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Nairaland Forum / Nairaland / General / Business / Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window (41712 Views)
Naira Falls To Record Low At I&E Window, Trades ₦993/$ / Naira Now Undervalued After Float, Bank Of America Says / Naira Loses To Dollar, Closes At 419 In "Official Market" (2) (3) (4)
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Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by Cromagnon: 1:12pm On Jun 15, 2023 |
Ogene001:lngige was presidential target. Tinubu is the presidency |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by imbless: 1:17pm On Jun 15, 2023 |
GoodGovernance:It's too bad and I pity you because your yardstick for measuring intelligence is English. I used pidgin in my comment, didn't that tell you that I'm not here to blow grammar, but to state the fact!! Naira cannot rise if Nigerians continue to depend on imported goods. If we do not export more products to boost our fx reserve, if there's no favourable government policies and amenities to encourage production and consumption of locally made products. Una be the same people wey hail tinubu when he said that the CBN should print more currency note during COVID-19. See as u dey blow grammar as if u know jack about economics even if they like make Dem float naira till eternity, naira will not appreciate against USD if dollar continues to be scarce and the demand for dollar still high. USD is scarce because we don't export more to boost our reserves, the demand for dollar is high because we import more ( this even includes going abroad for education and medical care) and we import more because government policies (including lack of social amenities) do not encourage local productions. You said floating of naira will curtail excessive demands of USD on a daily basis WTF If Dem handle FX scarcity first by exporting more and encouraging local productions, then automatically the excessive demands for USD will be insignificant. Floating of naira is good but the timing is wrong, there are no shortcut to this type of thing, taking shortcuts will make good policies to be counterproductive. |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by Nicenixon: 1:23pm On Jun 15, 2023 |
BloomingDale:and thunder fire you and your own generation. |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by lexy2014: 1:26pm On Jun 15, 2023 |
KingKO22: Did you read the story? According to data from FMDQ OTC Securities Exchange, the local currency opened at N471.67 to the dollar, depreciating to N755 after the float, then recovering to N664.04 at the close of business. |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by jesmond3945: 1:27pm On Jun 15, 2023 |
optimusprime2:yea. Demand for imported goods will call. This will drive investment to make things locally. Nigeria is slowly becoming a full fledged capitalist country like usa. |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by lexy2014: 1:27pm On Jun 15, 2023 |
forgiveness: Magical in what way? Pls read the story again. The dollar is now more expensive than it was before |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by Nicenixon: 1:27pm On Jun 15, 2023 |
Ogene001:your mistake is comparing Anambra, just a state to Nigeria, a whole country. The difference is clear and big. |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by lexy2014: 1:28pm On Jun 15, 2023 |
fayomim: What is the bank rate? |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by loswhite(m): 1:29pm On Jun 15, 2023 |
Kenneth4u205:Educate yourself with the new policy. floating the naira will remove the need of black market. It means you can get the dollar from the bank at the prevailing rate. |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by loswhite(m): 1:31pm On Jun 15, 2023 |
grandstar:They should sell to market that they are trying to eliminate.....lol. you dey smoke weed? Keep this your kitchen policy for cupboard. |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by loswhite(m): 1:34pm On Jun 15, 2023 |
grandstar:Lets assume you need 100 usd from the bank and your gtb naira card does not have limit. will you still go to hausa quarter? 1 Like |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by BloomingDale(f): 1:40pm On Jun 15, 2023 |
Nicenixon:
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Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by Mitsurugi(m): 1:42pm On Jun 15, 2023 |
theophorus: One day you guys will tire of this rhetoric |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by imbless: 1:55pm On Jun 15, 2023 |
Biodun556:Sir please be true to yourself, naira has been devalued with no measure to ensure that it will recover. Also dollar is scarce because nothing is bringing in FX except crude oil, we depend heavily on importation and reckless government policies by finance ministry and CBN has been counterproductive, which has in turn depleted our reserves. |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by optimusprime2(m): 2:02pm On Jun 15, 2023 |
jesmond3945:I see where you are going bro. Note that there are two main issues that will propel inflation further; -1 The power sector: Local industries will still suffer the expense of production due to the supply of power, that is still directly related to oil and gas prices (generators). Cost price increase. -2 Transport and logistics costs are still directly related to oil and gas prices and this affects the masses directly. Cost price increase. As for the capitalism model, yes! you couldn't have said it any better. The only thing is that in capitalism, the poor will be obliterated literally and the poverty index in Nigeria, is just toooo high to risk going that direction of full fledged Capitalism. |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by Ttipsy(f): 2:03pm On Jun 15, 2023 |
I see further decline Wao |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by sukkot: 2:06pm On Jun 15, 2023 |
Nonybb:better change it back to naira quick before it gets to 1 to 1 1 Like
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Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by Ay04z(m): 2:10pm On Jun 15, 2023 |
We still trading 770 in d oda room |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by wifeesnatcher(m): 2:11pm On Jun 15, 2023 |
Ogene001: that's Ngige and Anambra state, Peter obi is never a threat pre election to post election you people are naive, Ngige this and that, we are talking about national election, not igbo election that you face one basket |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by MeineMutter: 2:15pm On Jun 15, 2023 |
Kenneth4u205: That’s black market rate. That doesn’t affect decision making of investors and exporters/importers who use the officer exchange window. This latest developments can help foreign investors to know whether or not to invest in Nigeria because they now have easy access of moving around their money. |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by olaadenigeria(m): 2:15pm On Jun 15, 2023 |
Am beginning to have hope for this country
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Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by MeineMutter: 2:20pm On Jun 15, 2023 |
Alwaysachick: Yes. Cost of living will reduce. Importers will be able to import more for less. They will be able to import quality things, instead of the inferior we are used to. It is only people living in diaspora that will not like this because any foreign currencies they remit back to Nigeria will fetch them lesser Naira and if things continue like that for close to 5 years, it will make less sense to travel abroad and hustle. |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by Maski87: 2:22pm On Jun 15, 2023 |
KingKO22: |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by Maski87: 2:24pm On Jun 15, 2023 |
loswhite:But the bank has to have the dollar to sell remember you can't print the dollar as you print naira |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by GreaterFuture(m): 2:26pm On Jun 15, 2023 |
Flets:Should this Become the case, Will CBN be supplying it at that 1000/$ rate? |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by Maski87: 2:29pm On Jun 15, 2023 |
Floating of naira is good but the timing is wrong, there are no shortcut to this type of thing, taking shortcuts will make good policies to be counterproductive.[/quote] Very intelligent analysis, but you are responding to people who have been paid by the administration to decieve |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by Maski87: 2:29pm On Jun 15, 2023 |
loswhite:But the bank has to have the dollar to sell remember you can't print the dollar as you print naira |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by Flets: 2:38pm On Jun 15, 2023 |
GreaterFuture: CBN already told you they will sell at market rate. If they sell at a lower rate, that means its no more floating. That means we are back to where we started if CBN sells at a rate lower than market rate because everyone will target same CBN FX. Nigeria does not have sufficient FX supply to float the exchange rate |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by jesmond3945: 2:38pm On Jun 15, 2023 |
Yea i agree with you. Thats why govt have to step in immediately. optimusprime2: |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by MeineMutter: 2:51pm On Jun 15, 2023 |
jesmond3945: Yes. China may not really benefit under this government, if things continue this way. May be that’s why the US and the Europeans are trying to warm back into the heart of Nigeria through Tulumbu 😁. |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by WantsandMore: 3:02pm On Jun 15, 2023 |
Nonybb:Why didn't you sell at premium? |
Re: Naira Begins Recovery After Float, Closes At ₦664/$ At I&E Window by darealez(m): 3:11pm On Jun 15, 2023 |
Kenneth4u205: $ is quoted at ₦793.94, where do you buy? |
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