₦airaland Forum

DOLLAR PRICE TO COME DOWN PRETTY SOON,

check this out,

The Central Bank of Nigeria has rolled out its revised guidelines for foreign exchange market  operations in line with the recently announced liberalised regime.

In a circular to authorised dealers and the general public, signed by the Acting Director, Trade and Exchange Department, CBN, Mr. Batari Musa, and posted on the website on Wednesday, the apex bank said the Wholesale Dutch Auction System would, with effect from Monday, July 13, replace the Retail Dutch Auction System.
This, it said, was to stimulate activities in the inter-bank market and stabilise the foreign exchange market.

Former CBN Governor, Prof. Chukwuma Soludo, replaced the WDAS with RDAS as an interim measure to tackle excessive demand for foreign exchange for non-approved transactions, as the naira faced pressure in the face of dwindling oil revenues.

In the latest circular, referenced “TED/FEM/FPC/GEN/01/110”, the apex bank said henceforth, it “shall intervene in the foreign exchange market through the WDAS” and announce on Monday and Wednesday the amount on offer for each auction at 8.30am.

It said copies of the announcement might be obtained from its trade and exchange department at the CBN Head Office in Abuja.

According to the circular, “Under this system, authorised dealers shall submit their bids on Monday and Wednesday, as per the attached format, duly signed by two authorised signatories for any particular auction session between 9.00am and 10.30am on the day of the auction; and submit bids for no more than three tranches per auction, while the Central Bank of Nigeria reserves the right to reject bids that are deemed to be unrealistic.”
It said the bids should be submitted via Reuters Dealing 3000 Xtra System to the Abuja dealing line.

The CBN, however, added that hard copies of bid requests should be submitted to the TED, saying that the minimum bid amount by an authorised dealer would be $100,000, while the currencies of transaction would be the naira and the United States dollar.

According to the guideline, the CBN shall announce the result of each auction by 1.00 pm on the day of auction apex bank while a copy of the result may be obtained from the trade and exchange department in Abuja.

It said, “Successful bids shall be advised by 2.00 pm on auction day; authorised dealers shall ensure that they have adequate naira cover in their current accounts with the CBN; and the CBN shall promptly debit the current accounts of banks with the naira equivalent of the foreign exchange purchased, at their bid rates.

“The CBN shall deliver US dollars sold to the banks to their Correspondent Bank Account used for WDAS transactions; the CBN shall effect delivery of foreign exchange purchased by each authorised dealer within one business day (T+1) after the day of the auction result; and a business day shall be defined as a day in which banking business is carried out in Nigeria.”

The apex bank, however, said that funds purchased from it at the auction should be used for eligible transactions only, subject to stipulated documentation requirements, adding that such funds would be transferable in the inter-bank foreign exchange market.

It said the apex bank might also purchase foreign exchange from authorised dealers and other participants, such as oil companies at their offer rates, adding that it would deliver the naira cover for US dollar bought from the banks to the banks’ current accounts at the CBN.

The circular also said that the foreign exchange Net Open Position of banks had been increased from 2.5 per cent to five per cent of shareholders’ funds, with effect from July 13, 2009.

Contravention of any of the forex market regulations, the CBN said, would attract appropriate sanctions as spelt out in the provisions of relevant laws and the CBN guidelines.

the implication of the above technical jargon is that dollar would be made more available thereby forcing down the price in the black market.


thank goodness, our tokunbo cars almost selling for the price of new can now become affordable.

imagine used honda halla going for 600k!

going

going

If you are a serious buyer,  You would do the calling


I agree 100%.

lol
i knew sienna would support hailolive on this. they have always said its a sign of unseriousness, perhaps d buyer is window/internet shopping
but i cant blame them though.
as for me, i dont care who is doing the calling, the transaction just got to fly
except if experience shows those asking the seller to call are those who never get to come for inspection let alone buy

GOING TO A NON nAIrA LANDER,

hey dude
am buying one. hope ur lawyer doesnt sue me coz am offering 450

still available

still available

still available

lol
send me pix o. will pay 300

how are buyers suppose to contact you?

mr ejigbo
holla me
my number is 08079650214

still available

at babalase and drlokobi7

tnx for ur interest but 130 is not possible.
perhaps u might wanna see the car and bargain better .come for inspection on weekend
call me 08079650214

selling to step up
features

AC
ALLOY WHEELS
CD PLAYER
AUTO WIND
GOOD ENGINE AND BODY CONDITION. neat
TAPPING MIRRORS
AUTO WIND

PRICE 200,000

clearly only well versed pple in the area of fiqh can give sound judgments not the destraction in the guise of debate u are getting from xtian who think they know more abt the deen more than we do.

however, on issues of doubt, we are advised not to execute them.ulamah's may/may not have exceptions to the rule of gambling as incidental to ones job.

Allahu alam

The stupid woman dug her grave when she didnt let go.

i am looking forward to her reasons except they guy would be 'mature' not to let the cat out of the bag

The traditional wedding was before the devil abi?[i][/i][b][/b]


am dying of lafter

Act 1 scene 1 she'll end up saying its cos she loves him, dats a silly question 2 ask her.


Act 1 scene 2 I honestly don't think it's a silly question. If the answer she gives is something like you stated then he needs to ask her to proove it

and now,

Act 2 Scene 1, I unequivocally fink its a daft question to ask.what do u expect her to say? u want her to start dishing out the boring lies of how her love for him never fades away?. what prove do are u talking bout? there aint no prove when u have desperate and materialistic companion.

@ poster, if u are the bad guy, u may wanna consider what call 4 shola and lexi white got to say
if u are the good guy, listen to my love for him and i zeek
as 4 me, am on side line, WATCHING,

IT HAPPENZ EFRIDAY

WE JUST HAVE TO MOVE ON CUZ IN MOST CASES, ONE IS WORSE OFF

with N800k
the guy said with 800k.

unless u mean asking price of 900k and selling price of 800k but why go through the 'protocol'

how much does a 99 villager mercury go for  (landing price)?

does the villager mercury have issues been a less popular car in terms of parts, mechanics etc?

jazaks poster

I DONT LIKE DAY DREAMING, SEEM TO BE UR HOBBY
IF I HAD TO SHARE IN UR HOBBY, I WOULD GO FOR THE ALL POWERFUL HONDA

do uu game for 550k?

used halla for an asking price of 700k? i see u making a quick sale here!

Next time sweety just say hello. I dont bite I promise.

lol. did i give such impression? my bad

am good, thnx

SISTA WOMAN!

am sure u have ready made answers when she make enquiries on how to abort the pregnancy


What exactly does that mean?

ploy to get ur attention.(hope it doesnt s*ck)

u will soon know why in the days ahead

for now, HI

biola 44
thak u for ur simple yet all intelligent reply

SISTA WOMAN!

am sure u have ready made answers when she make enquiries on how to abort the pregnancy

But, what if every body, including the parents and freiends and neighbours pleads for you to go back to him/her, and already you have decided not go continue with that relationship. does it mean you are wicked or heartless.

na dem go follow u leave wiv am?

but i am an advocate of forgiveness though, just that sincerely its an uphill task to turn cheats to faithful.
u may have to go for a blood oath  if u want to be sure of no more cheats.

choice is urs. choose well