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FOREX: CBN Introduces New Rules, Naira Closes At 367/$ - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / FOREX: CBN Introduces New Rules, Naira Closes At 367/$ (21319 Views)

Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses / CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" / CBN Introduces New Charges On Bank Deposits And Withdrawals (2) (3) (4)

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Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by bobo65(m): 4:52pm On Jun 06, 2017
Let them do something about online payment na

Online payment rate now higher than black market rate

Na wa o

2 Likes 1 Share

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by bobo65(m): 4:56pm On Jun 06, 2017
Realdeals:
Okay, banks are still frustrating the use of Naira MasterCard for foreign transactions.


D tin just tire me

1 Like

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by greenermodels: 4:57pm On Jun 06, 2017
(1)the rate is still very high, we won't notice any significant fall in the prices of imported goods until it hits atleast #210, even that is higher than the rate Buhari met it.
(2)long-term defense of the currency is frowned at by all economics, proper economic policies is needed and we really don't have any in implementation right now.

2 Likes

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Harwoyeez(m): 5:05pm On Jun 06, 2017
Pls are u Teslim?
yoruBADboi:
Oya fijo gbowo....

Skelewu skelewu
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by DanXplore(m): 5:05pm On Jun 06, 2017
LexngtonSteele:
LOL. ..99% of those who read this, including me don't understand this article.

Some are just responding like robots with programmed hate.

PLEASE, economists and fiscal guys, break it down for the laymen unashamed to learn

which one be fiscal guys na grin
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by onatisi(m): 5:10pm On Jun 06, 2017
Firgemachar:
Speculators modath, EgunMogaji and Onatisi

Please come how lament once more how this CBN policy is a 'useless and unsustainable' one and how the Naira is a 'worthless' currency.

grin grin grin

LordAdam come and ridicule Osinbajo as usual for sustaining the CBN's intervention policy.

grin grin grin

Na una go tire grin
Continue monitoring nigeria politics make u no face your life.
All those supporting or critising the government,how many of them do you see commenting again on nairaland politics section?everyone is busy making money ,you jusy stay here and continue talking

3 Likes 1 Share

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Nobody: 5:11pm On Jun 06, 2017
Firgemachar:
Speculators modath, EgunMogaji and Onatisi

Please come how lament once more how this CBN policy is a 'useless and unsustainable' one and how the Naira is a 'worthless' currency.

grin grin grin

LordAdam come and ridicule Osinbajo as usual for sustaining the CBN's intervention policy.

grin grin grin

Na una go tire grin


I know these people that you mentioned are too busy to answer you but I got an answer for you:

Sharap there!

2 Likes 1 Share

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by LordAdam16: 5:16pm On Jun 06, 2017
onatisi:

Continue monitoring nigeria politics make u no face your life.
All those supporting or critising the government,how many of them do you see commenting again on nairaland politics section?everyone is busy making money ,you jusy stay here and continue talking

You get time to answer the mofo.

People that have already used $500m+ from the reserves they were bragging about to do political intervention and oil is at $47 pb.

Let him continue cheering, who get him time...

-Lord

3 Likes 1 Share

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by yoruBADboi(m): 5:21pm On Jun 06, 2017
Harwoyeez:
Pls are u Teslim?
No, am milset
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by sirgood07: 5:23pm On Jun 06, 2017
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No much talk have your own ponzi website making money with the gurus , now is easier because we hold you by the hand. Inbox me, we create other money making websites,
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by DropShot: 5:26pm On Jun 06, 2017
kristian98:
Nigeria keeps getting better when that lazy bone is out of the country. We need more of osinbanjo. It keeps getting better!!! smiley
The thing pain you.

All achievements are still Buhari administration's.
grin
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Nobody: 5:27pm On Jun 06, 2017
LexngtonSteele:
LOL. ..99% of those who read this, including me don't understand this article.

Some are just responding like robots with programmed hate.

PLEASE, economists and fiscal guys, break it down for the laymen unashamed to learn

Ha ha ha

Simply put, CBN is trying to further regulate the market. No be Alaba Market o cheesy
Na Interbank forex market, which would further help heal the economy.

At least, me sef sabi sometin pass bulk sms smiley
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by permit(m): 5:29pm On Jun 06, 2017
i will only accept this when mr pmb comes back and handle this country his way!!

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Countdown(m): 5:32pm On Jun 06, 2017
LexngtonSteele:
LOL. ..99% of those who read this, including me don't understand this article.

Some are just responding like robots with programmed hate.

PLEASE, economists and fiscal guys, break it down for the laymen unashamed to learn

It read in part, “All authorised dealers shall be subject to a maximum spread of N1. Funds purchased by an authorised dealer from another dealer on the interbank market shall not be held in position overnight by the buying authorised dealer or sold to another authorised dealer.”

Simply put, funds purchased by dealer B from dealer A on the interbank market must be sold to dealer B's customers same day dealer B purchased fund from dealer A and cannot be sold to another dealer (dealer C). The whole process or rule is to discourage hoarding and increase chances of Naira appreciation.

2 Likes

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by LexngtonSteele: 5:42pm On Jun 06, 2017
Countdown:


It read in part, “All authorised dealers shall be subject to a maximum spread of N1. Funds purchased by an authorised dealer from another dealer on the interbank market shall not be held in position overnight by the buying authorised dealer or sold to another authorised dealer.”

Simply put, funds purchased by dealer B from dealer A on the interbank market must be sold to dealer B's customers same day dealer B purchased fund from dealer A and cannot be sold to another dealer (dealer C). The whole process or rule is to discourage hoarding and increase chances of Naira appreciation.

THANKS Mr Countdown...greatly appreciated!

1 Like

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by effty(m): 5:46pm On Jun 06, 2017
LionDeLeo:
Very good.

But my concern for now is; when will they activate and increase withdrawal from Naira-denominated account from $100/month abroad?

I think that will also ease the stress on the naira at home and it won't in any way encourage the much talked-about round tripping.
Do u understand economics at all?
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by DBlackCeazer(m): 5:47pm On Jun 06, 2017
ifyan:


Which kain N199. Bro not this morning please,.

$1=N1. Because na part of the current government manifesto
bring back the old rate, lol
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by LionDeLeo: 5:53pm On Jun 06, 2017
effty:
Do u understand economics at all?

I'm not an Economist pls, but why do you ask?

Pls be specific and the post you quoted should be properly addressed from your professional knowledge of Economics.

**Waiting**

1 Like

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by kristian98(m): 6:19pm On Jun 06, 2017
DropShot:

The thing pain you.

All achievements are still Buhari administration's.
grin
what are u saying? Which acjievement? The country is bleeped up and osinbanjo is only tring to restore the balance. There are no achievements pls
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Spidermon: 6:34pm On Jun 06, 2017
make exchange rate quickly fall. i wan buy ps4 and i no wan pay pass 30k.
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by kings09(m): 6:46pm On Jun 06, 2017
Keneking wan change am grin
ifyan:


Which kain N199. Bro not this morning please,.

$1=N1. Because na part of the current government manifesto

1 Like

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by CaptainFM1: 6:50pm On Jun 06, 2017
DollarAngel:
BUHARI SHOULD COME BACK AND FINISH WHAT HE STARTED

Hell NO
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by CaptainFM1: 6:53pm On Jun 06, 2017
DropShot:

The thing pain you.

All achievements are still Buhari administration's.
grin

Why talking about frozen vegetable?
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by glozyyy(m): 8:47pm On Jun 06, 2017
i have been trying to send common 39 euros abroad for over 1month now, still to no avail. wat a country nigeria. now i knw we are so far away from the world! almost like not existing at all
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by lost24: 9:27pm On Jun 06, 2017
Apc av not achieve n time is going
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by komodapson: 10:24pm On Jun 06, 2017
LexngtonSteele:
LOL. ..99% of those who read this, including me don't understand this article.

Some are just responding like robots with programmed hate.

PLEASE, economists and fiscal guys, break it down for the laymen unashamed to learn
LexngtonSteele:
[b]LOL. ..99% of those who read this, including me don't understand this article.

Some are just responding like robots with programmed hate.

PLEASE, economists and fiscal guys, break it down for the laymen unashamed to learn
[/b]
LexngtonSteele:
LOL. ..99% of those who read this, including me don't understand this article.

Some are just responding like robots with programmed hate.

PLEASE, economists and fiscal guys, break it down for the laymen unashamed to learn
walai...I no go lie u...me sef no understand. I'm so happy it wasn't an examination ..
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by valentineuwakwe(m): 1:05am On Jun 07, 2017
I DON'T UNDER THE UPWARD AND DOWNWARD TREND OF THE NAIRA....INFACT IS THE CBN PLAYING GAMES HERE.....WELL THE DOLLAR WILL RETURN TO 300 AND THE APC WILL USE IT AS AN ACHIEVEMENT
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by EgunMogaji: 4:47am On Jun 07, 2017
Raiyell:



I know these people that you mentioned are too busy to answer you but I got an answer for you:

Sharap there!

May you live long Sir.
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Lush100(m): 1:05pm On Jun 07, 2017
if the proposed violent escalates in nigeria , the Naira wil lose steam and dollar rate will increase again.

my opinion.
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Tundoo: 10:49pm On Feb 07
angelbulksms:


Ha ha ha

Simply put, CBN is trying to further regulate the market. No be Alaba Market o cheesy
Na Interbank forex market, which would further help heal the economy.

At least, me sef sabi sometin pass bulk sms smiley

Seriously guys, I having meaning to ask this for a long time, does CBN not have any role to play in the present economic situation, or what can they do to curtail the problem? Please all the economic brains can share something.

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