₦airaland Forum

Vickyydera:
Inflation is the continuous rise in the price of goods and services. The inflation we are experiencing in the country was not caused by devaluation rather it was caused by other factors that causes inflation which are many.
Nigeria is experiencing a galloping inflation and it has nothing to do with devaluation, but with devaluation, inflation will increase at a higher percentage.

ORAGBON:
i think their Q4 results might not be that good from the little I have gathered so far. Will give more update if I get more info... finishing touches still on.

Vickyydera:
.
It also has its negative sides, if import is expensive as a result of devaluation, it leads to inflation in the country.
Capisce!

cadno:
I hate having Flourmills in my portfolio now. That stock has disappointed me big time...contemplating selling to put the cash into a more serious stock. Pls what do u think. Any advice ?

Vickyydera:
I never knew that one question could cause so much havoc, my bad!
Sorry guys, I won't ask economic related question again

Monalisa185:
it doesn't? Alright, would you be kind enough to give an answer that's in relation to the question? She might just learn from your's...

Anticipating

Suigeneris93:
Davide470

ivyy:
Ideally, devaluing the naira is to encourage exports, because the prices of local products serve as an incentive and a toast for foreign buyers. In the process, we earn foreign exchange, increase production and create additional jobs.

Unfortunately, that is not the position with Nigeria as we are an import dependent country.

Just today, there was a tactical devaluation of our currency leaving a free floating naira and this should be advantageous to the economy in the long run

Monalisa185:
that was clearly her opinion and I believe she's entitled to it..

#cheers

lanicky:
Personally, Yes
Reasons: it will discourage hoarding of the currency
The market will operate as a single market instead of a parallel market making the exchange rate stable in a way.

MrDoGood:
I DON'T UNDERSTAND

PLEASE EXPLAIN

The Central Bank Governor has just announced a full float of the Naira in a press conference in Abuja. The CBN Governor informed a stunned audience that the exchange rate will be market determined and that the CBN will also participate in the market occasionally. The CBN also maintained that the 41 items banned last year for for access to forex for imports remained banned. The CBN has also appointed primary dealers for the first time which is expected to help boost FX liquidity in the market.

In a remarkable turn on events for a CBN Governor and Government that have for months held tightly to an artificial exchange rate, the CBN Governor also revealed that we will be operating a single market suggesting that we will no longer have two windows.

The CBN also introduced a two way quote which basically means that the market will act like the stock market where buyers and sellers will state price and quantity they are willing to sell.

The CBN Governor also confirmed that all the “pent up” demand awaiting to be filled (for example airlines looking to repatriate their dollars) will be met at the interbank market but advised caution for buyers looking to rush demand. In what was quite remarkable he clearly stated that the CBN has enough reserves to meet demand and is willing to put its reserves on the line.

The market will also include financial products such as futures where businesses who need dollars in the near distant future can now hedge buy buying at a price today but get the dollars delivered when they actually need it.

As per the new price of the Naira, the CBN Governor mentioned that the price will be known when the market opens officially on Monday

The implication of this could be wide-ranging. However, we can only but conclude that the end of the black market is near as anyone and everyone can now buy dollars at any bank or with authorized dealers at a price that is market determined.

Key highlights of the press briefing.

1. Market moving to single market through interbank via a Reuters / FMDQ order matching system with 10 primary dealers (2 way quote mechanism) and other secondary detailers.

2. Primary dealers will operate the interbank market. CBN may intervene from time to time

3. Proceeds of FDI shall be purchased by authorised dealers at the daily interbank rates

4. Non-oil exporters are allowed unfettered access to export proceeds via the interbank rates

5. 41 items formerly constrained by CBN will still not be eligible for trade on interbank

6. To enhance liquidity, CBN may offer long dated 6 – 12 months forwards to authorised dealers. Forwards must be traded backed with no authorised spreads

7. New product : Now authorized NGN futures on the FMDQ OTC – which will allow non-standardised amounts, no fixed dates or tenors. Will allow businesses to hedge. Futures will be NGN settled.

8. CBN says they have enough liquidity to play in the market (it surpasses pent up demand)

amicable09:
Thanks Dave.
Is today CC's birthday?

Whorlley:
I applied with a Masters and. I'm yet to receive invitation too

BLACKPANTHER:
Proof so we can keep watch abeg

Tosinayoko:
Let's see the invite

teewhysafe:
Yet to receive anything here

hibrock:
Has anyone gotten an invite from WAMCO?

fxuser:
Headline inflation rose to 15.6% in May , relative to April figure at 13.7%.

Lero15:


Help host cc150615. We would do backup.

Lero15:
Davide470 is the organiser

Xtaceeey:
Lols. I can't give the real figure na. I made it vague noni.

Meanwhile am doing great. You na chairman na, I dey fill form to hail u na

Xtaceeey:
It depends on how he's staffed. If he's a full staff he should earn over 150k, if he's a contracted staff then he should earn below 100k.

It also depends on the bank too and his level.

amicable09:
Lol.
The Ferdy I know, doesn't do gf things, he passed that level after he translated from baba to the present boss. He is planning his marriage already. If brothers and sisters could marry, then we would have been good to go.

amicable09:
I should have been your sister sef! Lol
In fact, I hereby declare today that Ferdyboss is my e-brother!

You share some resemblance with my brothers in real life.

Jamean:
A Diva is bitchy, a hustler. I don't think a decent lady wants to be termed that.