₦airaland Forum

The Governor of the Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, Monday dropped the hint that the apex bank would review the exchange rate band of naira to the dollar to about +/- 4 per cent of N150/$1 from +/-3 per cent of N150/$1.

This will benchmark the exchange rate at N155/N156.

Sanusi, who spoke to Reuters in Abuja, explained: “We’ll give it a few more days and see where it settles finally and then we’ve got to come out with a new transparent band. Both the midpoint and the band could change. Whatever it is, we’ll let the market know very soon. It’s more likely to be around N155/156.”

PRD:
Dollar was sold for N160 in V/Island this morning

You are the best, keep it up

stagger:
In Abj today, it was N162 to $1 if buying USD, and N159 to $1 if exchanging USD for Naira.

Thanks , I think it will hang around this rate for a while

Fhemmmy:
Chief . . .How far now, any update?

Oga, Sorry I have nt asked for the rate for a while, but I know it is very changeable from hour to another.
However I feel good. I think Dr. Iweala is putting the country on the right track. Last week she took one of the bravest decisions when she kicked out over a dozen of the agencies out of the port.
Remain the bravest decision to reform the customs service, the biggest thieves in the country.
All of this is calming down the pressures on Naira, but it needs to be done really, otherwise nothing will change.

ebenezer95:
People should Stop talking much , question was How Much Did You Exchange The Dollar For Today? Please click and send us the Market Price for the Day stop been parrot LOL

Is it how you ask people for a favour

igbonla:
161.50

That is very good, a frined told me that he got it 163

It means that the other directions of the CBN worked at least for now

Fhemmmy:
Could this be the reason fro Nigerians to put a break on and turn on the govt for bad governing?
Cos even at 170 Naira to $$ that will be somehow a disaster

You are absolutely right, No many people would understand what does it mean for business. But at least we have nt reached 200 , yet

inspired_m:

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That takes me out Anyway, congratulations again

Congratulations,
how can we get in touch with you
Also pls who can recommend the poster, pls dnt misunderstand me, transparency is good for your biz

Evil brain, What a name who inspired you to take it

Ask your supplier their to get qutations for you or see your a clearing agent there to do so.

However, Sorry to say that, Nigeria is absolutely doomed to import from Chile where a president was promising of a glass of milk for everybody in his compain. Even Chile

It tells our Shallow head leaders that importation from all over the world is better for people than manufacturing

[size=14pt]

I thought importing wood panels was contraband, which means you cant import it legally. But as I checked again the last “Import Prohibition List” of customs, I didn’t see anything about wood and MDF again. Maybe it is lifted from the list, or the ban was only about furniture. I will ask my clearing agent to update the info.

2nd, it happened that I was searching on this project last month. I have a company in Lagos into importation, and I wanted to open a show room (I have already rented the place) in Oregun, the parallel street to Opebi and Allen Avenue but I was told it is contraband and the charges to clear any furniture in the Warf is not less than 4million naira, so I dropped the case. But when I saw you saying that Nigeria into this business for 2 years then I said I need to check back.

However, according to the Customs Tariff Book, the duties are 20% + 5% VAT plus the customs’ levies which varies from 4% for particle board and laminated plywood to 14% (10 + 4) which is for MDF and veneered plywood panels.
any clearing agent wouldnt charge more than 100,000 for 40" container or even you may get less.

Anyway, if you like to meet in my office for further discussion, may be we can sort something out of this. Perhaps instead of me going to China, China sef has come
A2z_house at yahoo dot com[/size]

Fhemmmy:
We exchanged today for 166 . . . . This afternoon some are calling for 167, This is really sad and pathetic - What a nation we have

[size=14pt]I think it will go for a while around that price or max 170s, nothing more than this. Nigeria cant afford devaluating Naira down to 200N to a dollar. It will kill all business at once and the prices will jump up which will erupt chaos and people will take to streets and we will go into instabilty, politically and economically. Then everything may collapse becuase Nigeria is one of the countries on the brink [/size]

Tahrir Square is coming to Nigeria, the quest is “where will it be?” or we will see many branches of Tahrir Square

All World and Africa richest Egyptians are from only two families, Sawiris (brothers) and Mansour (Brothers). That tells how much was the corruption in Egypt under Mubarak’s regime, where the wealth is concentrated in few families hands while the majority is crying for jobs, food to keep alive.
The revolution was inevitable

tayokem:
i have a business that is close to 2 million naira but the income per annum is more than 8 million naira Who do you think can finance it?

What business that gains 400% per annum Drug dealers

stagger:
The official rate crashed to N164 today as the CBN has put some restrictions on the participation of multinationals on the foreign exchange auctions.

See the official circular from CBN's website.

http://cenbank.org/out/2011/circulars/ted/ted.fem.fpc.gen.01.018a.pdf

I dont think it is the official rate, it is the Interbank rate. The official rate, which is the CBN rate, is 155s. I dont know the rate in the black market, I am afraid to ask the mallam so will not just pass away

For Whom doesnt know, Fhemmy asks for all of us who do really concern about the rate of Naira. Pls keep off if you do nt have anything useful to say. we have enough wahala with that Naira devaluation
For 2 days now I cant sleep till I exhaust myself around, I dont know what to do, should I leave the country for good, Change the business or just give up and set down hopless

careytommy:
it more ethno-tribal than religious.it just so happens that most people from a particular tribe (say hausa to islam and igbos to christianity) happen to be adherents of a particular faith

Absolutly correct, you never see Muslim Yoruba or Hausa fights with Christian Yoruba or Hausa. Besides, some parties enrooted the tribunal matter in the relegious issues to make sure that the flame of th fire will be on for ever

prokure:
oceanic does same.

NOOOO, oceanic would give you up to 5 million but payable in ONE MONTH, you have to pay it with the interest after 30 days

ajadek:
23% every month for 3yrs,what busines u want to do and  pay 23%, if u want to fixed money with them peanut will be given 3%,but they give 23% loan,with dis our black market

Did she said 23% monthly interest  It is 23% annualy.
it depends on how active your acounts in the bank or other banks, it depends on the bank statements. I think the loan is 10-25% of your anuual turn over in all statments.

damilolami:
Stanbic IBTC.
It took three weeks after completing the forms. Is it the same bank?

if you said any other bank I would call you a liar Stanbic is the only bank that offer such loans, so you cant say Commercial bankS becoz it is only one bank and the think is not too easy as others may understand, it goes through a process where the bank gets assured that the money is saved and the person is not a thief

When CBN sells 153s and the Interbanks price is 156s then we should nt expect less than 160s for black market. Unfortunately, I feel that the worse still coming, we are heading to Xmass period. In 2008, in the same period Naira just collapsed from 118 to 135 to 150s, 160s, 170s, 180s before it was brought back to 150s
I am praying God that my fears will nt come true, Ameen

OK, let the Abians leave the other states especially lagos. One day, In Alaba Intl market, a yoruba trader was shouting that all of these Igbo boys should leave the market as long as they are nt indigenous while they ve taken over the market. I considered him as a silly man, nt knowing that there are many like him.
When Nigerians are going to identify themselves as Nigerians, not Abia, Sokoto, Kano,,, etc. lol 

The rate today was 158 - 158.5 N. I got it 158.3, hope my Mallam didnt cheat me 

Fhemmmy:
Seems like the rate is having fun around 158 and 159 Naira . . . .Hope it will go down further.

For me I am contented of what we have now, coming down from 167 N, is ok for me and I wouldnt dream of hard catchings, just let them stablize it for a while

brymon007:
dollar of to day rate is about 150 to 153.

Where was that?! in your dreams or No-whereland

There is a problem here that you do nt have collateral, which makes getting a loan very difficult. Then you have 2 options: (1) Going to micro finance banks, which I wouldnt advice. they are flesh eaters, after stripping you down by their muliply interest
(2) Some banks give loans depending on your turn over, Stanbic Bank can give from 500K to 2,5m without any collateral. The Govt supports loans for small and medium business in which is called SME Scheme. Some banks dont give loan for trade or finace business (like Zenith bank) some give for educational soem give agriculture, etc

But you have another problem that need the loan to rent an office, which is 100% unadviceable. pls reconsider again the advice of PAGE9

@ Lawyer,
one word, Thanks

@ agents,
all offers are at Lekki Epe axis, what about Ibadan exprss way especially Mowe and Abiokuta express way. I lived at Lekki for 6 years, now I live in Ikeja and I prefer it than Lekki because it is less cost and stress. For me I wouldnt choose to move over there again, I rather like to find something around.
If you are nt a banker, working in communication companies or booming business man then stay away of that area.

@lawyer ,
I would like if you use your experience to ask the agents some questions that focus more light on their proposals.

stagger:
The reason why the exchange rate did not drop to N200 in 2009 was because the CBN began to intervene to prop up the Naira at N150.

All it takes is for the CBN governor to wake up one morning and declare that the Federal Govt can no longer keep depleting foreign reserves to support the currency, and that they want an "appropriate value" for the Naira. Then you will see a free fall to the true value of the Naira based on the state of our economy.

It is true but in any place in the world the central bank is supposed to intervene preventing the local current either from over depreciation or even appreciation (as in Japan) there must be limits to protect the interest of the masses. I feel that Dr, Iweala is in favour of this strategy, actually I pray so

wafer247:
Bought at the rate of N158 per dollar in wuse zone 4 today. Also saw the exchange rate at GTB, Area 3 Garki as N156.70 per dollar.

dy_droy:
Bought @ N158 on Allen Avenue

The same rate in two different places and days. As much as I thought, it will remain around this number up or down maximum 1 naira, FOR a while.

Some analystists predict that Naira will lose 40% in 2012, however they are the same who predicted that Naira would be 200N to 1 $ in 2009 and All Thanks to God it didnt happen, so what they are saying doesnt happen automatically, Thank God