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Nairaland Forum / Nairaland / General / Business / Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? (36154 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)
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Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Youngzedd(m): 2:16pm On Jun 21, 2016 |
MadCow1: I give up USD = United States Dollar |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by MadCow1: 2:21pm On Jun 21, 2016 |
damola311: So na like this you use me collect all these likes abi? 2 Likes |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by TheGoodJoe(m): 2:25pm On Jun 21, 2016 |
The Common Man’s Guide To The New CBN Forex Policy, Explained By A Local Butcher https://www.nairaland.com/3179765/common-mans-guide-new-cbn |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by damola311: 2:27pm On Jun 21, 2016 |
MadCow1: lol.... me wey just comment, you dey stalk my comment ni |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by martineverest(m): 2:31pm On Jun 21, 2016 |
tivta:keep wailing,bro |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by walexpal(m): 2:35pm On Jun 21, 2016 |
ifyalways: Which branch of GT Bank did you buy from? |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by youngalex(m): 2:38pm On Jun 21, 2016 |
This Policy is meant to benefit the Capitalist Investors and The Bank cos their Directors will be able to transact large volumes of forex and rake in abnormal profit while those who really need it will be told to keep applying or be compelled to buy almost at black market rate...They are indirectly running an OFFICIAL BDC cos even the letters of credit will now be quoted at the prevailing interbank rate...What an Economic Tragedy |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by iykedare(m): 2:43pm On Jun 21, 2016 |
crazymommy: From your posts,you sound frustrated. I can help him " do the job" |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by southpole: 2:48pm On Jun 21, 2016 |
blueseacats:Round tripping is another major scam the policy is intended to do away with. |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by youngice(m): 2:58pm On Jun 21, 2016 |
Ogetogeo:Look at me celebrating up and down |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by PBundles(m): 2:59pm On Jun 21, 2016 |
stagger: MKO4ever: I think that the Interbank definition still applies. In short the CBN has two tiers of which they will interact Primary Dealers ( those that will be able to bid directly with CBN) and other authorised who will be able to buy on the interbank ( read: secondary) market. so Interbank applies and actually would need to otherwise you cannot have a market driven system, too complicated. Note that in practice the Primary dealers will also trade with one another via interbank rates since they may be long or short dollar from time to time. What is interesting in all this is that Beaure de change will also need to get their FX from either the primary or secondary market. Your point on regulation is taken but I doubt that they will regulate the amount you can sell. Reason is quiet simple why would they? It will be driven by market forces, so in short if your bid/ask price is to wide you would price your self out of the market. Where did you read this? |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by joey150(m): 3:07pm On Jun 21, 2016 |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by adconline(m): 3:13pm On Jun 21, 2016 |
stagger:Please stop using Venezuela's situation to justify what's going on in Naija. Venezuela's budget in 2016 is $247bn while Naija is $30bn Venezuela GDP is $438bn with a population of 30m.. In the last 10 years, it has budgeted more $100bn annually unlike in Naija. It has spent more on social programs and didn't save for rough days like these. It's spending more on health, education and social programs this year alone more tha what Naija has spent in the last 10 yrs. Their literacy level is 95.2% while that of Naija is 59. Life expectancy is 74 yrs while Naija 52. Venezuela generates 5 times more electricity than Naija. While in Naija, we have Politrickians budgeting 70% of our meager budget for their welfare.. 1 Like 1 Share |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by ottersberger(m): 3:14pm On Jun 21, 2016 |
solid3: There will be volatility this early in the game, but eventually things will begin to take its natural shape. Nigeria is a country without strong institutions and verifiable corporate structure. Be patient, but I don't think you'll ever be able to purchase dollars at the official rate. You gotta factor in the margins and spreads for the wholesalers and currency speculators. Dem too go chop na, haba |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by stagger: 3:21pm On Jun 21, 2016 |
adconline: So what is your point? Their coffers are now empty. Has all the spending stopped the food lines? |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Infinitikoncept(m): 3:21pm On Jun 21, 2016 |
iykedare:Im sorry sire. Lols |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Ogetogeo(m): 3:37pm On Jun 21, 2016 |
TheGoodJoe: Very funny. How much dollar can you spend with your normal ATM card daily now? $50 for Stanbic at 335 per dollar. Were you thinking I was talking of spending peanuts using ATM cards when I contacted my account officer? Let me educate you a bit because its obvious you have issues comprehending. I do Biz that involves some volumes of dollars daily, the dollar rates has been affecting me badly, so when I read of this new policy what I did was to talk to my bankers. I was given replies that were similar but confusing and I came here with questions on if one can actually get dollars at the quoted rates yesterday which was 240-260? I read through various threads and how everybody was famzing economic guru and giving us online figures. Online figures are none of my business because I needed dollars cash but the black market around me were selling for 340, I wanted where I could get it cheaper with all the celebrated news of floating. Did I commit a crime? I approached my bankers about three of them yesterday, two asked me to wait till they get better clarifications how it works but one from Access Bank gave me her response which is what I brought here to confirm. Later in the day, the other two from UBA and Stanbic confirmed similar issue about bidding. But you have been on my case that my account officer was wrong, I simply asked you to show me a bank imcan walk into and get dollars at the supposed interbank rates but you have been up and everywhere with Nada. Please, let me be. 1 Like |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Bugatie(m): 3:52pm On Jun 21, 2016 |
Ogetogeo: Bros I understand you and I believe others do but even bankers are confused with the whole process, so rest it already 3 Likes 2 Shares |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by ArikeAriyo(f): 3:53pm On Jun 21, 2016 |
Ok |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by TheGoodJoe(m): 3:55pm On Jun 21, 2016 |
Ogetogeo: At least, you have confirmed that the other bankers said you should wait for them to get information. So the question is, are you going to be a primary or secondary dealer? If you are not, you can not bid for price. The exchange rate day to day will be determined through the price released by the interbank market not what you bid on. |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by adconline(m): 4:02pm On Jun 21, 2016 |
stagger:Their situation is a lot better than Naija. Their govt subsidizes food, healthcare and social programs. They are mad that diary products are scarce. If I may ask you where can you get fresh milk in Naija?? Their GPD per capita is over $13k while that of Naija is about $3k. My point is that poor folks in Venezuela are like Kings in Naija. Government revenue in Venezuela is $142bn while in Naija $30bn and their govt has more than 4x to spend on a 30m people vs Naija with $30bn to spend on 170m peeps. BTW, 70% of that goes to Politrickians and overhead cost. Naija poor folks aren't rioting because they have never received freebies or social benefits from govt, so what's the point of rioting and getting shot?? 4 Likes 1 Share |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by kaboninc(m): 4:35pm On Jun 21, 2016 |
adconline: A simple analysis of the black market rate (which is the rate that you could easily obtain the dollar) to the official rate of the Venezuelan bolivars to the dollars would do. |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by adconline(m): 4:43pm On Jun 21, 2016 |
kaboninc:Does Naija govt use black market rate of N350 or N197 in govt transactions?? |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by TheGoodJoe(m): 4:51pm On Jun 21, 2016 |
youngalex: The objective of floating the naira is to narrow the gap between the Interbank market price and Parallel market price. So due to the small gap, the price difference will not be much. It is not an economic tragedy as you think. |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Martartins(m): 4:55pm On Jun 21, 2016 |
They policy was set to draw foreign direct investment and discourage importation in the long run. The rate at which the naira will fall will make it very hard for importers, but will boost local production in other for us to increase our GDP and start exporting to acquire more forex for the economy. It is a good move in the long run, but on the short run, prepare for hard times Nigerians.. |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Trutek(m): 5:07pm On Jun 21, 2016 |
The Present CBN Forex Policy Is A Clone Of The Venesuelan Model. The Result Is Already Predermined: Bankers And Their Proxies Are Going To Become Stupendiously Rich. |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by adconline(m): 5:10pm On Jun 21, 2016 |
Martartins: How do you discourage importation when you generate 0MW? How you do discourage importation when you budget 70% for recurrent expenditure and chop money and then you said that you would cut capital spending by 50%?? So you are spending 15% on capital project |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by grandstar(m): 5:14pm On Jun 21, 2016 |
okoloto: Give it sometime. One big problem is that the market has not been fully liberalised. That was why Soludo sold forex to the BDC to end the monopoly of the banks and CBN over exchange rates. The policy worked like magic as the spread between the official and black market rate from 10% to about 1.5% People even stopped going to the CBN for forex. The system worked well until a certain president hijacked the Central Bank, pegged the naira at a rate he did not have enough forex to defend leading to epic scarcity of forex. He even scrapped sales of dollars to the BDC as if they were the ones that made the stupid peg. 1 Like |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by kaboninc(m): 5:19pm On Jun 21, 2016 |
adconline: You really do not want to find out more about Venezuela! Trust me! |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by grandstar(m): 5:19pm On Jun 21, 2016 |
Trutek: I have been a watcher of the Venezuelan economy since the oil crash of 1986 and I can tell you straight away that you score an F in what you just said. This is a managed float while the Venezuelan peso is pegged at the daftest rate in the world , a lot worse than the 197 the naira was previously pegged to compared to the black market rate. 2 Likes 1 Share |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by Martartins(m): 5:20pm On Jun 21, 2016 |
adconline:For the first time in a long time, the budget is not financied hugely on debt rather by internally generated revenue, thats a step in the right direction. What the poster is facing is the dilemma of cost and breaking even as far as he is concerned if the Naira keeps falling he might likely abandon the business or find other alternative. |
Re: Who Has Been Able To Buy Dollar At The Inter Bank Rates Of 253-260 Today? by kaboninc(m): 5:25pm On Jun 21, 2016 |
adconline: The government as a policy recognises its pegged rate...as at Friday 17th though. But just in case, the rate traded outside the system represents the effective rate of the currency as it is the rate at which you could easily exchange your currency. That is why the Central Bank puts in place robust measures and working with the Government, initiates programs that will spur economic development that will help to reduce the margin between the official exchange rate and the parallel market rate. |
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