President Bola Tinubu promised to remove the petrol subsidy and unify the exchange rates.

The petrol subsidy has been removed already but why hasn't the CBN unified the exchange rates? The official rate is 462 while the parallel rate is 740. This disparity is causing roundtripping and distortions in the economy. It is also discouraging forex inflows into the economy as no right thinking company or individual would want to supply forex at the official rate when there's at least a 50% differential with the parallel rate. A unified rate should be between 650-680

Why is it taking so long? This can be done within 24hours. Why the foot dragging? Are the interest benefitting from the present status quo frustrating things? Or is the president clueless on what this really entails?

If it had been last week, one would have said PMB with his very dismal understanding was in the way. It seems Emefiele may need to answer some questions.

Same Buhari you hate and do not appreciate is the one who took the hard decisions ahead of PBAT.
Unifying rate is not by fiat as you think.If the supply side is not taken care of adequately, the laws that seriously punish defaulters can be weakened. PMB has done a lot with the supply side by supporting Dangote Refinery to completion before removing subsidy. Subsidy is the biggest elephant in the room and it took a clear headed brilliant Patriotic Buhari to do what all his predecessors could not do.

With subsidy out, the depletion of our forex on subsidy will stop and the assurance PBAT gave foreign investors who bring in their forex that they can repatriate their profits will make the supply side awash with forex then you can now average down the illegal parallel market to force it down to meet the official rate or they meet at equilibrium level.

Many of you only know how to insult but clueless and ignorant about how governance work. When the rates eventually unify, part of the credit will go to Buhari for doing the heavy lifting that PBAT will now consolidate on. For as long as subsidy subsist, the supply side will not be adequate and unifying both rates will become impossible.

EMEFIELE IS ABRACADABRA.

[/b]Please, let them just bring back international transactions limits on all our ATM cards... That's what I pray for[b]

That way, many people won't go to black market to source for dollars again

Yampotatocarrot:
[/b]Please, let them just bring back international transactions limits on all our ATM cards... That's what I pray for[b]

That way, many people won't go to black market to source for dollars again

Black market can be very tiring.

Yampotatocarrot:
[/b]Please, let them just bring back international transactions limits on all our ATM cards... That's what I pray for[b]

That way, many people won't go to black market to source for dollars again

Lol when they bring it back I don't think it will on all doz type of arbitrage rate it will be like other country where the bank rate is the same as black market rate....


Have tried some Africa Countries card buying from Black market is even cheaper than bank rate so I think Nigeria might start using that method soon....

FreeStuffsNG:
Same Buhari you hate and do not appreciate is the one who took the hard decisions ahead of PBAT.
Unifying rate is not by fiat as you think.If the supply side is not taken care of adequately, the laws that seriously punish defaulters can be weakened. PMB has done a lot with the supply side by supporting Dangote Refinery to completion before removing subsidy. Subsidy is the biggest elephant in the room and it took a clear headed brilliant Patriotic Buhari to do what all his predecessors could not do.

With subsidy out, the depletion of our forex on subsidy will stop and the assurance PBAT gave foreign investors who bring in their forex that they can repatriate their profits will make the supply side awash with forex then you can now average down the illegal parallel market to force it down to meet the official rate or they meet at equilibrium level.

Many of you only know how to insult but clueless and ignorant about how governance work. When the rates eventually unify, part of the credit will go to Buhari for doing the heavy lifting that PBAT will now consolidate on. For as long as subsidy subsist, the supply side will not be adequate and unifying both rates will become impossible.

You are just st*wp*d hailing Buhari up and down. Eight years he couldn’t fix ONE refinery, plunged us into humongous debt, shredded the unity of this country and you are here talking nonsense. No let me curse you o. At what rate did Dangote get the FX used for the refinery? I’m sure it is the official rate thereby depriving Nigerians access to FX. While I appreciate the Dangote refinery, which of Dangote’s products is cheaper than other products in the market? Salt, noodles, cement?
He doesn’t sell at any spectacular price, so what is special about the refinery besides job creation?

He will still sell fuel at a high rate

inoki247:



Lol when they bring it back I don't think it will on all doz type of arbitrage rate it will be like other country where the bank rate is the same as black market rate....


Have tried some Africa Countries card buying from Black market is even cheaper than bank rate so I think Nigeria might start using that method soon....

which African country card have you use to buy?

cybernaut:
which African country card have you use to buy?

Lol I have at least 2 West Africa countries card mak I jus mention only Ghana my Ghana Bank card..

Ecobank Ghana Daily limit is like 15000 cedis limit equivalent of the dollar that's like my bank card can buy 1000usd daily same thing with my GCB card my Stanbic na him even worst on every international transaction they remove 7.5 percent fee of that transaction same as UBA maybe 3.5...

Paying with my card na shortage buying from derr black market sef wan pay me pass make I use my card.....


This how most of the Africa countries run dere thing same as all this country spending CEFA...


Na only Nigeria dey get all this multiple rate wey people dey arbitrage am...

inoki247:



Lol when they bring it back I don't think it will on all doz type of arbitrage rate it will be like other country where the bank rate is the same as black market rate....

Have tried some Africa Countries card buying from Black market is even cheaper than bank rate so I think Nigeria might start using that method soon....

Buying from black market cheaper than bank rate? Except it's Sapa sales...

Even if black market becomes cheaper than bank rate (which I can't even conceive how possible that is), it'll still lead to arbitrage...

People are benefiting massively from it ,even the banks.

They prefer to sell to aboki than selling to you after filling all the necessary forms because they'll make more money selling to aboki.

inoki247:


Lol I have a Ghana Bank card at least my Ecobank bank Daily limit is like 15000 cedis limit equivalent of the dollar that's like my bank card can buy 1000usd daily same thing with my GCB card my Stanbic na him even worst on every international transaction they remove 7.5 percent fee of that transaction same as UBA maybe 3.5...

Paying with my card na shortage buying from derr black market sef wan pay me pass make I use my card.....


This how most of the Africa countries run dere thing same as all this country spending CEFA...


Na only Nigeria dey get all this multiple rate wey people dey arbitrage am...

Countries using CEFA? I doubt, I have a Benin Republic UBA card...

As I said earlier, as long as there's difference between bank rate and black market, you can't remove arbitrage, either for or against

grandstar:
President Bola Tinubu promised to remove the petrol subsidy and unify the exchange rates.

The petrol subsidy has been removed already but why hasn't the CBN unified the exchange rates? The official rate is 462 while the parallel rate is 740. This disparity is causing roundtripping and distortions in the economy. It is also discouraging forex inflows into the economy as no right thinking company or individual would want to supply forex at the official rate when there's at least a 50% differential with the parallel rate. A unified rate should be between 650-680

Why is it taking so long? This can be done within 24hours. Why the foot dragging? Are the interest benefitting from the present status quo frustrating things? Or is the president clueless on what this really entails?

If it had been last week, one would have said PMB with his very dismal understanding was in the way. It seems Emefiele may need to answer some questions.

Ranting is your work....why not give yourself a little breather....haba.

Yampotatocarrot:


Buying from black market cheaper than bank rate? Except it's Sapa sales...

Even if black market becomes cheaper than bank rate (which I can't even conceive how possible that is), it'll still lead to arbitrage...

Lol you people go sha dey du stubbornness Buying from Black market in some countries is cheaper than buying from bank ...



My Stanbic Ghana normal card charges me 7.5 fee for every international transaction fee how will that lead to arbitrage tell me even UBA Ghana charges 3.5 on derr card Same as Carl Bank...

If you've any Ghanaian friend tell him to try use his card to buy something from international market see if y'all won't enter debt....

If I go to black market now will they charge me any percentage for trying to buy a Dollar....

Yampotatocarrot:


Countries using CEFA? I doubt, I have a Benin Republic UBA card...

As I said earlier, as long as there's difference between bank rate and black market, you can't remove arbitrage, either for or against

I also have a Togo Ecobank Xpress card na 3.5 dem dey comot....



There's no difference use Google check maybe a particular bank rate enter the street approach the Aboki and see for ursef.....

grandstar:
President Bola Tinubu promised to remove the petrol subsidy and unify the exchange rates.

The petrol subsidy has been removed already but why hasn't the CBN unified the exchange rates? The official rate is 462 while the parallel rate is 740. This disparity is causing roundtripping and distortions in the economy. It is also discouraging forex inflows into the economy as no right thinking company or individual would want to supply forex at the official rate when there's at least a 50% differential with the parallel rate. A unified rate should be between 650-680

Why is it taking so long? This can be done within 24hours. Why the foot dragging? Are the interest benefitting from the present status quo frustrating things? Or is the president clueless on what this really entails?

If it had been last week, one would have said PMB with his very dismal understanding was in the way. It seems Emefiele may need to answer some questions.

Na so them dey rush unify things as if na 2 naked wires?

Yampotatocarrot:


Countries using CEFA? I doubt, I have a Benin Republic UBA card...

As I said earlier, as long as there's difference between bank rate and black market, you can't remove arbitrage, either for or against

This a screenshot from my mail to clear your doubtness...

After selling for me at the same rate of Black market you still dey charge me 7.5 fee...

grandstar:
President Bola Tinubu promised to remove the petrol subsidy and unify the exchange rates.

The petrol subsidy has been removed already but why hasn't the CBN unified the exchange rates? The official rate is 462 while the parallel rate is 740. This disparity is causing roundtripping and distortions in the economy. It is also discouraging forex inflows into the economy as no right thinking company or individual would want to supply forex at the official rate when there's at least a 50% differential with the parallel rate. A unified rate should be between 650-680

Why is it taking so long? This can be done within 24hours. Why the foot dragging? Are the interest benefitting from the present status quo frustrating things? Or is the president clueless on what this really entails?

If it had been last week, one would have said PMB with his very dismal understanding was in the way. It seems Emefiele may need to answer some questions.

it has been done overnight indirectly. Though days and times ahead. people will face reality of businesses now. Make we focus on dollar rewarding businesses now.

It's like you know much about economy, policy and politics.

grandstar:
President Bola Tinubu promised to remove the petrol subsidy and unify the exchange rates.

The petrol subsidy has been removed already but why hasn't the CBN unified the exchange rates? The official rate is 462 while the parallel rate is 740. This disparity is causing roundtripping and distortions in the economy. It is also discouraging forex inflows into the economy as no right thinking company or individual would want to supply forex at the official rate when there's at least a 50% differential with the parallel rate. A unified rate should be between 650-680

Why is it taking so long? This can be done within 24hours. Why the foot dragging? Are the interest benefitting from the present status quo frustrating things? Or is the president clueless on what this really entails?

If it had been last week, one would have said PMB with his very dismal understanding was in the way. It seems Emefiele may need to answer some questions.

inoki247:


Lol I have at least 2 West Africa countries card mak I jus mention only Ghana my Ghana Bank card..

Ecobank Ghana Daily limit is like 15000 cedis limit equivalent of the dollar that's like my bank card can buy 1000usd daily same thing with my GCB card my Stanbic na him even worst on every international transaction they remove 7.5 percent fee of that transaction same as UBA maybe 3.5...

Paying with my card na shortage buying from derr black market sef wan pay me pass make I use my card.....


This how most of the Africa countries run dere thing same as all this country spending CEFA...


Na only Nigeria dey get all this multiple rate wey people dey arbitrage am...

How can I open ecobank account in Benin republic or Ghana? I want to have bank account in any of the two countries?
Thanks

cybernaut:

How can I open ecobank account in Benin republic or Ghana? I want to have bank account in any of the two countries?
Thanks

Lol you will need Permit cause you're not a Citizen if you can afford that in those countries I wish you well....

In Ghana you will need a Non Citizen ECOWAS card and a Permit which you will have to be renewing every Year for like 4 to 5yrs I guess before they can now give you the Permanent Permit....

inoki247:



Lol you will need Permit cause you're not a Citizen if you can afford that in those countries I wish you well....

In Ghana you will need a Non Citizen ECOWAS card and a Permit which you will have to be renewing every Year for like 4 to 5yrs I guess before they can now give you the Permanent Permit....

You did not remember to tell him that what you just wrote will cost him just a small amount of about 1500 USD and about 400 USD for yearly renewal of both the Ghana card and the permit.




We learn every day

soojar:


You did not remember to tell him that what you just wrote will cost him just a small amount of about 1500 USD and about 400 USD for yearly renewal of both the Ghana card and the permit.





We learn every day

Lol I no wan tell him when he approach the Immigration dem go update him....

And they don't even take Cedis they take Dollar you've to go source for it maybe from Black marketer na only the Ghana Card dem fit take the equivalent in Cedis from him which is 120 at first renewal is 60....


I sha wish him well ...



People no know the benefit of being a Nigerian yet until u try step out and try to proccure another Low Budget country Paper and see home is cheaper than away ....

Didijiji:
You are just st*wp*d hailing Buhari up and down. Eight years he couldn’t fix ONE refinery, plunged us into humongous debt, shredded the unity of this country and you are here talking nonsense. No let me curse you o. At what rate did Dangote get the FX used for the refinery? I’m sure it is the official rate thereby depriving Nigerians access to FX. While I appreciate the Dangote refinery, which of Dangote’s products is cheaper than other products in the market? Salt, noodles, cement?
He doesn’t sell at any spectacular price, so what is special about the refinery besides job creation?

He will still sell fuel at a high rate

It's waste of time educating you. Go and be the admin of a WhatsApp group for a start to learn about leadership.

Yampotatocarrot:
[/b]Please, let them just bring back international transactions limits on all our ATM cards... That's what I pray for[b]

That way, many people won't go to black market to source for dollars again

That will soon happen. It is only a matter of time.

What is crucial now is for the CBN to resume the sale of $20,000 weekly to BDC weekly. This will flood the market with dollars and crash the price.

Didijiji:
You are just st*wp*d hailing Buhari up and down. Eight years he couldn’t fix ONE refinery, plunged us into humongous debt, shredded the unity of this country and you are here talking nonsense. No let me curse you o. At what rate did Dangote get the FX used for the refinery? I’m sure it is the official rate thereby depriving Nigerians access to FX. While I appreciate the Dangote refinery, which of Dangote’s products is cheaper than other products in the market? Salt, noodles, cement?
He doesn’t sell at any spectacular price, so what is special about the refinery besides job creation?

He will still sell fuel at a high rate

Worse, Dangote did not need a dime of fx from the CBN. The loans he took to build the refinery would have been given to him in dollars.

They say "a fool and his money are soon departed" and sadly, Dangote took advantage of a fool. The Buhari government was a monumental disaster and that's why you have the current japa syndrome today.

inoki247:

Lol you people go sha dey du stubbornness Buying from Black market in some countries is cheaper than buying from bank ..
My Stanbic Ghana normal card charges me 7.5 fee for every international transaction fee how will that lead to arbitrage tell me even UBA Ghana charges 3.5 on derr card Same as Carl Bank...
If you've any Ghanaian friend tell him to try use his card to buy something from international market see if y'all won't enter debt....

If I go to black market now will they charge me any percentage for trying to buy a Dollar....

I'm sure you're talking from your experience, boss, so I won't argue with you... Also, I don't have a Ghanaian account, so you're most likely very correct

All I'm saying is, during dollar scarcity, there was a way to source it from neighbouring countries... Make I no talk

As I said before, you're right... Thanks

Yampotatocarrot:


Countries using CEFA? I doubt, I have a Benin Republic UBA card...

As I said earlier, as long as there's difference between bank rate and black market, you can't remove arbitrage, either for or against

There's nothing wrong with a differential. The World Bank said a spread of no more than 5% is acceptable. Under Buhari, at a time, it was over 100%. This man destroyed the economy.

phyllumtopilla:


Ranting is your work....why not give yourself a little breather....haba.

Which ranting?

Just say you don't mind the present status quo. If you were compelled to receive any fx from overseas at the official rate of 460, perhaps you'd see reason.

The bad exchange rate management under the Buhari administration accounts for at least 80% for the bad state of the economy today.

grandstar:


There's nothing wrong with a differential. The World Bank said a spread of no more than 5% is acceptable. Under Buhari, at a time, it was over 100%. This man destroyed the economy.

Sure

Lol @ over 100%... I believe the economy will get better in this Tinubu's administration, it can't be as bad as it was in the past 8years

blowjohn:



Na so them dey rush unify things as if na 2 naked wires?

Lamido achieved the feat within 24 hours. It is nothing new.

priceactionx:

it has been done overnight indirectly. Though days and times ahead. people will face reality of businesses now. Make we focus on dollar rewarding businesses now.

The pain may not be much, that will be if there would even be any.

Prices of things in the market are sold at the black market rate of 740. A unified rate would probably be around 650. This will lead to cheaper prices.

The only expense increase will be import duty as it would now be priced at 650 rather than the present official rate.