It will still favor importers

I think the common man can understand this clearly and better unlike the earlier statements full of economic registers

Those clowns hiding under the disguise of Obidients supporting OBI won’t like this… they want Nigeria destroyed for the benefit of their biafla… but it will never happen. We have hit raw gold with Tinubu.

Nigeria will be better again… meanwhile those of you that have been lawless for a while now should better change. Something great is about to happen in this country and it won’t accommodate anyhow people.

When will naira cards work on dollar sites again?

Aboki go still dey business, which is good...
But wahali Custom need reforms , this idea of having huge revenues coming from import is sickening and government though are putting good policies out there, the stability of those policies really matters, thank God Alhaji has taking away our shame with respect to Oil imports, but 24/7 electricity will also be a game changer for our country productive life.

Acekidc4:
💸💵💰🇳🇬
This Country is going to be very Great under the Watch of President BOLA AHMED TINUBU!! This i Have Seen!!

With all this confusion

Dialpad:
All we want to know is that, can we spend our dollars on our naira cards.

I am sure many want answers to this question.

If that's why you opened this thread, click the like button

I actually tried my card today on different sites but it wasn't successful

SpatialKing:


With all this confusion

Where is The Confusion??

[quote author=CrazyGranddad post=123841747]Forex this. Sack that. Sign this.

Simple question.

As a Nigerian, has your life been easier in the last 3 weeks?[/quote you are looking for three weeks miracle that means you need brain reset

Acekidc4:
💸💵💰🇳🇬
This Country is going to be very Great under the Watch of President BOLA AHMED TINUBU!! This i Have Seen!!

To be honest, I don’t understand this policy.
Is there a single rate or we still using aboki rate and cbn rate??
That’s the question

PROSPERITY GROWS WHEN IT IS SHARED

Egoat:
In a layman's language please?

Over the counter FX trading is allowed. A buyer privately contacts a seller via a broker, a sell and buy price is agreed and exchange takes place immediately. This is the only certified exchange.

This therefore eliminates multiple exchange rates.

Acekidc4:
💸💵💰🇳🇬
This Country is going to be very Great under the Watch of President BOLA AHMED TINUBU!! This i Have Seen!!

Oga, explain your understanding of the stated cbn policy as listed above and how it effects Nigerians.
Which one is the praise singing?

JoshTim:


Over the counter FX trading is allowed. A buyer privately contacts a seller via a broker, a sell and buy price is agreed and exchange takes place immediately. This is the only certified exchange.

This therefore eliminates multiple exchange rates.

You sound knowledgable but from your write up, it still means there is no fixed exchange rate

lexy2014:
Tinubu asslickers pls come and praise Tinubu for this even though you might not understand what CBN is saying

you are here again haha I sight you ... Well you can keep wailing. It's a nesecary nuisance.

JoshTim:


Over the counter FX trading is allowed. A buyer privately contacts a seller via a broker, a sell and buy price is agreed and exchange takes place immediately. This is the only certified exchange.

This therefore eliminates multiple exchange rates.

Is the above not still blackmarket? As in a willing buyer, willing seller?
What I thought with the devaluation of the naira will be that I can walk into the bank, buy dollars at the bank rate since it now open market. For where? You still have to go to the cbn site to apply for pta etc, get approval etc. Seems nothing has changed so far except that the price at which it will be sold to you had increased.
Abi have you experienced something else?

glojid:


You sound knowledgable but from your write up, it still means there is no fixed exchange rate

What exist is the importer and exporter exchange rate...it is stated. So, it means people that cannot buy or sell at this exchange rate can have private dealings called "willing buyer, willing seller" where exchange price can be agreed and transaction take place. There are rules governing over the counter exchange rate where buyers and sellers privately and contractually agree. Bureau dey change/Abokis are unregulated. So they can create hoardings, they can drive price by fictitious voluminous tradings, malfeasances etc.

This is wrong.
Anything denied officially will find its way to alternate market sources and will fuel it making the CBN continually chase the black market rate which will destabilize it.

Free exchange of currency aka free market means exactly that.
When you start building road blocks, blocking rivers you build up the kind of pressures seen in a dam with serious consequences if it fails.

This is where the good governance and the right economic policies I have been advocating for to compliment reforms is badly needed. We must begin to produce what we import as an active policy by the right kind of carrots and sticks.

Pythagoras001:
This would only create more black market.

Exactly!! This was the cause of the rate difference in the first instance!!

nedekid:

Is the above not still blackmarket? As in a willing buyer, willing seller?
What I thought with the devaluation of the naira will be that I can walk into the bank, buy dollars at the bank rate since it now open market. For where? You still have to go to the cbn site to apply for pta etc, get approval etc. Seems nothing has changed so far except that the price at which it will be sold to you had increased.
Abi have you experienced something else?

There are rules governing over the counter market. The same thing with stock trading, there are over the counter dealings but they are still regulated. It is completely different from Aboki FX traders.

Dialpad:
All we want to know is that, can we spend dollars on our naira cards.

I am sure many want answers to this question.

If that's why you opened this thread, click the like button

This is what we want to know because I am tired of all these virtual cards.

Infact, i think this new regulation still provides for forward hedging..
.where buyers and sellers agree to exchange FX at certain price at certain date in the future to prevent losses.

nedekid:

Is the above not still blackmarket? As in a willing buyer, willing seller?
What I thought with the devaluation of the naira will be that I can walk into the bank, buy dollars at the bank rate since it now open market. For where? You still have to go to the cbn site to apply for pta etc, get approval etc. Seems nothing has changed so far except that the price at which it will be sold to you had increased.
Abi have you experienced something else?

This is what JP Morgan was implying. The official rate has just been raised not floated. The naira is still tethered to whoever has it. The market is still not free. And as they say, as long as this scenario remains foreign cash inflows will pussy foot.

It is like the fuel subsidy drama. Raising the price is not the same as subsidy removal or free market. The test comes in response to international forces of trade, etc. Same as the naira.

This people praising Tinubu did not understand that they have been scam with this directive from CBN

INTEGRITYA1:
Non eligible items are items that were previously banned by Buhari lead administrative. It means all the items are not permitted to be traded on I & E Windows. They are not legit. Local productions to be encourage.
Rice, toothpicks, cement, furnitures, textiles and so on.
Make Tinubu remove Rice from the banned items ooooo.

Why should Tinubu remove Rice from banned items. I thought the according to the propaganda being churned out by the last administration, investment made like the anchor borrower scheme in rice local production will ensure rice sufficiency. Don't forget Buhari commissioned rice pyramids

Any item that cannot be funded through the official window should be completely banned

The CBN should not ban any import from access to fore. We must find the true value of the naira. We must find the real bottom of the pit we have dug for ourselves for 60 years. To cure this cancer the surgery must be absolute or it is a waste of time.

KingsCity:
Any item that cannot be funded through the official window should be completely banned

That is if you can live without them.

fergieboy:
Chai form Q business don close o

blood money don close.

chisomkachy:
.

So simply put that the official trading rate is now the I&E window. As at yesterday, it was #650 at the floor. If i get the article right, every fx trxn now happens at either I&E window(more or less official) and the parallel market. It means GVT will not touch it reserves again to subsidize fx to its citizens. This should increase our foreign reserve.