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Nairaland Forum / Nairaland / General / Business / CBN announces unification of FX windows, stops Naira4Dollar scheme (78164 Views)
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Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Uchennaz(m): 4:26am On Jun 15, 2023 |
They just wan use grammar deceive us, People they told us that didn't went to school. |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by relaxandsmile: 4:26am On Jun 15, 2023 |
oluwaseyi0:Because he is an independent person-the God father himself. And I remind you again, education is good. 1 Like 1 Share |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by EgunMogaji2: 4:30am On Jun 15, 2023 |
saysoo: That’s the job of the press. 1 Like 1 Share |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by relaxandsmile: 4:30am On Jun 15, 2023 |
Where is NATIONAL ORIENTATION AGENCY to start braking down these policies for everyone to understand? 2 Likes |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by VeeVeeMyLuv(m): 4:36am On Jun 15, 2023 |
viodemus:This has always been my fears. It is the same insane levels of corruption that bent over the country to the ground. 1 Like |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Nobody: 4:42am On Jun 15, 2023 |
franchasofficia: Dangote is there for them na. |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by na2016: 5:05am On Jun 15, 2023 |
franchasofficia: His policy document from KPMG has highlighted this point and has made other avenues Nigeria can earn more FX. I didn't believe in this man but with the 50 page document I have seen and read, I strongly believe he is on the right track and maybe the man that changed Nigeria for the better. We can only now pray for divine health for him. 3 Likes 2 Shares |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Joe4real1988(m): 5:35am On Jun 15, 2023 |
franchasofficia:This is just like putting the cart before the horse. This enactment is just like rushing to a policy without solving the negative effect of that policy first. Our Nairaland warriors are praising the policy already and throwing jabs(demarking Obi already), anyways, let's see how the whole thing goes. 1 Like 1 Share |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by adioolayi(m): 5:36am On Jun 15, 2023 |
franchasofficia: Defending the Naira week-in week-out for years is no longer sustainable.. As reported, removal of subsidy has drastically reduced our fuel consumption...which will reduce the amount of fuel we also import...FX will be saved on importation and also saved on subsidy. Let us try something different. 1 Like 1 Share |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Mayflowa(m): 5:40am On Jun 15, 2023 |
bakol: Everything you said is correct except that CBN has not yet pegged 1USD to N750. You can bid for dollars at the I and E windows for N500 if like. Banks were just bidding high to make sure they are successful |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Legalaffairs(m): 6:03am On Jun 15, 2023 |
You are a very toxic person. Cursing upandan, One wonders how you relate with your neighbours in that squalor people like you are molded. Can't you just read and make sensible comment without bleating a curse like a goat? Meanwhile this is a welcomed policy. Good one in a good direction if it will be sustained. . lorbah001: |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by itzzkhaliii(m): 6:06am On Jun 15, 2023 |
Ogene001:Which northerners exactly,Abi no be same thing Sunusi lamido has been advocating for so long? We only know that it benefits very few that have the upper hands besides that the average man on the street has nothing to do with Dollar. Don't be fooled the politicians and some of the high ranking civil servants are the biggest benefactors. 2 Likes |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by babamadiba(m): 6:16am On Jun 15, 2023 |
Dialpad:I can't wait bro |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Mcadamson: 6:18am On Jun 15, 2023 |
This is a welcome development in that the naira will be determined by the real force of demand and supply of dollars in the market. One thing to note is that this policy will reveal the actual amount needed by importers to trade internationally especially when subsidy has been removed on petroleum products especially gasoline. We all know that the petroleum subsidy is a huge scam being exploited by those in power, government connected people, some businessmen conniving with government officials to amass unearned wealth by claiming huge amount dollars spent to import petroleum products from the Federal government. This will marginally stop and government FX expenses will reduce. In a nutshell, this policy will result to the following: 1. Real price of products will emerge as forces of demand and supply will come into effect. 2. No roundtripping of FX in the market where some people in CBN, commercial banks, BDCs and so on will connive together to exploit the loopholes in the market and amass wealth to themselves 3. It will encourage local manufacturers to source for their materials or input for productions locally and export finished products to earn more foreing currencies thereby bringing more supplies to the market. 4. It will encourage foreign companies, foreign investors to invest in Nigeria due to the confidence that their money or profit earned can be repatriated without any difficulty because they have easy access to the market for easy repatriation 5. More foreing earnings will be experienced in the long run as more investors will floor Nigeria markets. 6. Naira value will be appreciated in the long run as more investors will demand for Naira to set up their businesses in Nigeria. I will stop here and update the implications of the new CBN forex policy later. Thanks |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by oneluv4life(m): 6:20am On Jun 15, 2023 |
The Nigerian government has attempted to increase the supply of dollars by instituting a floating naira, which allows the currency to move in response to market forces. However, we are predominantly an export based economy, so our demand for dollars will always be higher than its supply. and when the demand for dollars remain so high, the naira will continue to collapse, depreciating more in value. This could lead the naira to reach even higher levels than #1200 against the dollar.____ My small kobo |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by bluefilm: 6:20am On Jun 15, 2023 |
bakol: Why the pegging then, if the actual rate is to be determined by the forces of Demand and Supply? |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by vastolord4(m): 6:23am On Jun 15, 2023 |
bonnyhope: Thanks |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by vastolord4(m): 6:23am On Jun 15, 2023 |
Kubernetes: Thanks |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Taigaban: 6:23am On Jun 15, 2023 |
Seefinish:No more black or parallel market. We all access dollar at the same market. |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Evii: 6:24am On Jun 15, 2023 |
Dialpad: Bro good morning, pls oh I don't understand this CBN new law...can you through more light in it for my understanding. Thanks in anticipation |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by CheapHomes1: 6:25am On Jun 15, 2023 |
bluefilm: Leave them. Let them be deceiving themselves |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by fawaz050(m): 6:26am On Jun 15, 2023 |
grandstar: EDT is now 3% 1 Like |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Femmyfamous4u(m): 6:27am On Jun 15, 2023 |
vastolord4: It means government will no longer fox the exchange rate. The rate will be determined by the normal import/export window. If we have more dollars than people demand of it, the rate will fall and vice versa. With this, it just made the news that our stocks just gained almost a trillion Naira yesterday because investors were happy. There will be more foreign direct investment into the country and the rate will fall well well against the Naira. 2 Likes 1 Share |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Taigaban: 6:27am On Jun 15, 2023 |
oneluv4life:When we end the importation of PMS the rush for dollars will significantly reduce and the naira value will return. |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by obi4eze(m): 6:27am On Jun 15, 2023 |
This policy is useless as Nigeria is heavily dependent on import. Naira will still fall freely. |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Femmyfamous4u(m): 6:28am On Jun 15, 2023 |
oluwaseyi0: He is the first president with finance background. His vice also has about 25 years banking career. He does not have a godfather so, he fears no one. |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by grandstar(m): 6:28am On Jun 15, 2023 |
fawaz050: What's the black market rate today? |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by grandstar(m): 6:30am On Jun 15, 2023 |
Taigaban: Even now, demand for dollars has reduced as demand for petrol has slumped. |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by fawaz050(m): 6:31am On Jun 15, 2023 |
grandstar: I really don't understand why you are asking this |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by lexy2014: 6:31am On Jun 15, 2023 |
accordadoga27: How is Nigeria the giant of Africa? What has all u typed related to the topic? Do you even understand a word that CBN said? If u don't, why are u asslicking? How is Tinubu the best governor in the history of Nigeria? Do you care to explain how u arrived at that conclusion? |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by grandstar(m): 6:34am On Jun 15, 2023 |
obi4eze: It is exactly what the country needs. If demand for dollar is greater than supply, the currency would depreciate, making imports costlier and less affordable while locally made products become cheaper and it's exports more competitive. And if supply inflow is greater than demand, the currency would appreciate, making imports cheaper. |
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