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Nairaland Forum / Nairaland / General / Business / CBN Signals End To Official Rate Regime For Naira (29179 Views)
Get USD at official rate of CBN. Read T/C / FG Mulls Unified Naira Exchange Rate Regime / Central Bank Starts Uniform Exchange Rate For Naira, Now ₦380 To $1 (2) (3) (4)
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CBN Signals End To Official Rate Regime For Naira by dre11(m): 6:44am On Jun 13, 2019 |
By Chijioke Nelson The Central Bank of Nigeria (CBN) may soon allow the naira to freely find its value, with a possible depreciation on the official rate, usually pegged at about N305/$, an update on its website has indicated. The development is signaling an end to the most criticised foreign exchange rate window, which has been used mostly for government’s critical businesses that affect the public, particularly the importation of petroleum products. If the move sees light of day, it will mean that the value of the naira at the official window is depreciated with its concomitant closure of the peg. Yesterday, the apex bank, as opposed to the usual publication of the fixed exchange rate, opted to publish that “the rate will be market-determined.” According to a report, the President of Shippers Association of Lagos State, Jonathan Nicol, said the Nigeria Customs Service had allegedly directed importers to pay for duties at the rate of N326 per dollar against the official rate of N306, citing an order from the CBN. Also yesterday, the interbank rate depreciated by 0.2 per cent to N360.43 per dollar at the close of trading, while the parallel market remained steady at N360 per dollar. A move toward a market-determined exchange rate would be welcomed by investors, who have long accused government of some level of capital controls and bemoaned multiple exchange rates. The Chief Executive Officer of Nigerian Investment Promotion Council, Yewande Sadiku, was quoted as saying the apex bank was in talks with other agencies to move to a single rate for the nation’s currency. For an economic analyst at Ecobank, Kunle Ezun, “putting that on the website means the central bank is gradually moving towards a single exchange-rate window. It is making the exchange rate more liquid to attract more inflows.” https://m.guardian.ng/news/cbn-signals-end-to-official-rate-regime-for-naira/ 1 Like 1 Share |
Re: CBN Signals End To Official Rate Regime For Naira by dadavivo: 6:46am On Jun 13, 2019 |
When will Buhari return the price of dollar to where Goodluck Jonathan left it for him. 74 Likes 8 Shares
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Re: CBN Signals End To Official Rate Regime For Naira by kingphilip(m): 6:48am On Jun 13, 2019 |
Ok 1 Like |
Re: CBN Signals End To Official Rate Regime For Naira by fukushaki(m): 6:54am On Jun 13, 2019 |
Next level is about to start full time. May God make it easy for each and everyone of us. No matter how unyielding this Buhari government will be, God will surely make us succeed by his grace 159 Likes 9 Shares |
Re: CBN Signals End To Official Rate Regime For Naira by Sirheny007(m): 6:57am On Jun 13, 2019 |
'Between 2015 & 2018, the cost of living has been at an all time rise for the average Nigerian, WITH NO END IN SIGHT' 96 Likes 5 Shares
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Re: CBN Signals End To Official Rate Regime For Naira by bigpicture001: 6:58am On Jun 13, 2019 |
Very big mistake if you understand demand and supply 7 Likes 1 Share |
Re: CBN Signals End To Official Rate Regime For Naira by superlanny(m): 6:58am On Jun 13, 2019 |
. |
Re: CBN Signals End To Official Rate Regime For Naira by Damilaresammy: 6:58am On Jun 13, 2019 |
Okay finally the price of fufu will reduce and naira will be equal to dollar |
Re: CBN Signals End To Official Rate Regime For Naira by NaijaFutbol: 6:58am On Jun 13, 2019 |
Looting completed 15 Likes |
Re: CBN Signals End To Official Rate Regime For Naira by Kendumazy(m): 6:59am On Jun 13, 2019 |
This next level sha. May God see us through I foresee cbn countering this news very soon as this doesn't just make sense. Last batch of men long sleeve shirt from India on clearance sales. 1500 per piece. Check link https:// www.nairaland.com/5224414/clearance-sale-last- batch-men |
Re: CBN Signals End To Official Rate Regime For Naira by toxxnoni(m): 6:59am On Jun 13, 2019 |
hmmm |
Re: CBN Signals End To Official Rate Regime For Naira by michlins(m): 7:00am On Jun 13, 2019 |
Tighten your seat belt Nigerians. Buhar is yet to be done with us 18 Likes |
Re: CBN Signals End To Official Rate Regime For Naira by oladele239(m): 7:00am On Jun 13, 2019 |
Let me wait first b4 I shange my 10 dollar 5 Likes
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Re: CBN Signals End To Official Rate Regime For Naira by eluquenson(m): 7:00am On Jun 13, 2019 |
FG care less about the populace 3 Likes |
Re: CBN Signals End To Official Rate Regime For Naira by jauntty: 7:00am On Jun 13, 2019 |
Good for me because I will make more money with the naira volatility that will surely follow 2 Likes 1 Share |
Re: CBN Signals End To Official Rate Regime For Naira by davades(m): 7:01am On Jun 13, 2019 |
And no increament in salary, I'm nit talking of govt workers o 3 Likes |
Re: CBN Signals End To Official Rate Regime For Naira by Ijaya123: 7:01am On Jun 13, 2019 |
dadavivo: When the price of crude oil returns to the rate it was under GEJ regime, that is at over $100 per barrel. fukushaki: That has always been the prayers of Nigerians since time immemorial. Nothing new. 16 Likes 6 Shares |
Re: CBN Signals End To Official Rate Regime For Naira by Auxtin85(m): 7:01am On Jun 13, 2019 |
Nigeria my country |
Re: CBN Signals End To Official Rate Regime For Naira by dheaven: 7:02am On Jun 13, 2019 |
It shall be well with Nigerian 1 Like 1 Share |
Re: CBN Signals End To Official Rate Regime For Naira by Amuocha: 7:02am On Jun 13, 2019 |
Useless economic policies of CBN and APC 6 Likes |
Re: CBN Signals End To Official Rate Regime For Naira by bigstan11787(m): 7:03am On Jun 13, 2019 |
Why can't it fall back to N85/doller? 1 Like |
Re: CBN Signals End To Official Rate Regime For Naira by TheFacelessMan: 7:03am On Jun 13, 2019 |
Buhari just can't catch a break. When he defended the Naira, they ranted and abused him for being a dullard. They screamed he should "float" it. Now, he wants to, they are shouting again " next level " IF, the Naira is floated.... things would get much worse and i don't see Nigeria recovering in the next decade 8 Likes 1 Share |
Re: CBN Signals End To Official Rate Regime For Naira by dejonathan(f): 7:03am On Jun 13, 2019 |
dadavivo:Where're you living in 2015,maybe it's not my own part of the country, cos ion know wer u buy ur bag of cement for 1k in 2015...PROPAGANDA 7 Likes |
Re: CBN Signals End To Official Rate Regime For Naira by Pidginwhisper: 7:03am On Jun 13, 2019 |
Re: CBN Signals End To Official Rate Regime For Naira by hush15: 7:04am On Jun 13, 2019 |
fukushaki: Amen |
Re: CBN Signals End To Official Rate Regime For Naira by thunderbabs: 7:07am On Jun 13, 2019 |
Buhari wey no sabi wetin e dey do. E just wants to be in power ordering all agencies as he pleases while arresting nd imprisoning who flouts his orders or talk down on hz govt. Military style 4 Likes |
Re: CBN Signals End To Official Rate Regime For Naira by Nobody: 7:08am On Jun 13, 2019 |
why float it now that you have destroyed this country? naira may end up being 1k to $1 . this will affect salary earners more. the minimum wage increase will just be a waste of time 8 Likes 1 Share |
Re: CBN Signals End To Official Rate Regime For Naira by Nobody: 7:08am On Jun 13, 2019 |
jauntty:you are not alone bro.i can't wait for the naira to somersault once more so we start hitting that mad dough again. 3 Likes 1 Share |
Re: CBN Signals End To Official Rate Regime For Naira by omoadeleye(m): 7:09am On Jun 13, 2019 |
FG should go and sit down 1 Like |
Re: CBN Signals End To Official Rate Regime For Naira by Artzdanielsz(m): 7:11am On Jun 13, 2019 |
this is fake news |
Re: CBN Signals End To Official Rate Regime For Naira by Sinach0191(m): 7:11am On Jun 13, 2019 |
Economist pls hw do u make naira appreciate |
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