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I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban (21214 Views)

Naira Falls To Record Low At I&E Window, Trades ₦‎993/$ / CBN Lifts Restriction On Domiciliary Accounts, Allows $10k Withdrawals / Naira Begins Recovery After Float, Closes At ₦‎664/$ At I&E Window (2) (3) (4)

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Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by Nicepoker(m): 7:14pm On Oct 14, 2023
DeLaRue:
Now that the banned goods have been restored, the government should now focus on increasing funding to the I & E market/window, so that those who need foreign currency for serious business/purpose are well served.

If people want to exchange naira for dollars at N5000 to $1 on the black market, it is up to them. Government has no control over that market.



what is the country exporting that will bring in the dollars. The crude oil has even been sold up front.

1 Like

Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by Loverboi2cute(m): 7:16pm On Oct 14, 2023
u no go see Jennyclay & Siofra dem for dis kind thread 😌😎😎...

awon físh bráin dem

2 Likes

Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by lordm(m): 7:16pm On Oct 14, 2023
Please accountants explain this to me in layman's terms

2 Likes

Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by eteebanky: 7:21pm On Oct 14, 2023
bennybuhari:
Buhari made a great economic mistake in eight years. Evil man. The border closure also made things worse

Do not mind the evil Man
Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by donbrowser(m): 7:28pm On Oct 14, 2023
DeLaRue:
Now that the banned goods have been restored, the government should now focus on increasing funding to the I & E market/window, so that those who need foreign currency for serious business/purpose are well served.

If people want to exchange naira for dollars at N5000 to $1 on the black market, it is up to them. Government has no control over that market.




There was enough dollars for like 2 to 3 weeks now with no one picking them up, I think the FG is doing their best
Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by Philosophia91(m): 7:31pm On Oct 14, 2023
Amen🙏🙏🙏
DrAkpamudehe:


May those who always see evil and negativities in every news they hear in life go blind. Iseeh
Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by Nobody: 7:33pm On Oct 14, 2023
Good development
Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by abbey621(m): 7:39pm On Oct 14, 2023
The only way to save the Naira is for us to balance exports with imports, turning from a consumption economy to a producing one. It is not easy and tough decisions must be made but even if government no get sense and their eyes are full of blindness causing cataracts, we can't dismiss the simple fact that we need stable electricity and working refineries in order to truly empower the economy!

All these short and manipulative strategies won't WORK!

9 Likes 1 Share

Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by McLizbae: 7:44pm On Oct 14, 2023
The last time Comercial banks agreed they have dollar was immediately after the civil war🤣🤣😂. I believe they sell all their dollar through black market now.
JuanDeDios:

I wish it was this simple. It's that black market that impacts you, Mr DeLaRue, the most because every imported thing you buy at the shops comes from it. It is the market that impacts the economy, as that's where the real sector gets dollars from. If you don't believe me, go to GTB or First Bank on Monday to try to purchase $20,000 to import essential items, banned or unbanned.

1 Like

Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by rex21: 7:46pm On Oct 14, 2023
nototribalist:
ok
You and who dey stand with who ??
Abeg, I'm just a spectator
Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by BoldBrainz(m): 7:56pm On Oct 14, 2023
DeLaRue:
Now that the banned goods have been restored, the government should now focus on increasing funding to the I & E market/window, so that those who need foreign currency for serious business/purpose are well served.

If people want to exchange naira for dollars at N5000 to $1 on the black market, it is up to them. Government has no control over that market.




Your first and second paragraphs are contradictory.

Government cannot increase funding to the I&E window except FDIs flow in immediately or BDCs are eliminated. The CBN does not print dollar notes. Foreign investors can bring them in and that translates to an injection of that FX into the official window for importers to access.

OR, Bureau De Change merchants can be eliminated from the system so they can push their FX to the official channels and boost our FX reserve. You cannot say government can ignore BDCs and their rates and then expect same government to magically inject FX into the official CBN determined window.
Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by Truths9ja: 7:58pm On Oct 14, 2023
Another lies and propaganda again from Tinubu government

1 Like 1 Share

Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by BoldBrainz(m): 7:58pm On Oct 14, 2023
donbrowser:


There was enough dollars for like 2 to 3 weeks now with no one picking them up, I think the FG is doing their best

Enough dollars where? And the rate kept going up against the naira? Are you sure some of you even know anything about the words you vomit as contributions to issues?

1 Like

Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by Elliotwaveforec: 8:01pm On Oct 14, 2023
Paraman:
I hope the CBN is prepared for the importers

I see the naira weakling against the dollar at the official window... I see naira strengthening against the dollar at the black market


This i have seen
You're a good analyst! Naira will depreciate at official and appreciate at black.
Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by donbrowser(m): 8:04pm On Oct 14, 2023
BoldBrainz:


Enough dollars where? And the rate kept going up against the naira? Are you sure some of you even know anything about the words you vomit as contributions to issues?

Did you do any dollar transaction in the past 3 weeks?
Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by millhouse: 8:07pm On Oct 14, 2023
BoldBrainz:


Enough dollars where? And the rate kept going up against the naira? Are you sure some of you even know anything about the words you vomit as contributions to issues?
leave all these genz wey still Dey eat rice for their papa house . They know nothing about what’s going on in the economy
Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by IMAliyu2: 8:25pm On Oct 14, 2023
JuanDeDios:

I wish it was this simple. It's that black market that impacts you, Mr DeLaRue, the most because every imported thing you buy at the shops comes from it. It is the market that impacts the economy, as that's where the real sector gets dollars from. If you don't believe me, go to GTB or First Bank on Monday to try to purchase $20,000 to import essential items, banned or unbanned.
Yeah, this was caused by the previous administration when they closed off all meaningful official channels to acquiring forex, because they were dead set on maintaining the controlled naira price at the time.

This ended up bolstering the black market, and the artificially enforced naira rate meant some people which might have had access to dollar at the official rates were incentivized to cheat the system and make money off arbitraging further draining our forex reserves.
Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by coleon(m): 8:35pm On Oct 14, 2023
JuanDeDios:

I wish it was this simple. It's that black market that impacts you, Mr DeLaRue, the most because every imported thing you buy at the shops comes from it. It is the market that impacts the economy, as that's where the real sector gets dollars from. If you don't believe me, go to GTB or First Bank on Monday to try to purchase $20,000 to import essential items, banned or unbanned.
Are you minding the ignoramus.
The black market is what sustains the Nigerian economy. That I and E rate you are seeing there is artificial.
I even heard from an official source that you pay higher rate in the I and E market. It's just to make the government feel good that they report that rate.

2 Likes

Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by Jlow2: 8:41pm On Oct 14, 2023
Apc policies only work on the media , newspapers and national tvs

1 Like

Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by JuanDeDios: 8:45pm On Oct 14, 2023
IMAliyu2:

Yeah, this was caused by the previous administration when they closed off all meaningful official channels to acquiring forex, because they were dead set on maintaining the controlled naira price at the time.

This ended up bolstering the black market, and the artificially enforced naira rate meant some people which might have had access to dollar at the official rates were incentivized to cheat the system and make money off arbitraging further draining our forex reserves.
Well, it's an old problem. It probably started with Abacha who pegged the dollar at N22 throughout his reign. When market realities changed, he refused to budge and a significant difference emerged between the official market and the black market. Arbitrage has been a problem since then. It got worse under the Buhari-Emefiele administration when the difference became so huge and politicians and traditional rulers got involved.
Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by LZAA: 8:50pm On Oct 14, 2023
jmoore:

Nigeria government doesn't print dollars.
You want them to fund I & E window frow which source?

Our foreign reserve has been depleted by APC.
You are explaining to someone who does not have a clue what you are talking about 😄
Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by ade4real2016: 8:50pm On Oct 14, 2023
The naira however appreciated slightly as it exchanged at 764.86/$ from 766.70/$ on Thursday.
This is not possible..
What are those mechanism put in place at d close of business on Wednesday..This is misguided information...
Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by BreconHills(m): 9:04pm On Oct 14, 2023
DeLaRue:
Now that the banned goods have been restored, the government should now focus on increasing funding to the I & E market/window, so that those who need foreign currency for serious business/purpose are well served.

If people want to exchange naira for dollars at N5000 to $1 on the black market, it is up to them. Government has no control over that market.




There is precious little USD to fund anything which is why we have this challenge. A reserve level of $70bn for example or import cover for 6 months plus will see USD crash to say 500/600.

I am happy that people are discussing this rather than taking the easy way out and throwing stones.
Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by Saintinoo(m): 9:12pm On Oct 14, 2023
DeLaRue:
Now that the banned goods have been restored, the government should now focus on increasing funding to the I & E market/window, so that those who need foreign currency for serious business/purpose are well served.

If people want to exchange naira for dollars at N5000 to $1 on the black market, it is up to them. Government has no control over that market.

The question remains, where is the dollar that CBN will provide for these importer? Our foreign reserve is almost empty and we do not get enough forex from sell of crude oil.



Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by ebuks4ever(m): 9:14pm On Oct 14, 2023
bennybuhari:
Buhari made a great economic mistake in eight years. Evil man. The border closure also made things worse

Have they reopened the borders? It was a very silly move. Good intentions, worst of timing.
Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by Saintinoo(m): 9:17pm On Oct 14, 2023
lordm:
Please accountants explain this to me in layman's terms

What does an accountant know about exchange rate? An economist will explain better.
Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by Tareq1105: 9:33pm On Oct 14, 2023
Paraman:
I hope the CBN is prepared for the importers

I see the naira weakling against the dollar at the official window... I see naira strengthening against the dollar at the black market


This i have seen

You've seen well
Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by BoldBrainz(m): 11:14pm On Oct 14, 2023
donbrowser:


Did you do any dollar transaction in the past 3 weeks?

I do FX transactions at least once a week. I monitor exchange rates windows on a daily basis. But my individual transactions are not a teller as to the abundance of FX in our system or otherwise.

Anybody who comes to vomit the nonsense about a surplus of FX in our market space in the last three weeks is an idiot of unequal proportions.
Re: I&E Window Records $53.02m Turnover After CBN Lifts Forex Ban by chachanga: 4:59am On Oct 15, 2023
bennybuhari:
Buhari made a great economic mistake in eight years. Evil man. The border closure also made things worse

A man that should have been lynched publicly like the foolish common thief that he was.
He destroyed everything.

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