₦airaland Forum

989900:
What is all this?

ibkgab001:
Indonesia ... i will not cry for you when another plane of yours miss in transit or comes down after take off


God punish JOKO widodo .... LET HE WHO WITHOUT SIN CAST THE FIRST STONE

Rest in peace my IPOB brother from the other divides

lafuria1:
No they won't because it will end up creating a parallel market which will defeat the goal of floating.

The fear is the banks can decide to sell at 500 naira to a dollar but you see the fixed rate of 199 naira per dollar didn't stop the rate to go as high as 350 naira per dollar. Nevertheless, there are guidelines to mitigate against greed stoping the banks from exploiting the system.

The one major reason we are floating is because our reserve is going down and we can't keep depleting the reserve to fix the naira, and as you can see its not working, the black market are winning. We are no more getting dollars as we usually are due to fall in oil prices.

Fingers cross to see how the banks and BDC react when the policy kicks in on Monday. I'm curious as to how much CBN will sell to banks or let me say how will banks source for forex.

agitator:
1. CBN go sell dollars to the banks for market price. In other words cbn to find out wetin aboki dey sell then sell close to that price.

2. Dem go create new set of dealers wey go dey between the CBN and banks.

3. If Hilary Clinton won bring money come start akara business for 9ja, the new set of dealers go buy the dollars from her then sell to banks at the market rate she ready to sell. before she go transfer the money come then bank go give her N199 naira for $1 but when she want to take any money out, banks go sell $1 for N330. (before this 1 na real 419 na-im make oyibo no gree come do business for 9ja)

4. People wey dey export goods like starch, garri, palmwine go fit buy dollar if dem need am for the price wey bank dey buy from each other. before banks dey show how much dem ready to buy dollars and how much dem dey sell, but when bank want to buy from another bank, the bank dey remove small for the other bank so dem fit make small gain too.

5. the 41 items we federal government bin ban still remain ban. Pesin no fit buy dollar for the price CBN or their dealers dey sell to bank to order for these item. but no wahala because the price difference no go much maybe between $2~$5. So this one no get real meaning.

6. You fit pay for dollars then in future collect you dollars for the rate of that day. Example today na 14 Jun and if dem day sell dollar N350 you fit pay for am then for September if dollar dey sell for N450, you go still collect the dollar for N350, this one be like saving you dollars.

lafuria1:
Each bank will tell you, by Monday we will know, the good thing is no difference between the bank and the aboki BDC, you probably will go to where it's cheaper. No short term benefits now, long term is Naira will be stable and might come down because some might decide to sell their dollars cheaper, competition for customers.

The policy is aimed at saving the economy in general at this moment and not to make the exchange rate go down immediately.

Engrobiorah:
Symptoms of Ulcerative Colitis (Ulcer of the colon)
Lalasticlala fp material plz

manutdrichie:
Fayose is owing just 3mnths, not sacking anyone but the APC e-rats will not let him be.

Where is Mumujuwa sef?

Ilaje44:
They say the animal is Manatee, yet you still have the audacity to call it a Sea Lion (Seal). Common, you these young people should try to always read thoroughly before you comment.

shotuns:
I used my GTB naira master card last night to buy things online and it worked. I don't know about any other bank.

coolsix:
Lol

That is the mistake you guys are making. CBN DID NOT GIVE ANY DIRECTIVE THAT SAYS BANKS SHOULD RESTRICT CUSTOMER CARDS! The banks are acting on their own discretion or their own forex issues not CBN. My own bank sent me a mail just a few days ago(about 3 days) telling me that my monthly spending limit for USD on my naira card has INCREASED! If the bank has plan to join this restriction, i doubt that it would have sent its customers that email.

P.s i just finished with my bank phone customer care and they said they do not have plans to restrict!

Sunofgod:
You can have two grandfathers - but only one father...

Make your way in life, make your money, and be a better person.

Ps: A University Education is a luxury not a 'given'.

GothamLuke:
I paid 250,000 to do surgery for my cat that had problems with constipation

Codedzng:
It's N300 GTbank

Aufbauh:
DOLLAR = N197

Please let me explain to those of us who don't understand Economic terms. Dollar has not increased since Buhari became president

1. Dollar is not our currency so dollar should not be our business

2. Our problem is not d government but
our problem is our importers and consumers

3. Naira has remained at 197 naira to 1 dollar since Buhari became president

4. Buhari has promised not to devalue the Naira and he has maintained that promise

5. Both at CBN and at interbank rates,
dollar has remained 197

6. However because we are too lazy to produce what we use in Nigeria we import even toothpicks and matches

7. Buhari does not like d importation of luxury goods because luxury goods is d reason for most corruption, that is why he banned 41 products from having access to forex

8. However when Nigerian importers insisted on importing those 41
products, FG asked them to find their dollar at d BDCs parallel market also known as black market

9. And to discourage the pressure Nigerians are mounting on the Naira just to get dollars for importation, CBN banned DMBs from selling dollars to BDCs

10. To survive the pressure of excess
dollar demands, BDCs resorted to sourcing for dollars from neighbouring countries through illicit money laundering routes

11. Because of the risks faced by BDCs to source for dollars, and because of the increase in demand for dollars by importers because China just resumed from their business holidays, BDCs keep increasing the price at which they exchange dollars to naira and now it is 400 Naira to 1 dollars

12. However that does not mean
that govt has changed the exchange rate because if our genuine importers go to CBN and fill Form M to import raw materials for local production, they will get dollars at 197 naira each

13. So the problem is that we love to consume luxury foreign products yet we are too lazy to manufacture them here.

14. For example u will see a dull girl using
iPhone 5 without even knowing simple physics and computer engineering part of how that phone was produced

15. I want Buhari to ban every foreign
product from Nigeria until Nigerians learn to produce and use Made in Nigeria products

16. Let us stop complaining about dollar as if dollar has become Nigeria's currency

17. It is even bad enough that most of those complaining about the high exchange rate of dollar do not have 1 single dollar in their purse.

#Copied.

drkoolit:
gtb as at today is 298naira to the dollar.

keyzid:
Madness. Someone needs to call these fools to order. Its not about Buhari anymore. Its about we ourselves.

coolsix:
No. The person wiring the money would only pay FX Transfer fees to a maximum of $100. Your bank may charge you for receiving

saints2:
Just heard this from Channels TV...

If you are still been charged dollar by the black market rate, pls get in touch with the CBN.. That is if GTBank, Stanbic, FirstBank UBA etc still charge you at black market rate.. Report them now to CBN..


Channels