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CBN announces unification of FX windows, stops Naira4Dollar scheme - Business (12) - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN announces unification of FX windows, stops Naira4Dollar scheme (77989 Views)

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Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Femmyfamous4u(m): 8:45am On Jun 15, 2023
lexy2014:


So? How does that translate to.success as a public servant?

Emefiele also had banking career and finance background.

Bawa and Magu were policemen so also was Abba Kyari. How did that turn out?

Did buhari have a godfather?

Buhari is a military man. What was the state of security under his regime?

This is what Tinubu told nigerians about buhari.


We have never had a president with strong finance knowledge Luke Tinubu.
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Olalekanbanky1(m): 8:46am On Jun 15, 2023
Westerhoffe:


cheesy
Crypto next.
Aswear
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by lexy2014: 8:50am On Jun 15, 2023
Femmyfamous4u:


We have never had a president with strong finance knowledge Luke Tinubu.

So? How does that translate to.success as a public servant?

Emefiele also had banking career and finance background.

Bawa and Magu were policemen so also was Abba Kyari. How did that turn out?

Did buhari have a godfather?

Buhari is a military man. What was the state of security under his regime?

This is what Tinubu told nigerians about buhari.

1 Like

Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by TheGoodJoe(m): 8:52am On Jun 15, 2023
money121:



He forgot to add that if the government does not invest massively in the local market, it can not produce and we are forced to depend on imported goods. If the government does not eradicate insecurity, we are forced to depend on imported goods. If power does not improve, we are forced to depend on imported goods.

Without improving local production capacity, it will prove hard for naira to rise against the dollar.
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by deavicky(m): 8:54am On Jun 15, 2023
Dialpad:
This is a good move, I know many are waiting to hear news of when we can start spending dollars on our naira cards.

How can one have millions in a naira account but can't spend when you travel out, some lunatic tells me I can only spend $100 monthly.

If you are waiting to spend dollars on your naira card, click the like button.... lol

grin grin grin
even the $100 is not monthly visible.
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by PoliteActivist: 8:57am On Jun 15, 2023
hafeeanubasy:

Do you know most people especially Igbo don't know this.They think jagaban is one mafia leader name.probably because of YCEE song JAGABAN. I have watched an interview granted by an Igbo where he said he hates him because of that name that the sound jaga jaga as leader of people that turns things to jaga jaga

Actually they kinda right (see underlined below). Jagaban is like a respected gang leader - say, leader of Fulani herdsmen

Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by agabaI23(m): 8:59am On Jun 15, 2023
Dialpad:
This is a good move, I know many are waiting to hear news of when we can start spending dollars on our naira cards.

How can one have millions in a naira account but can't spend when you travel out, some lunatic tells me I can only spend $100 monthly.

If you are waiting to spend dollars on your naira card, click the like button.... lol

grin grin grin
The last time I did that was in 2014 at Guimaeres. It saved my neck because I went feasting on the drinks and snacks in the mini bar not knowing they were for sale..
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by softy(m): 9:01am On Jun 15, 2023
Blackhacker:
Here is the what the news is all about for those of you with small brain:

CBN announces operational changes to the Nigerian FX Market: segmentation abolished, I&E window becomes the main segment. Willing Buyer, Willing Seller model reintroduced. Government-related transactions based on preceding day's I&E window rate. Prohibition of trading limits on oversold positions, permission to hedge short positions with OTC futures. Order-based two-way quotes reintroduced, cleared by a Central Counter Party. Order Book reintroduced for transparency. Trading hours from 9am to 4pm. RT200 Rebate Scheme and Naira4Dollar Remittance Scheme cease on June 30, 2023. Further guidance to be communicated. Participants urged to comply.


See the bold line. No need for that kind of viper sneezing statement from you before you explain. not everyone here is an economist or accountant. We are all unique in our different callings/field of expertise.

2 Likes

Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by viodemus: 9:01am On Jun 15, 2023
hafeeanubasy:

What happened to non SW ports when GEJ was the president, Anyim pius Anyim was the SGF,Okonjo iweala was the coordinating minister of the economy Allyson madueke was the minister of petroleum,Emefiele was the CBN Governor, Aruma oteh was the chairman SEC,Peter OBI was the chairman SEC ,Ike Ekweremadu was the deputy senate president, Emeka ihedioha was the deputy speaker..all for 5years 2010 to 2015!
Una never take responsibility for your life but blame others



Why are you asking me about useless people, except for Obi wey improve for the better.

Moreover, igbos were highly aloof including me, we dun wake up and many still dey wake up, so we are now facing and monitoring who is in front of us. We were so used to discrimination and tolerated it. But now, we want fairness to a tee. In economics, security system, education, and infrastructure.

If you dey sleep for public around bad people, dem cun dey pick pocket you one by one, then you cun conscious, - if when you conscious, you cun catch maybe the fifth person in the act, no be from there you fo start.

U are giving me the vibe of a wicked tribalist.
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by SKIBiNSKI(m): 9:03am On Jun 15, 2023
The agbero supporters of Tiefnubu on here are now wailling that they cannot understand their puresident's policy. grin grin grin the Tiefnubu's government they claim is working. How can they claim it is working if they cannot even understand it. Now they are begging us to explain Tiefnubu's policy to them.

1 Like

Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by 1Dray(m): 9:05am On Jun 15, 2023
accordadoga27:
Welcome to the new Nigeria - The giant of Africa.


We thank everyone who voted in BAT.

As for the ones who fell for the propaganda, una eyes don clear now just in two weeks.

They told us we would see shege under Ashiwaju’s administration (the best governor in the history of Nigeria) but the land would be filled with honey under one man who failed woefully as a governor in small Anambra and some people believed.


Tinubu is sick, he is push and start, how many times has he collapsed since he assumed office?

We thank everyone who believed in Ashiwaju. Together we shall sing a new song.

As for the ones who don’t want Ashiwaju to succeed or progress, ode to n so eledumare, ori e lo ma ku si

Ashiwaju is not their father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s mate.

Take this rubbish to the bin.

1 Like 1 Share

Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by TheGoodJoe(m): 9:06am On Jun 15, 2023
vastolord4:
Please who can interpret in plain english

One Window for All:
The Central Bank of Nigeria combined different parts of the foreign exchange market into one called the Investors and Exporters (I&E) window. It's a place where all types of transactions, like medical expenses, school fees, and small business needs, will be processed.

Fair Buying and Selling:
They want buying and selling money to be fair, so they made a rule called "Willing Buyer, Willing Seller." It means people agree on a fair price when they trade money.

Government Transaction Rate:
The government will use the average price from the day before for their transactions. This helps them decide on a consistent rate for their money-related activities.

No Trading Limits, but Protection:
People can buy as much foreign money as they want now. But to protect themselves, they can agree to sell money in the future if the price changes. There are no limits on selling money.

Transparent and Order-based Trading:
People can now place orders to buy or sell money. A special group will check if everything is fair. This helps make sure buying and selling money is easy to understand.

Trading Hours:
People can only trade money between 9 am and 4 pm in Nigeria.

Changes to Rebate Scheme and Remittance Program:
Some programs that gave special benefits for certain transactions will stop on June 30, 2023.

Everyone involved in the foreign exchange market needs to follow these new rules to make sure trading is fair and transparent.

3 Likes

Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by LoveThemChubby(m): 9:06am On Jun 15, 2023
That is why he is the Jagaban. He is the leader of leaders and the god father of god fathers

oluwaseyi0:
how is this Mr Tinubu getting away with all this, so many president can't attempt this
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by TheGoodJoe(m): 9:08am On Jun 15, 2023
oluwaseyi0:
how is this Mr Tinubu getting away with all this, so many president can't attempt this

Tinubu is not getting away with anything. There is no money in the system and the government is cutting all subsidies. Including the so-called student loans program.
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by TheGoodJoe(m): 9:09am On Jun 15, 2023
softy:



See the bold line. No need for that kind of viper sneezing statement from you before you explain. not everyone here is an economist or accountant. We are all unique in our different callings/field of expertise.

He did not even break the key terms down.
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by fatimaoke(f): 9:17am On Jun 15, 2023
A VERY BIG AMEN TO THIS YOUR PRAYER. IN ASIWAJU I TRUST AND BELIEVE GOD ALMIGHTY WILL LEADS HIM TO THE VERY BEAUTIFUL END AND WE CAN TESTIFY NOW.
accordadoga27:
Welcome to the new Nigeria - The giant of Africa.


We thank everyone who voted in BAT.

As for the ones who fell for the propaganda, una eyes don clear now just in two weeks.

They told us we would see shege under Ashiwaju’s administration (the best governor in the history of Nigeria) but the land would be filled with honey under one man who failed woefully as a governor in small Anambra and some people believed.


Tinubu is sick, he is push and start, how many times has he collapsed since he assumed office?

We thank everyone who believed in Ashiwaju. Together we shall sing a new song.

As for the ones who don’t want Ashiwaju to succeed or progress, ode to n so eledumare, ori e lo ma ku si

Ashiwaju is not their father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s father’s mate.
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by baralatie(m): 9:21am On Jun 15, 2023
tosyne2much:
The question now is that, with this new directive, will it eliminate Abokis we see at strategic places buying dollars?
No it will not because of readiness of dollar been available when you want iy
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Sixfeetbelle: 9:24am On Jun 15, 2023
LordAdam16:
@ grandstar

Excellent case study on how to bamboozle the average Joe. Look at most of them candidly stating they're unable to understand the communique, clear as it is.

-Lord

It's not clear, abegooo. It's not clear at all.

The average Joe's are not as educated as we may pretend to be. I for one, don't understand anything
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by BarrElChapo(m): 9:33am On Jun 15, 2023
loswhite:
stop speculating

Isn’t a key determinant of all financial decisions?
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by hafeeanubasy: 9:39am On Jun 15, 2023
viodemus:




Why are you asking me about useless people, except for Obi wey improve for the better.

Moreover, igbos were highly aloof including me, we dun wake up and many still dey wake up, so we are now facing and monitoring who is in front of us. We were so used to discrimination and tolerated it. But now, we want fairness to a tee. In economics, security system, education, and infrastructure.

If you dey sleep for public around bad people, dem cun dey pick pocket you one by one, then you cun conscious, - if when you conscious, you cun catch maybe the fifth person in the act, no be from there you fo start.

U are giving me the vibe of a wicked tribalist.



Wicked Tribalist...that is who you are

And pethief OBI is not different from his gang I listed above. That is the fact!
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by hafeeanubasy: 9:41am On Jun 15, 2023
PoliteActivist:


Actually they kinda right (see underlined below). Jagaban is like a respected gang leader - say, leader of Fulani herdsmen
They are not right!

The first paragraph said it all!

JAR GA BAN simply means Asiwaju!(leader)

You can apply that Asiwaju to whatever you like base on your own intention.
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by McLizbae: 9:45am On Jun 15, 2023
Tinubu is a god. The president of Nigerian presidents.
oluwaseyi0:
how is this Mr Tinubu getting away with all this, so many president can't attempt this
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by vastolord4(m): 9:49am On Jun 15, 2023
TheGoodJoe:


One Window for All:
The Central Bank of Nigeria combined different parts of the foreign exchange market into one called the Investors and Exporters (I&E) window. It's a place where all types of transactions, like medical expenses, school fees, and small business needs, will be processed.

Fair Buying and Selling:
They want buying and selling money to be fair, so they made a rule called "Willing Buyer, Willing Seller." It means people agree on a fair price when they trade money.

Government Transaction Rate:
The government will use the average price from the day before for their transactions. This helps them decide on a consistent rate for their money-related activities.

No Trading Limits, but Protection:
People can buy as much foreign money as they want now. But to protect themselves, they can agree to sell money in the future if the price changes. There are no limits on selling money.

Transparent and Order-based Trading:
People can now place orders to buy or sell money. A special group will check if everything is fair. This helps make sure buying and selling money is easy to understand.

Trading Hours:
People can only trade money between 9 am and 4 pm in Nigeria.

Changes to Rebate Scheme and Remittance Program:
Some programs that gave special benefits for certain transactions will stop on June 30, 2023.

Everyone involved in the foreign exchange market needs to follow these new rules to make sure trading is fair and transparent.

Extensive.. thanks

1 Like

Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by vastolord4(m): 9:50am On Jun 15, 2023
bewla:
if you get help send the info


Grammar no be my language

Lol
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by vastolord4(m): 9:50am On Jun 15, 2023
Femmyfamous4u:


It means government will no longer fox the exchange rate. The rate will be determined by the normal import/export window. If we have more dollars than people demand of it, the rate will fall and vice versa. With this, it just made the news that our stocks just gained almost a trillion Naira yesterday because investors were happy. There will be more foreign direct investment into the country and the rate will fall well well against the Naira.

Very extensive, thanks
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by cyprianken: 10:00am On Jun 15, 2023
[Everything would be same price with black market,i think thats what the policy is about


Is CBN announcement of unification of FX windows likely to ease the FORM A wahala? 🤔[/quote]
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by routed: 10:10am On Jun 15, 2023
Beverlyjean:


Mumu like u...they just devalued the naira which they denied just last week and u are jubilating... mumu people like us is the reason y their country will continue to sink
Some of you have nothing to wish your nation except woes. I hardly comment here, but some of you are annoying not to respond to in a while. Those who have nothing to offer in an argument resulted to abuse.
I'm an economist, I have long for this action in Tinubu various speech in the last 15years. His police has ever been consistent. No wonder he is one of the most consistent politicians in this country. Be positive for once, a sinking Nigeria is a sinking future for you and you loved ones to.
May God not let anyone of us sink and our nation.
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by AngelicBeing: 10:10am On Jun 15, 2023
HappyPagan:
All these fuel price increase, dollar increase, igbo and loud price no change. To God be the glory.
Hian, which God are you calling, you are a fake and miserable pagan and for saying TO GOD BE THE GLORY in your post, you will be flogged 70,000 lashes of koboko laden with chilly pepper and I will ask DSS to detain you for 70 years without bail shocked

1 Like 1 Share

Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by cyprianken: 10:15am On Jun 15, 2023
[Let me explain the little i know , the wide difference btw the bank rate and black market, made the demand of dollar high, because some high people would get the money from both cbn and local banks , hoard it and sell at the black market price, but right now, it wont be really profitable for the high people right now, because of the aligned rate, hence no need to go collect from bank anyone to resell, everyone can now go to the bank, ... some if these men can hoard upto the billions of dollars and keep sellingand controlling blackmarket price, imagine that money in the bank and accessibleto everyone, e go do remain..



]The Nigerian government has attempted to increase the supply of dollars by instituting a floating naira, which allows the currency to move in response to market forces. However, we are predominantly an export based economy, so our demand for dollars will always be higher than its supply. and when the demand for dollars remain so high, the naira will continue to collapse, depreciating more in value. This could lead the naira to reach even higher levels than #1200 against the dollar.____ My small kobo[/quote]

1 Like

Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by AngelicBeing: 10:18am On Jun 15, 2023
TheGoodJoe:


One Window for All:
The Central Bank of Nigeria combined different parts of the foreign exchange market into one called the Investors and Exporters (I&E) window. It's a place where all types of transactions, like medical expenses, school fees, and small business needs, will be processed.

Fair Buying and Selling:
They want buying and selling money to be fair, so they made a rule called "Willing Buyer, Willing Seller." It means people agree on a fair price when they trade money.

Government Transaction Rate:
The government will use the average price from the day before for their transactions. This helps them decide on a consistent rate for their money-related activities.

No Trading Limits, but Protection:
People can buy as much foreign money as they want now. But to protect themselves, they can agree to sell money in the future if the price changes. There are no limits on selling money.

Transparent and Order-based Trading:
People can now place orders to buy or sell money. A special group will check if everything is fair. This helps make sure buying and selling money is easy to understand.

Trading Hours:
People can only trade money between 9 am and 4 pm in Nigeria.

Changes to Rebate Scheme and Remittance Program:
Some programs that gave special benefits for certain transactions will stop on June 30, 2023.

Everyone involved in the foreign exchange market needs to follow these new rules to make sure trading is fair and transparent.
Gbamsulotely, more Ororo on your head, your education was not a waste, blessed be the WOMB that carried you cheesy

1 Like

Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by obyno82: 10:21am On Jun 15, 2023
Segzy19:
You are sure I was not born then....
What made you so sure of that?

You see arrogance in you... You don't even know me.... I hope you know that not much can be done without the legislature which has only been inaugurated yesterday. Yet if he uses that as an excuse of not doing anything, it's people like you that will complain that he is slow. These actions of his are the things he can still easily do for now without needing the legislature. Things will be solidified and properly structured once the legislature gets down to work.

IBB era is gone and for your information I know what SAP was...



If you know what SAP is then you should be wary of the dangers of unification without ensuring structures are in place. This is Nigeria we are talking about and not party. We are in for a long thing ooooo. Already Tinubu has stated that University subsidy will go that government can no longer fund universities.
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by EgunMogaji2: 10:21am On Jun 15, 2023
saysoo:
Know it today that the highest propaganda tool of the government are the press

Nothing for me to learn here.

We also have independent press and an astute observer should be able to discern government propaganda from holistic news outlets.

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