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Nairaland Forum / Nairaland / General / Business / CBN Signals End To Official Rate Regime For Naira (29153 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 $1 (2) (3) (4)
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Re: CBN Signals End To Official Rate Regime For Naira by bigpicture001: 7:38am On Jun 13, 2019 |
grandstar: Plz hw is it good news...? |
Re: CBN Signals End To Official Rate Regime For Naira by Nbote(m): 7:42am On Jun 13, 2019 |
nwanneni: Badt guy |
Re: CBN Signals End To Official Rate Regime For Naira by nnaeyes6: 7:49am On Jun 13, 2019 |
Chai. Finally APC Buhari will kill us. What is the preparation for this cos am seen 1$ for #600 this year and #800 for a pound. A country where investors have run away, what is the hope of capital inflow? Hammer, let me look for lost visa now because time will come that if u pick lost visa oyibo wont accept it. Ndoo |
Re: CBN Signals End To Official Rate Regime For Naira by Nobody: 7:49am On Jun 13, 2019 |
Sinach0191:which government. Will u as a citizen do your part No. Buy local |
Re: CBN Signals End To Official Rate Regime For Naira by bigpicture001: 7:51am On Jun 13, 2019 |
nwanneni: Now wen we say forex supply needs to surpass forex demand we mean that ; brining in forex into the economy has to surpass sending forex out of the economy... We bring in for into the economy wen we ship in our revenue from all Nigeria related biz outside of Nigeria...currently ONLY the FG. brings in much forex like 90% of it into the country....no other Nigeria related biz us dt successful outside our shores to bring in Forex into Nigeria except dangote The thing now is that dangote's forex revenues are rather kept at foreign banks cus of shallow financial system of Nigeria banks.... Now the FG source of revenue reduced by about 60% since oil prices fell making forex supply to the economy to fall drastically Mind you that forex demand are ever increasing when ever we demand for roles to do the following : vacation abroad, ski feel abroad, laundry stolen funds abroad, import pretochemical and machines...in fact all import... Now you get it...? our forex supply has to surpass our forex demand for the currency to appreciate nd only dangote hols d key! Yes you are partly right...dangote through his refinery would stop reforestation demand for refined petroleum, nd thru his very vast investments abroad can start repatriation of huge revenue from his businesses...nd assist the FG 7 Likes |
Re: CBN Signals End To Official Rate Regime For Naira by Nobody: 7:54am On Jun 13, 2019 |
GAZZUZZ: oga, people will avoid fuel guzzling cars like the ones you sell, i see their prices dropping people will opt for small cars with 1.4 ltr engines bye bye v6 and v8 cos fuel will be 350 naira a litre courtesy of next level change. 2 Likes |
Re: CBN Signals End To Official Rate Regime For Naira by InvertedHammer: 7:56am On Jun 13, 2019 |
/ It should be $1 == N500 soon / |
Re: CBN Signals End To Official Rate Regime For Naira by Nobody: 7:58am On Jun 13, 2019 |
Mayday! Mayday! This is not looking good. Do not float the Naira. I repeat, Do not float the naira! I have said my own 2 Likes |
Re: CBN Signals End To Official Rate Regime For Naira by Nobody: 7:59am On Jun 13, 2019 |
bigpicture001:I am not an economic dunce so I know all you wrote up there.i just wanted you to tell me that key dangote holds to free float stability of the naira. What other product is there that dangote produces that will suddenly bring inflow of forex or reduce forex demand except the refinery he is yet to start operating ? 1 Like |
Re: CBN Signals End To Official Rate Regime For Naira by kfrosh: 8:05am On Jun 13, 2019 |
The only one thing Dangote can do that will help the Naira in the short run is to kick start his refineries. This will bring an end to importation of refined oil and in turn can reduce our importation in that sector. But how long will this last, oil is drying up, there's need for diversification. Other world economies are diversifying, Nigeria still living in past glory. Nigeria is a ticking bomb that will implode soon. nwanneni: 5 Likes |
Re: CBN Signals End To Official Rate Regime For Naira by bigpicture001: 8:07am On Jun 13, 2019 |
nwanneni: Dangote;s refinery is 75% completed if it starts operation it will reduce our for ex demand by 40%... Again Dangote has Dangote cement in 11 African countries...I mean manufacturing plants...which is a summary up investment of over 5 billion dollars...he generate revenue totally up to 30 billion dollars yearly...now u see.... The next tin after the federal government that pumps in forex to Nigeria is foreign remittances from family nd friends of Nigerians living abroad nd it's about 10billion.. Hope u understand how Dangote will play a bug role on both d demand nd supply side of forex...? 2 Likes |
Re: CBN Signals End To Official Rate Regime For Naira by IDnoble1: 8:11am On Jun 13, 2019 |
fukushaki:All your good wishes are negated by that statement of unyielding. Or Can a bird ever be at peace when the tree in which it stays is not flourishing. |
Re: CBN Signals End To Official Rate Regime For Naira by Nobody: 8:12am On Jun 13, 2019 |
kfrosh:diversity comes naturally after saturation. The government isn't responsible for that. Perfect oil and gas first and people will start going to other sectors willingly when they find out oil no longer pay bills That diversify the economy song I keep hearing makes me laugh always You don't go about and start telling people what to do na.they will find out eventually and shift with so little effort. 1 Like 1 Share |
Re: CBN Signals End To Official Rate Regime For Naira by Nobody: 8:17am On Jun 13, 2019 |
bigpicture001:so why will he remit those money to Nigeria when he does not buy raw materials from here Nigeria banks have nothing to do with that. You can't move money from other countries to Nigeria first before sending ashore to avoid multiple exchange rate problems. |
Re: CBN Signals End To Official Rate Regime For Naira by GAZZUZZ(m): 8:18am On Jun 13, 2019 |
quentin06: Sorry but there will always be rich people. This vehicle is not for the middle or low class. It's a luxury item. 1.4liter engines are for compact sedans in the rage of 1-2m. 1 Like |
Re: CBN Signals End To Official Rate Regime For Naira by Kinikini: 8:23am On Jun 13, 2019 |
When the man did not allow the free market to determine the Naira, you people complained he ruined the economy and there were 20 Million job losses. Now the government is heading there towards free market forex, you are also complaining. Na wa o. Damilaresammy: |
Re: CBN Signals End To Official Rate Regime For Naira by Austano2020: 8:23am On Jun 13, 2019 |
You people don't have anything to contribute to average Nigerian. U promise to make dollar equivalent to 1 Naira. So where we are going to now |
Re: CBN Signals End To Official Rate Regime For Naira by bigpicture001: 8:32am On Jun 13, 2019 |
nwanneni: It is not always true especially in the Nigerian economy...Nigeria is a very unfortunate country where the illiterate are the rich onces...who will rather bank all their money rather than to grow them...we don't hv biz ppl... Biz is all about risk and they fear it more than he ancient bible Egypt plague..not knowing that a lot of youths have gone to study risk management at skls.... Mist naida big men will rather build house for rent or hotel for rentage...build secondary skl..or do buy nd selll...every one fears production nd that y we hv chronic employment problem.... Guess u r young or new to news then when OBJ actually arm twisted dángote, Ibeto, WAPCo...etc to switch from bagging to manufacture ..it took him effective but consultative banning for them to sit up. .. Obj figured out sectors of the economy that drains our forex..nd started pushing for investment in those sectors.... 4 Likes 1 Share |
Re: CBN Signals End To Official Rate Regime For Naira by bigpicture001: 8:40am On Jun 13, 2019 |
nwanneni: Yes...I really love d way you think....you not d usual lady....during the peak of the downward sliding of the naira in d forex market...the CBN..licenced a lot of berate the change nd commissioned them to bring in and also sell forex in niaja...just do they require vetting by the CBN to limit money laundry through them....dangote on seeing this also announced he would register for because the change licence when his firms a stronger abroad nd also targeting huge revenue from refined crude export to west Africa cpuntries..if the government can float the forex exchange market Now you see y he will b interested..then he could literally control the market with his huge forex revenue but at same time help to stabilise the naira |
Re: CBN Signals End To Official Rate Regime For Naira by Nobody: 8:43am On Jun 13, 2019 |
Sinach0191:A long lasting way to make the Naira appreciate is having more of net export. If we export more, we have more of dollar reserve. That's why you always read news that cbn is pumping more dollar into the economy. If there is surplus dollar compared to the Naira, dollar rate will fall against the Naira. We must address the root of our problem-Low GDP, translating to low export and more import. As it is, we are not earning enough foreign exchange to keep the Naira in a good shape. What basically the cbn does is policy work....all those expansionary and fiscal policies. Pump dollar from dollar reserve which is not sustainable-they are just temporary after the market might have adjusted itself back to equilibrium. It's a crazy viscous circle. But, the Naira value can only appreciate and sustained through billions of US dollar. The US dollar is the benchmark for every currency because it's less susceptible to volatility. The US market has the strongest efficiency-semi-strong form. 3 Likes 2 Shares |
Re: CBN Signals End To Official Rate Regime For Naira by Kunlegzy(m): 8:51am On Jun 13, 2019 |
Ijaya123:this is what they dont understand 1 Like |
Re: CBN Signals End To Official Rate Regime For Naira by amaben2020(m): 9:00am On Jun 13, 2019 |
Sirheny007: Result of poor leadership |
Re: CBN Signals End To Official Rate Regime For Naira by youngalex(m): 9:01am On Jun 13, 2019 |
It will be totally different irrational to allow the Naira to float at this critical time when foreign investors are leaving due to an unconducive business environment ,this float will lead to an arbitrary increase in cost of leaving for an already impoverished populace...CBN Rethink 1 Like |
Re: CBN Signals End To Official Rate Regime For Naira by modupe2: 9:02am On Jun 13, 2019 |
Amin fukushaki: |
Re: CBN Signals End To Official Rate Regime For Naira by modupe2: 9:03am On Jun 13, 2019 |
Amin fukushaki: |
Re: CBN Signals End To Official Rate Regime For Naira by bigpicture001: 9:04am On Jun 13, 2019 |
amaben2020: Nigeria's problem is not leadership, but poor follower ship! |
Re: CBN Signals End To Official Rate Regime For Naira by Nobody: 9:04am On Jun 13, 2019 |
bigpicture001:that was a full time capitalist move.in other words he wanted to privatise the forex sector too since he would have the greatest control in that market due to his larger inflow of forex over other bureau de change operators. You know what that means right?he can wake up one day and start hoarding forex so as to hike it's price to make more profits. No one wants to give that kind of economic power to one man.he will definitely hold Nigeria to ransom and start making outrageous demands.its human nature If that wasn't his plan then why would he want to do it only if government doesn't intervene in the forex market ? |
Re: CBN Signals End To Official Rate Regime For Naira by OfficialAPCNig: 9:06am On Jun 13, 2019 |
TheFacelessMan:Talk for yourself, I know a bleeping number of people that don't depend on this country for any salary. 100% of their income are made oversea and in dollars. Those kind of people are shedded from Buhari's next level. Don't forget that the rate of changes in the exchange rate is always greater than the rate of changes in general price level. |
Re: CBN Signals End To Official Rate Regime For Naira by OfficialAPCNig: 9:11am On Jun 13, 2019 |
yinkeys:Aisha Buhari is a large Bureau d'change operator. She was implicated in the CBNGate. They will buy dollar from CBN below the official exchange rate and sell them at the parallel market. 1 Like |
Re: CBN Signals End To Official Rate Regime For Naira by bigpicture001: 9:13am On Jun 13, 2019 |
nwanneni: No its not correct....cost of housing is very expensive becuz got does not participate in mass housing schemes for middle class.... Go to states where govt participate in mass health care, transport etc along with private, you will notice that the rate of increase in charges by the private sectors is very slow... Same way it will b for the forex market...dándote can't dominate it...he can't inject more revenue than the FG. the will only take care of shortfalls nd still makes his profit..only market forces will fix the exchange rate..nit dangote In all its far better than foreign investors |
Re: CBN Signals End To Official Rate Regime For Naira by obailala(m): 9:13am On Jun 13, 2019 |
They should float this thing already.... All the investors and economists have cited the non floatation as the problem of Nigeria. They should just float it already so we can have the perfect economy. |
Re: CBN Signals End To Official Rate Regime For Naira by motherfucker: 9:15am On Jun 13, 2019 |
nwanneni:una be mumu... what is the difference between that and now when price of things will shoot up? It is like increasing salary and increasing tax at the same time. no changes. 2 Likes |
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