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Nairaland Forum / Nairaland / General / Business / CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate (61060 Views)
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Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by BabaIbo: 2:47pm On Jun 14, 2023 |
A lot of people are igno r@nt of how this work. Like the one below my comment. This announcement alone just made the prices of goods start increasing. With this kind of policy, naira may trade 1000 against the dollar in less than one month time. Note this! 2 Likes |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by ThebestPromise: 2:47pm On Jun 14, 2023 |
The new order will favour the masses unlike what many people are saying. Below is what it means and the benefits therein. What it means to float a currency: 1. The Fx rate will be determined by the balance of trade. More dollars ( liquidity ) in the economy lesser the demand for the dollar 2. The Fx exchange rates were used to be determined by CBN and in most cases, despite the rates you see being a subsidized rates and in most cases, it ends up in the hand of the few privileged ones. 3. Our budgets are based on CBN cosmetic rates which is not the realistic dictate of the economy. This in return will make the budget to be of little or no effect on the populace. The benefits of floating the naira are below: 1. With the CBN floating the naira, the players in the industry will increase geometrically 2. The naira ATM cards can be used freely without no capping to buy goods and services in dollars/ Pounds or any other currency 3. The manufacturers will have equal access to the fx thereby making the market an equal platform for all the players 4. With Dangote Refinery, BUA Refinery, and NNPCL Refineries coming up starting from the third quarter of this year, the dollar inflow will force the rates to drop. Kindly note that the demand forces will push it higher in the next 2weeks but the rate will drop eventually. 9 Likes 2 Shares |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Everlastingson: 2:48pm On Jun 14, 2023 |
Evil APC and their cultic minions already singing praises of a two weeks old unconstitutional administration. Your early window dressing can never fool us. You can't build legitimacy on illegitimacy. Peter Obi Nigerians know as their choice. Pablo Escobar remains who he is. Your media lying propaganda will fail. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Guestlander: 2:53pm On Jun 14, 2023 |
Ogene001: Just show us where Obi said it. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by bitbillionaire: 2:53pm On Jun 14, 2023 |
Nigerians funny sha. See as people with zero or half baked knowledge of economics being excited about a policy whose implications (both positive and negative) they know absolutely nothing about! Fixed exchange rate and free floating exchange rate both have their own advantages and disadvantages. We all know that Nigeria is import dependent nation that import virtually every damn thing. Many Nigerians value foreign goods, foreign education, foreign religion, foreign everything more than Nigeria-made ones. Now, If Naira is allowed to float freely and its value determined by forces of demand and supply, the demand for dollars will always be so high compared demand for Naira i don't think you have to be a genius to know the implication of that for the Naira. Floating the Naira will have its benefits. But if you truly understand its potential disadvantage you will be sober rather than being excited. 5 Likes 1 Share |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by vannessa7(f): 2:55pm On Jun 14, 2023 |
occfx: It was Peter Obi that made Tinubu to perform wonders in Lagos state, better think of another storyline. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Guestlander: 2:55pm On Jun 14, 2023 |
Everlastingson: Peter Obi was a third place loser. Jagaban is the our duly elected president...and he has been making us proud so far. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Guestlander: 2:56pm On Jun 14, 2023 |
vannessa7: Don't mind them. 1 Like |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by blackmantis: 2:57pm On Jun 14, 2023 |
GBAM This is how it should be. Tinubu is giving us more reasons to smile. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by olisaokere(m): 2:58pm On Jun 14, 2023 |
Tntsi: your head dey there.thumbs up |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Osashalom: 3:05pm On Jun 14, 2023 |
Wow.... You saw through the whole drama going on in aso rock and the media spece. I commend your insight. Tntsi: |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by VeeVeeMyLuv(m): 3:08pm On Jun 14, 2023 |
Frezhkid10:95% are either not using it or are round tripping it |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by CodeTemplar: 3:09pm On Jun 14, 2023 |
JaskanFactor:yes. Petrol subsidy is gone, education subsidy at tertiary level is gone, forex subsidy disguised as fixed rates too are gone. That's what IMF and WB want for us but when you research the western countries and their welfare schemes, you will see they managed theirs well and sustained them when faced with abuse instead of scraping them. UK health insurance scheme is a good example of abused but well managed and sustained schemes. Can our leaders think. We substituted a better scheme that drives production cost down for one that entails direct consumption. What a direction! 1 Like |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by VeeVeeMyLuv(m): 3:12pm On Jun 14, 2023 |
pocom35:If round tripping is eliminated once and for all, put the whole thing on a level playing field. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by grandstar(m): 3:14pm On Jun 14, 2023 |
olalekanba: This is basically repeating what I just said "To ensure that exchange rate policy harmonises with our goals of optimal growth and job creation driven by industrial, agricultural and infrastructural expansion, we will work with the Central Bank and the financial sector to carefully review and better optimise the exchange rate regime." The word "optimise" summarises the whole thing. Optimize means getting the highest possible value 1 Like |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Focusmind: 3:14pm On Jun 14, 2023 |
The policy may sound good. We should desist from praising things we do not know how it would impact the economy. The summary is that businesses would have to spend more to import - what is the implication of this? of course, high cost and things would become more expensive. Government have been subsidizing foreign exchange for importers to make their goods cheaper because Nigeria is a poor country. Nigerian students studying abroad would have to pay more as the cost of FX becomes even higher. FX is going to be expensive. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by VeeVeeMyLuv(m): 3:15pm On Jun 14, 2023 |
ogaontop:That means You are saying it cannot be unified |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by VeeVeeMyLuv(m): 3:16pm On Jun 14, 2023 |
Ventura1:He hit the ground running indeed |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by MYMINDER(m): 3:19pm On Jun 14, 2023 |
Globad: Keep deceiving yourself. What comes down in Nigeria? |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by wegevv: 3:20pm On Jun 14, 2023 |
Basicend: I hope PBAT and his people continue to expose the sheer incompetency of PMB and his administration. Because so-called Buharists will never stop trying to rewrite history and before you know we could have another PMB in 2031 |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by lapintoz: 3:22pm On Jun 14, 2023 |
Of course we know....we know your type. Has anything good ever come out your region. Just point to one development in the gully erosion area. So why will it not be propaganda to you.... A capitalist is dismantling areas of the economy that rent seekers were feeding fat on for personal gain.....you call it noise or propa-rubbish Wait till you hear how much your brother in CBN made from FX round triping.....with his cabal members, your eyes will open. Mumu Tntsi: |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Seb4luv1: 3:29pm On Jun 14, 2023 |
The man is doing a great work appreciate good things for once, now we have a president. Tntsi: |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by sogodihno: 3:31pm On Jun 14, 2023 |
Tntsi: Pained soul. Go and die. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Livingforall: 3:33pm On Jun 14, 2023 |
Please someone should explain this in lay man terms what it means. Because me I want to start rejoicing |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by PoliticalChinex(m): 3:33pm On Jun 14, 2023 |
Jorussia: U be mumu arse-licker. what has all this got to do or change the lives of over 150 million Nigerians living in abject poverties? |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by klawaaa: 3:34pm On Jun 14, 2023 |
We told the masses that this dude no sense una papa. Congrats to all the Nigerian masses. A country that is heavily dependent on importation. Trust me the price of goods and services skyrocketing in the market. The inflation seen during PMB na small play, una go the see the real inflation in couple of months/years. Why not do the preliminaries before this majors. But his selfish interests would not allow him. Congrats once again the masses of Niaja. HonNL: 1 Like |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by TheGoodJoe(m): 3:41pm On Jun 14, 2023 |
Livingforall: Nigeria is broke and no money for subsidies. Nigeria has no money to defend the naira. Meaning, you buy naira at market price. There are benefits to it, we will not get the money spent on defending the naira siphoned like before but hey, there is no money for those. Meaning, you buy and sell dollars at market rate. Finally, what happens to our exchange rate? Expect first an increase in how much you buy dollars but this will force the government to act on market forces than on cosmetics like defend the naira. It will give the true state of our economy. However, it will make government make the right choices to fix the market. 1 Like |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by TheGoodJoe(m): 3:45pm On Jun 14, 2023 |
Livingforall: Defending the naira is like paying for Subsidy. Meaning, you buy it cheaper. However, CBN did not make it available to banks or banks hoarded it because of a black market to sell and eat the subsidy money. Now with no money in the system, the government is forced to float the naira, meaning, removing dollar subsidy, meaning, no more money for bankers to buy and sell in the black market. So little to no black market rate if the government can make dollars available in banks. Meaning we must start producing because the oil sector can't sustain us anymore. Buhari borrowed too much and we are paying with the oil sector. Finito. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by Nobody: 3:46pm On Jun 14, 2023 |
Sometimes the fact that we go to school doesn't mean we shouldn't think o, can we withstand the effects of floating the Naira after removing subsidy ... Please I don't want to be like I am against government policies, but floating currency requires data ,if we don't have data why we dey float currency. It like removing subsidy from Naira without knowing the actual value of the Naira, that is why economic data is so important. |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by TheGoodJoe(m): 3:51pm On Jun 14, 2023 |
jackcanfield: We can't keep up. The last government mortgaged everything. That is why I actually campaigned for Peter Obi (not trying to sound political), but we need someone who can make real hard choices to fix things. We are using about 95% of our revenue to pay debts. No money to even run the government, let alone carryout schemes to make living easier. So all subsidies has to go, unfortunately, they are not ready to cut cost of governance, which must go. You can't keep telling the citizens to endure while the government feeds large and loots large. 4 Likes 2 Shares |
Re: CBN Floats Naira - Allows Banks To Trade FOREX Freely At Any Rate by obailala(m): 3:51pm On Jun 14, 2023 |
Globad: tinsel: Basic123: OBI has always advocated for scrapping the multiple exchange rate and floating the Naira. OBI has always also been an advocate of ending fuel subsidy.... Below is an OBI tweet from September last year boldly talking of the exchange rate. @tinsel, Basic123... If you really want to know who the real idiots, fools and subhumans are, perhaps all you guys need do is look in the mirror. 2 Likes
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