totit:
I hope the banks would be closely monitored and not be allowed to monopolize and or inflate the direct inflow.

Parachoco:
Any Bank caught will be seriously sanctioned

Asiwaju is the President not Pandora

BigDawsNet:
Hmmm.. do you guys think with unified exchange rate and naira devaluation policy the Dollar will come down before the end of the year?

Kukutenla:

You guys should quit this crass buffoonery. Your Asiwaju has not shown any determination to fight corruption more than an hen has shown determination to till the ground to grow corn.
Has he even initiated any probe of any sector of the last administration you his praise- singers agree with everyone else was riddled with corruption?
Where's Sirika of the Nigeria Air infamy? Even Ethiopia Airlines kicked out their MD.
Was the efcc chair not removed for stepping on powerful toes of people in your leader's party?
You guys and your jaundiced optimism just annoys one sometimes.

mokset123:
FYI his number 1 supporter was tinubu who ensured he contested again in 2019 for his own selfish gain even when he may have realized the man was a disaster.

seanfer:


As it is now with the CBN removing the embargo on oil companies selling Dollars to banks, the Naira should appreciate between 10%-15% by the end of the year.. The CBN just need to monitor the banks and sanction/punish any bank that try to sabotage this policy for their own selfish reason....

Parachoco:
Wailing Wailer

grandstar:


If the oil companies with probably billions of Dollars enter the market, it should lead fo a strengthening.

But what would really aid an appreciating is for the CBN to become hawkish regarding inflation and boost interest rates to a point where it begins to bring inflation down, perhaps hiking interest rates to 25.5% as suggested by the Bank of America.

If this is done, the Naira should strengthen to between 650-700.

EconomistXplain:


if u are shell for instance, why would u rather trade ur FX for a depreciating Naira instead of join the capital flight movement

Tzar:
Are you a minor who was underaged in the last 8yrs? Otherwise , Clowns like you forget how Buhari sidelined Tinubu & embraced the CABAL throughout his tenure. Tinubu was even mocked about this. You also deliberately ignore all the anti-Tinubu moves of Buhari during the primaries and elections.

EconomistXplain:


the CBN gov is doing exactly the right thing to do...

the economy needs the injection of Fx..nd since Nigerians cant import Fx cuz they have close to no foreign businesses...the oil coys shld..

but leme ask..why would the oil coys inject FX into the economy to exchange for depteciating naira instead of increase capital flight...

the oil coys wont heed the CBN enticement since its moral suasion and not an order

mokset123:
FYI his number 1 supporter was tinubu who ensured he contested again in 2019 for his own selfish gain even when he may have realized the man was a disaster.

seanfer:


As it is now with the CBN removing the embargo on oil companies selling Dollars to banks, the Naira should appreciate between 10%-15% by the end of the year.. The CBN just need to monitor the banks and sanction/punish any bank that try to sabotage this policy for their own selfish reason....

EconomistXplain:


if u are shell for instance, why would u rather trade ur FX for a depreciating Naira instead of join the capital flight movement

Cutezt:
As at yesterday, the British pounds traded for 997, hitting 1k soon.

SeaTrade:
I thought of this too and could only come up with one answer.
Expenses money for their operations...Paying local staff ,fueling the vehicles,logistics,paying egunje to communities,etc...Naira for their local needs.
This volume is insignificant and will do little to nothing on naira pricing in that segment of the fx market.

DaddyCoool:


How does that change the fact that he's the one who aggressively marketed Buhari. So what's his punishment for that?
The punishment is to reward him with the presidency?
Go borrow some sense

pocom16:


Do you use the app Payday.. what exactly is wrong..purchased dollars for over a week..it is yet to reflect

emmaodet:


I think what gtbank is doing will help if other banks key into it.
They buy off your dollars from your domiciliary account at black market rate and credit your naira account thereby generating needed forex for the government to use for those sourcing dollars from the I and E window, BTA/PTA etc.
There is enormous money coming into this country but which the govt/CBN are not capturing because most transactions are done in the black market.

LegendHero:

Source: https://businessday.ng/news/article/oil-companies-resume-dollar-sales-to-banks-as-cbn-eyes-supply/

SeaTrade:
I thought of this too and could only come up with one answer.
Expenses money for their operations...Paying local staff ,fueling the vehicles,logistics,paying egunje to communities,etc...Naira for their local needs.
This volume is insignificant and will do little to nothing on naira pricing in that segment of the fx market.

smokinloud:
This is the best policy a president will ever make!.
God bless Tinubu!.
God bless Nigeria!!.
God bless me and whoever wish the country good!!!.

SeaTrade:
Seem they have liquidity and customer base crisis,reason they're doing that in the first place.
And with limited liquidity,they can't access so much from I and E window which in turn makes their effort futile.
Whoever has the most volume/capacity in a free market controls pricing.
Also they're not generating fx for the government, they're just buying close to black market rates from your dom account so they can resell and make PROFITS.
Another sign they're having issues cos organisations doing well will not go this route,rather battling it out from the source with big players.

grandstar:


Not possible.

Even if it drops below 500, that would mean monetary policy is tight and it would to a dramatically fall in prices, which will enable the central bank bring interest rates down.

A strong Naira won't favor government revenues much as a large chunks of their revenue is dollar denominated and that means they'd receive less Naira monthly as allocations when converted into Naira.
I must reiterate is that should the exchange rate hit N500, it would enable the CBN bring down interest rates to more affordable levels. This is something Tinubu has always yearned for.

emmaodet:


Well.
I don't think they are selling back, just buying because on their fx board, price was displayed for buying while selling was blank

BigDawsNet:
Hmmm.. do you guys think with unified exchange rate and naira devaluation policy the Dollar will come down before the end of the year?

Believeintruth:


Normally Oil companies and Telcos do sell FX to banks or to the CBN. That is why they also have treasury departments. The trading was stopped this year because the country had not FX and to prevent the banks from recording losses in treasury trading it had to be suspended. The poster is just trying to be mischievious and to prey on those who are not financially savvy or understand Banking.

BigDawsNet:
Hmmm.. do you guys think with unified exchange rate and naira devaluation policy the Dollar will come down before the end of the year?

Willie2015:


Jonathan messed up...
No one will have biz voting for Buhari...
on the platform of APC..
If GEJ performance was above par...