Johnthesuccess:



You are very sensenless person. People like you should be thrown in jail. Bloody economic saboteurs.

Why do you hate to hear the truth, you are the one that is senseless here.

Nice moves.

Jamiubond009:
The mandate thief is busy chasing red herrings

Repeating a lie million times wont change it from been a lie.......
No mandate was stolen..............
You were given ample time to prove this in court......, but your lawyers were just cashing out.

One gbadue party claimed they paid 774 millions Naira to some local lawyers......no evidence.

I refuse to be a gbadue member....

Jagaban till 2031

Jackson105:
This is good!

Enemy of Nigeria will lose last last. Those losers that want Nigeria perish because their Pandora master lost election will be disgraced

I sometimes guess they are behind the whole forex saga too .Seems they are very bitter and wouldn't mind if Nigeria burn .But ,what will they gain ?

Jackson105:
This is good!

Enemy of Nigeria will lose last last. Those losers that want Nigeria perish because their Pandora master lost election will be disgraced

After clownishly voting a drug baron you want to change the narrative stylistically.

Walking dead.🤡🤡

FreeStuffsNG:
The actions form part of a broader set of changes in the nation’s official market for trading forex which has been plagued by forex volatility. Trading hours have also been set for 10am to 2pm from the previous 10am to 4pm.
No going back on the economic reforms. This is the best opportunity we have to correct our mistakes and reform our economy. The era of using our hard earned forex to defend foreign currency criminally overvalued on the streets and manipulated by speculators and unpatriotic elements is coming to an end.
God bless Nigeria for ever! Check my signature for free stuffs!

We MUST get out of a Mono- Economy,where everyone is drinking Crude Oil,as Nigeria can't boast of e single Refinery out of ALL the OPEC Members! Is that not bad enough.?
Now, what is Nigeria Producing and Selling On International Markets?
Even the Crude Oil sales Proceeds have been consistently Stolen by our Leaders!
We must get it right this time because the World will not wait for Nigeria to develop!

Actually great.

$100K minimum is just the standard, and I expected BDC regime to be ended immediately. you can not have ETF and BDC and not expect fraudulent practices and the closing hour at 2Pm also ensures that actions of banksters are curtailed.

We just have to fix this FX stuff, cos illiterate politicians took over the industry and we also have to ensure that BDC and crypto hurstlers are kept out of fiat currency manipulations.

So far, so good.

Jax1:


After clownishly voting a drug baron you want to change the narrative stylistically.

Walking dead.🤡🤡

You must be referring to your father that failed to train you

Jackson105:


You must be referring to your father that failed to train you

A failed orangutan with an IQ of an electrocuted pangolin.

Jackson105:


You must be referring to your father that failed to train you

👍

Jax1:


A failed orangutan with an IQ of an electrocuted pangolin.

That must be your father

Market force is simply Supply and Demand.... Simple Economics. Increase the demand for Naira by bringing in policies that will cause its demand. Floating the naira was a bad move at this time cos we simply have nothing in place to make the policy work. There's so much supply of Naira at the moment that's useless cos it's not in demand. Everything in this country is imported with dollars, we are producing nothing for export except crude and the bank is doing business with it. They sell it to BDC for more profit giving speculators more power to determine its price. Fundamentally and sentimentally everyone is interested in the dollar so all this technical moves by FG is just a waste of time

FreeStuffsNG:


https://nairametrics.com/2024/02/23/fmdq-traders-introduce-cap-bid-offer-spread-to-n50-in-new-forex-trading-changes/

FMDQ seeks improved action to attract $30 trillion sustainability fund in the capital market

Traders on the FMDQ where forex is traded officially have implemented a +/-5% band around the previous day NAFEX while also caping bid/offer spread to N50.

Sources with knowledge of the matter reveal the new changes is not an FMDQ official guideline, however, they are aware of the changes being introduced by some major forex dealers including banks Some commercial bank officials also confirmed same to Nairametrics.

The actions form part of a broader set of changes in the nation’s official market for trading forex which has been plagued by forex volatility. Trading hours have also been set for 10am to 2pm from the previous 10am to 4pm.

Also introduced is a standard ticket size of $100,000 which refers to the minimum transaction size or the smallest amount that can be traded on this market. Setting a standard ticket size of $100,000 indicates that the market is targeting institutional investors or large transactions, rather than retail investors.

This is expected to enhance the market’s liquidity and ensure that significant amounts of foreign currency can be traded with relative ease, catering to the needs of large corporations and financial institutions.

Stakeholders in Nigeria’s forex market opine this is reminiscent of the market structure that existed around 2006 when over $2 million was the standard ticket size.

Another important feature introduced by the so-called dealers is a bid/offer spread of N50 which is the difference between the highest price a buyer is willing to pay (bid) and the lowest price a seller is willing to accept (offer).


A fixed spread of N50 suggests a controlled trading environment, which could make trading costs predictable. However, it also means traders have less flexibility to negotiate prices, which could impact the market’s adaptability to sudden changes in supply and demand.

The traders also introduced circuit breakers which are mechanisms used to temporarily halt trading on an exchange if prices hit predefined levels, while a volatility band refers to the range within which the exchange rate is allowed to fluctuate during a trading session.

The introduction of a +/- 5% band around the previous day’s NAFEX (Nigerian Autonomous Foreign Exchange Rate Fixing) rate means that the exchange rate for the day’s trading cannot deviate more than 5% from the previous day’s NAFEX rate. This is intended to prevent excessive volatility and protect the market from erratic fluctuations.

The guideline that the +/- 5% band around the previous day’s NAFEX rate can be communicated daily ahead of the market open suggests a commitment to transparency and allows market participants to prepare for the day’s trading with a clear understanding of the permitted trading range.

Nigerians-are funny as they won't come to learn on the Economic Development Growth Model,on a topic like this!
If it about Politics and the Politicians that dribbled them,stach away our Collective Wealth,they will be full on this topics, meaning that we have a very short knowledge of what defines our Economic Parameters,yet this should be the Koko because our Politicians understand this aspects more to steal from the Masses.
What an irony!

coputa:

caused mostly by government paraststals and agencies including state governors who converts government allocations in naira to dollars, give to the banks are channelling the dollars the black market at exorbitant price

I think you guys should get educated about the FX market before throwing accusations.

ivolt:

I think you guys should get educated about the FX market before throwing accusations.

please educate me

FreeStuffsNG:
The actions form part of a broader set of changes in the nation’s official market for trading forex which has been plagued by forex volatility. Trading hours have also been set for 10am to 2pm from the previous 10am to 4pm.

No going back on the economic reforms. This is the best opportunity we have to correct our mistakes and reform our economy. The era of using our hard earned forex to defend foreign currency criminally overvalued on the streets and manipulated by speculators and unpatriotic elements is coming to an end.

God bless Nigeria for ever! Check my signature for free stuffs!

You're spot on with this....many people do not understand how these Dollar-subsidy and Fuel-subsidy are the 2 ways past administrations had ignorantly or purposely made Nigerians suffer.

Food-subsidy (farm inputs) and employment-subsidy (empowerments) are one of the only sectors that should be subsidised and that's if every other action had failed.