tumababa:

Are u saying its no more ₦199?

toluxa1:

Did you make this transaction on same day? If yes, does that mean the $300 limit didn't apply?

If you want sell your neteller, let me know.

ibnjarir93:
I want to sell Netteler.

modath:


Hi, I'm sending you a PM...

stagger:

Sheraton Abuja. But the rate was fluctuating so much that in different cities it was at 295, 235, 240, 270, 265, etc. No single uniform rate or rate band and this is all a sign of choppiness. It is only by next week that we will have a steady band across the whole country.

But in my view, the pressure on the Naira will continue and the CBN will be forced to make a decision about the exchange rate very soon. The question is, for how long will the CBN continue to use the foreign reserves to defend the Naira? Switzerland could not do it with their Euro/Swiss Franc peg, Japan's interventions to stop the Yen from strengthening could not do it, and I don't see Nigeria being able to do it when there is virtually only one source of USD for the central bank which has dropped by 65%.

A renewed speculative attack on the Naira will occur and the CBN will be forced to devalue by the time the foreign reserves drop to $18bn. I don't see a way out here unless Nigeria decides to stop the importation of petroleum products which presently accounts for about 70% of Nigeria's foreign exchange usage as a very radical measure.

Frankly put, Bubu is in trouble and he knows it. That is why he is running all over the world looking for money.

grandstar:
History always repeats itself.

In 2009, the price of oil collapsed from $35 per barrel from $148 in 2008.

Because of the massive reduction in dollar inflows from crude oil exports, there was msssive pressure for the naira to depreciate from around 120 where it was at the official market. There was only about 2naira difference from the black market.

Rather than depreciate, the then CBN governor, Charles Soludo started introducing foreign exchange restriction like the type Buhari demanded.

The black market rate started to diverge from the official rate and it fell to 190

Immediately Sanusi took over he devalued the official rate to 150 and almost overnight, the black market rate converged with the official rate.

Bevista:
@ the text in bold. Curiously, the nature of intervention you referred to is somewhat different from that of the CBN. Those countries wanted to weaken their currencies, so all they needed to do was to print more of their currencies to mop up Euros/Dollars. Even at that, the intervention has largely been unsuccessful.
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The case of CBN intervention is DOA. They are trying to strengthen the Naira, yet they cant print dollars or have dollar Reserves to intervene.
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Bottom line: CBN rhetoric cannot move the market on a sustained basis. It can cause some parabolic movements, but sooner or later, the market will return to where it came from. The underlying economic fundamentals (oil price) and structural issues (import-dependency) has not changed. If the Naira strengthens, importers and online buyers will simply resume purchases (demand) pushing the exchange rate up once again.

***Modified***
I have noticed after reading down the line that most of the issues have been discussed. The bashing you received was done in bad taste. Folks need to learn how to get their points across in a decorous manner, without denigrating others.

ENRYDVYNEENT:
Please who does Exchange in the format of: I Pay Naira into your Nigerian bank account, while you pay me British Pounds.. I can receive my exchange in UK via any format. As I am in UK and have naira in my Nigerian account. Please get back to me with reasonable rates of exchange. Asap
Thanks.

ibnjarir93:
I want to sell Netteler.

Carshopper:



How much? I am in ph

Bookiemart01:
How much you wan sell am, I dey PH

stagger:

It was Jazes's response that baffled me more because he has been around here, and I think has even appeared on Channels TV's Business Morning program (I am not sure and I stand corrected if I have made a mistake). So I expected a lot more than the response he gave.

ENRYDVYNEENT:
Please who does Exchange in the format of: I Pay Naira into your Nigerian bank account, while you pay me British Pounds.. I can receive my exchange in UK via any format. As I am in UK and have naira in my Nigerian account. Please get back to me with reasonable rates of exchange.
Thanks.

Bevista:
Correct, but what you wrote does not paint the full picture. You did not take into account that oil price soon rallied above $100 and stayed there for more than 3 years. You also did not take into account that we had sufficient Reserves to continue to meet import demand.
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I can assure you that if oil price had stayed below $40 for a sustained period and if at that time our Reserves was below $30b, then the rate would have depreciated steadily from N120/$ to above N200/$. Even during GEJ, the CBN had to devalue twice from N150 - N168 - N197 (even with oil price at over $60 & Reserves at over $32b)
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As it stands, if CBN devalues to - say - N300/$, government revenue will increase fuelling inflation added to the already imported inflation. CBN will be forced to increase interest rate to curb inflation. In the meantime, note that even after devaluation, FX inflow to the Reserves may not increase by much, so the CBN might not re-enlist those de-listed items. As long as these items still chase dollars at the parallel market, the parallel rate might still diverge from the official rate, except the devaluation forces importers to cut down on their import demands.

grandstar:
My point was that Sanusi had least respected market forces.

Now, we have a president who has taken over as CBN governor and whose understanding of economics bothers on the pitiful.

I don't think the naira will hit 300. I suspect 250 at worst for it to hit equilibrium.

If other proactive steps are taken such as fully deregulating the prices of petrol and kerosene and perhaps even taxing it(The tax is a bit of a tall order), will be helpful in the short and long run as it will spur both local and foreign investment in the downstream sector.

Also, if company tax should be slashed to 16-18% and withholding tax on dividends abolished, will spur massive portfolio investments into stocks which will boost stockmarket and forex inflows into the country.

The dollarisation of the monthly allocations as advocated by Henry Boyo (which you disagree with) will boost the value of the naira.

Government should also slash the wage bill and heavily cutting down the size of the civil service. They should make it lean and mean

As Sanusi said, the many regulations and laws that stifle business in Nigeria should be done away with also.

All these measures will help cushion the effect of any devaluation and put the economy on the path to rapid growth in little or no time

toluxa1:


Contact me at my signature.

Bevista:
Slashing CIT by more than half will have two consequences. First it will reduce government revenue in an era of already declining revenue. Secondly, it will make companies have more funds to spend which will not only fuel inflation but also drive up exchange rate since most of those funds might be used for some sort of imports. Macroeconomics is a really delicate balancing act where you need to consider all the variables and moving pieces carefully.

EgunMogaji:
I have USD here in US and need Naira in Nigeria.

Maybe $5k for now.

EgunMogaji:
I have USD here in US and need Naira in Nigeria.

Maybe $5k for now.

ENRYDVYNEENT:
Please who does Exchange in the format of: I Pay Naira into your Nigerian bank account, while you pay me British Pounds.. I can receive my exchange in UK via any format. As I am in UK and have naira in my Nigerian account. Please get back to me with reasonable rates of exchange.
Thanks.