest Bank Rates / Naira Crashes To 288/dollar At New Official Market / Naira Quoted At 253/$ As Interbank Market Opens (2) (3) (4)
(1) (2) (3) (4) (5) (6) (7) (Reply) (Go Down)
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Nobody: 11:58am On Jun 21, 2016 |
wallahi you guys are confusing me the more. i will not open any thread about fx again 2 Likes |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by kokobongo: 11:58am On Jun 21, 2016 |
ifyalways: Hi, Please, if i may ask for what transaction did u purchase for. and did you get cash ?? |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by ohenhen1: 11:58am On Jun 21, 2016 |
Nigeria banks are scammers. Free market works in an environment that has strong institutions. We had the right idea. The problem is we didn't enforce Nigeria laws well. The market was not properly regulated. 2 Likes |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Willas04: 11:59am On Jun 21, 2016 |
ifyalways: Did you buy this dollar cash? |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by dantori(m): 12:02pm On Jun 21, 2016 |
Ogetogeo: I got 345 if you're interested contact me |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Panshow(m): 12:08pm On Jun 21, 2016 |
stagger:I couldn't sleep since last week due to this Interbank something. Thanks for breaking it down to my level. This is so far the most meaningful post. 1 Like |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by IVORY2009(m): 12:10pm On Jun 21, 2016 |
truthspeaks: The dude that is even confused? and does not know his right from his left, he will avoid dis thread! 2 Likes |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by stagger: 12:19pm On Jun 21, 2016 |
kokobongo: To add to this: The news commentary had it that at yesterday's trading, banks were just BUYING dollars and were not selling. So there was heavy dollar demand and that is why the interbank rate, which opened at N253 or so, started sliding towards N288 to $1. Bidding was going on and you know how bidding or auction processes go: the price keeps going up so that the highest bidder wins. Had the CBN not intervened to offer dollars for sale at a rate of N280 to $1, believe you me the US Dollar would have been sold to the entity that was willing to pay N382 to $1 and we would have woken up to see rates at close to N400 to $1. I tell you, we are yet to see the last of this and I am seriously wondering what the appropriate value of the Naira would be. I don't know if CBN will continue such interventions on a daily basis. Other central banks hardly intervene unless they have to. Bank of Japan has performed 3 interventions in the last 8 years or so. Something will have to give. It is either the country's economic fundamentals are changed so we can become a net exporter (which means the government has to QUICKLY AND MASSIVELY invest in critical infrastructure like power to boost small scale production and manufacturing for export), or we just watch and allow the Naira to fall to the precipice. We should look to Venezuela for serious soul-searching. That country produces crude oil like we do, wasted their oil money like we have done and had to devalue their currency. Now inflation is so high, that the people are starving and queuing for food. The situation in Venezuela is now so bad that people are breaking into stores, looting food and provisions and anything they can find to survive. The Venezuelan Army is now guarding retail establishments and escorting food trucks to distribution centres and markets. Critical situation in that country which reminds me of the ESSENCO lines we had in Nigeria in 1984/1985. Guess who was president then? May we never get to that point ever again. 26 Likes 2 Shares |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by bookorlah(f): 12:21pm On Jun 21, 2016 |
Best explanation so far, thanks bro. stagger: |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by southpole: 12:21pm On Jun 21, 2016 |
Why Govt Came Up With The Policy Just like any other sector of the exonomy , the Forex sector was equally corrupt. Banks, other financial institutions and related firms were using the initial official exchange rate to defraud govt. Banks used to buy at the official rate of N198 to $1 from CBN which they were suppose to re-sell to intended importers with a little interest of about N2- N5 to facilitate the importation of essential goods and services such as petrol, medical equipments etc but these banks after buying at the rate of N198 per dollar will instead turn and sell to bureau de- change operators at over N300 to a dollar making huge profits and starving genuine importers of cheap dollar. 3 Likes 2 Shares |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by RedCapChief(m): 12:22pm On Jun 21, 2016 |
stagger: The fact that some banks were actually willing to buy at N382 is so scary. Imagine how much they would sell for? 3 Likes |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Nobody: 12:23pm On Jun 21, 2016 |
MEILYN:This is why we will never succeed Humans are greedy and selfish.. you dont care how many people this is causing hardship to as l9ng as your pocket is full Later you say our leaders are greedy 7 Likes 1 Share |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by basingstoke: 12:25pm On Jun 21, 2016 |
heskeyw:i will not be surprised. |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Andy1985ng(m): 12:25pm On Jun 21, 2016 |
All the posts here are about people buying the dollar. How about the price for selling the dollar? I dislike going to aboki/black market to sell because the jazz they use nowadays is epic. 2 Likes |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by oluyale(m): 12:31pm On Jun 21, 2016 |
I was charged 329/$ with my Mastercard naira today, while renewing for my domain hosting with hostgator. It's becoming more cheaper to patronize local companies like "whogohost" and make payment on naira 2 Likes |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by kjhova(m): 12:32pm On Jun 21, 2016 |
stagger: Dear @stagger, You did well to make your explanation as lay as possible but here are a few clarifications for those who may need further understanding: 1) The OP's bank could not have quoted N319/USD yesterday being the 1st day of the new FX market regime. The account officer may not have been knowledgeable enough about the process. The interbank FX market is open only to Deposit Money Banks grouped into primary & secondary dealers. all sellers and buyers can only access the market through any of these dealers. You quote your rate to your bank and your bank submits your bids and at the end of the day, the winning bid is an aggregate of the day's bid rates. Yesterday, 20-06-2016, market winning bid rate was N280/USD and this is the rate at which all successful bidders got FX. Your bank cannot add a spread beyond a few nairas for statutory reasons as well as for the fact that your bank is in competition with the other banks and is not in such a position to fix prices at will. 2) The CBN still retain the exclusion list and prohibition list of items that you cannot source FX for in the official market. So, to all the toothpick importers, you will still require your dollars from the so-called black market where rates should remain higher for a foreseeable future. 3) Will the Naira appreciate or depreciate with time? The Naira has effectively depreciated as at yesterday. The government has tried to hold the official rate at N199/USD for as long as possible and to make this accessible to real manufacturers and fuel importers whom they feel should need it the most to salvage our ailing economy. However this is not sustainable due to dwindling national income due to loss of fuel export to militancy and theft. If The government somehow find a way to halt the sliding oil export and improve to 2.4mbpd again before year end, the Naira may stabilise around N260/USD. However if the country continue to loose it's share of the oil market, further constraints will drag the Naira beyond the N300/USD mark and no telling to what extent this will be. 4) Nigeria is not a net-importer. Nigeria has always had an overall trade surplus. The only challenge is that almost all of our export is oil & gas which makes us a mono-economy with the risk that once there is a downturn in that market, it affects everything else in the country. An effective diversification programme from the commencement of democracy in 1999 could have helped. Also, we can further improve our surplus by cutting out a lot of items (again toothpick comes to mind) which I believe is what @stagger tried to convey. 5) Does it matter if the Naira trades 1-to-1 with the dollar or 1-to-400? This is a fascinating question in Nigeria. On the eve of the introduction of the Euro, the Italian Lira exchanged for 2,000Lira to the USD and Italy was not suffering. The Japanese Yen is Y105.2631 / USD today and Japan is still the 3rd biggest economy in the world. Spot something? These two countries are big exporters. Suppose that Nigeria's Oil & Gas sales reach optimal capacity, suppose that we even trade in concentrates and petrochemicals too, suppose that our Food & Beverages manufacturers are able to become the suppliers to all of Africa and beyond, suppose that our agro-allied exports reach optimum etc. The economy will still become robust whichever side the FX rate goes. In summary, it is our country to make great. That it is still poor is a judgement of us all, especially the elite class. 21 Likes 3 Shares |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by slap1(m): 12:32pm On Jun 21, 2016 |
Zombies have already praised Buhari in advance without understanding what the policy is all about. They keep eating their words, these zombies. 3 Likes |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by PBundles(m): 12:33pm On Jun 21, 2016 |
Very good points. I actually did simulation a while back in Jan in which I estimated we would be in this range, have a look: [url]https://www.nairaland.com/2870351/us-eu-officially-lift-nuclear/6#42090871 [/url] I agree with you totally, that the CBN will come to grips with the realization that they cannot keep intervening, which is when I expect the Naira to sit in its REAL value. They dont have the means to do it, as the only way to keep the price low is either pump dollars into the market or quell the demand, the latter thay cant as that driven by market forces and the former they wont have ammo to keep it up. I think its real value is around 400/450 but wouldnt be surprised to see 550/600 in Q3/Q4. stagger: 2 Likes |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Checked86: 12:34pm On Jun 21, 2016 |
RedCapChief:280 |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Nobody: 12:37pm On Jun 21, 2016 |
When would Nigerians learn? I keep telling them that floating the $ is good but it won't solve all our problem of fx at least for now. The government themselves are not sincere, because after floating the $ you are still selling $ to banks at a certain rate. That's devaluation not floatation In fact government should completely take their hands off forex. helping banks make profit is not government job. 2 Likes |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by neocortex: 12:39pm On Jun 21, 2016 |
olaolulazio: Where did you get the dollar at 315 ? |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Nobody: 12:42pm On Jun 21, 2016 |
oluyale:Now that thinking of yours is what will bring the $ down not muscle. |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by neocortex: 12:43pm On Jun 21, 2016 |
bobo65: Where ? |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by bobo65(m): 12:43pm On Jun 21, 2016 |
ifyalways: Jesus Like cash dollar? Did they give u the dollar on ur hand?? Are u in lagos? What branch? |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by bobo65(m): 12:44pm On Jun 21, 2016 |
neocortex: Idi oro mushin lagos? |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by MKO4ever(m): 12:44pm On Jun 21, 2016 |
stagger:There is a difference between Misunderstanding and Lack of Understanding Whereas you have a complete misunderstanding of how this forex policy works Everybody else here on Nairaland seems to completely lack understanding of it This is what you should know: Out of the 18 banks, only three were not approved to register as primary dealer Those three banks are: Skye, Heritage and Enterprise banks Your definition of INTERBANK is no longer applicable to this forex regime If you as individual can approach GTBank or the other 14 Primary dealers (banks) to apply for forex Why on earth will I go to Skye bank who is not a primary dealer for expensive forex Also note that no bank will make up to N59 margin on a dollar transaction as this is also being regulated by the Apex bank 9 Likes |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Nobody: 12:46pm On Jun 21, 2016 |
southpole:The banks are robbing the government , I agree, but who are the genuine importers that does not round trip? |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Image123(m): 12:48pm On Jun 21, 2016 |
damola311: Stagger's explanation is good and clear, but note that the figures are assumed and speculative. The point of the policy is to bring/bridge the gap between the parallel market and the official rate/previously figure head interbank rate. Also to reduce round tripping, and to find the 'true' value of the naira. In months, if policy is stable, these objectives will be achieved. Nobody promised or stated that this policy will make 100naira to a dollar. 2 Likes |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Nobody: 12:49pm On Jun 21, 2016 |
MKO4ever:Just like they regulated the last 198/199 policy abi? 1 Like |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by catchdwind4rmkd(m): 12:50pm On Jun 21, 2016 |
Willas04: A better question is "if you can buy it from the bank, then what is stopping me from also walking into the bank to buy for myself? Or do your have four legs or longer legs?" One of the goals of this policy is to discourage people from patronising the parallel market which has been accused of being a major cause of FX scarcity. 2 Likes |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Image123(m): 12:55pm On Jun 21, 2016 |
stagger: The problem here is no policy will work normally as seen in textbook or research. This is due to corruption in the mode of hoarding, both speculative hoarding and saboteur hoarding. 1 Like 1 Share |
(1) (2) (3) (4) (5) (6) (7) (Reply)
Emefiele Accused Of Secretly Selling $3.4 Billion To Dangote In One Transaction / 86FB Accuses Flutterwave Of Freezing Its Funds Maliciously / Ajah Market, Lagos Is On Fire (Photo)
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 106 |