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Nairaland Forum / Nairaland / General / Business / Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window (33511 Views)
Naira Appreciates To ₦1,280/$ At Parallel Market / Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window / Forex Transactions On Investors & Exporters Window Hit $7.62bn (2) (3) (4)
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Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by lawani: 8:53am On Jun 21, 2023 |
They will continue to devalue the naira so far they have majority dollar revenue and majority naira expenditure and they will do it more when there is a drop in the price of oil. That should be expected. Apart from having dollar revenue and naira expenditure, all countries with low revenue per Capita because of no income tax always inflate their currency faster than those with high revenue per Capita and that is also normal. What is bad that must stop is how government sells dollar at a much lower rate to sone people inside the same economy!. Let everybody buy at the same rate. No matter that rate. Then they have no right to restrict people's access to their own forex. More than seventy percent of forex is not oil money but the government is trying to control everything. If you let people control their dollars, withdraw cash and etc, the price will drop unless they inflate the naira again. 1 Like |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by Agbegbaorogboye: 10:27am On Jun 21, 2023 |
abbey621:Well, you're the one who introduced ad hominiem of claims of "years of economic and fiscal abuse". If you had stuck to the present, I won't have taken you down memory lane. So he's directly responsible for the present rise in cost of living and economic gloom of the average citizens presently. |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by grandstar(m): 11:46am On Jun 21, 2023 |
seborrhic: You wrote brilliantly. If thr Naira made a rebound, it may indicate the Naira might have found its true value. It's worrying fall might have ended. I'm hoping company tax could be reduced below 20% or even 15%. This should bring in an huge inflow of both FDI and portfolio investment into the country. However, this government came in just as the global economy was sputtering and would adversely it. 2 Likes |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by grandstar(m): 11:49am On Jun 21, 2023 |
oneman2k7: Floating means it can go up and down. Also, the present exchange rate discourages roundtripping. 1 Like |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by grandstar(m): 12:02pm On Jun 21, 2023 |
Accessed: The sooner the subsidy is gone, the better for the economy. The sooner the Naira is floated also. Waiting for the perfect time to implement "shock therapy" can never be perfectly timed. In nigerias case it should have been applied long ago. 2 Likes |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by adebayo987: 2:56pm On Jun 21, 2023 |
neduboo:no more black market because all rates are now unified. |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by Wildkat02: 3:09pm On Jun 21, 2023 |
ZUKKYY: I pity Nigerians honestly. We don suffer sotey, we no get sense again |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by didymario7(m): 3:12pm On Jun 21, 2023 |
abbey621: Lol. U talking about official retail channels. That one na market? Lemme give you just one example. All the foreign companies operating in Nigeria approach cbn to repatriate their profit back home through the IE window. We talking about billions of $$. Black market cannot handle that. All the abokis put together cannot raise the funds microsoft Nigeria needs to repatriate their profit back to Yankee. |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by Seun(m): 3:20pm On Jun 21, 2023 |
mediclife1987:Spread. The buying price is usually different from the selling price, and the difference is their profit. So they can buy at 760, sell at 762. 1 Like |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by abbey621(m): 3:26pm On Jun 21, 2023 |
didymario7: You just proved my point why official channel should be supreme to black market. If CBN gets its acts together through sound policies, less and less people will patronize black market. |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by didymario7(m): 3:34pm On Jun 21, 2023 |
abbey621: I never argued with you over the supremacy over the black market, go back and check. What I said is that as long as the 41 blacklisted items remain on the list, black market will still be very relevant, of which you said at a time black market was bigger than official channel, which is a big fat lie! |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by abbey621(m): 3:43pm On Jun 21, 2023 |
didymario7: Depends on how you define very relevant, that's not even my argument, all I'm saying is that official channel will become supreme and less people will patronize black market, from over 70% patronization to less than 20%. In sane countries black market is virtually non existent but in 9ja it is thriving because of CBN's incompetency. Once CBN and the government at large gets itself together, the value of black market becomes diminished! |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by didymario7(m): 3:46pm On Jun 21, 2023 |
abbey621: If they want to diminish it then they should get the over 41 items off the blacklist. Anything else, then we will just be moving in circles |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by abbey621(m): 4:12pm On Jun 21, 2023 |
didymario7: What are those 41 items and what percentage of forex black market transactions do they account for? |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by CyberHustle: 4:13pm On Jun 21, 2023 |
Seun:unlike when they bought at around 460 and sold 750. |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by lawani: 4:53pm On Jun 21, 2023 |
didymario7: Foreign companies operate in other countries too. The big problem is the attempt by government to control all forex and that is unfair. They should not even control all oil forex. Share the dollars to states so that a large chunk of forex will no longer be controlled by one institution. Government does not control forex in any efficient nation. The central bank only deal in the local currency. If there are many sellers, then the bottle neck will be removed. They don't need to black list anything. The control by government is the problem, then the power they have to print naira anyhow. 1 Like |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by VeeVeeMyLuv(m): 5:52pm On Jun 21, 2023 |
lawani:Well said the whole thing is purely artificial to a great extent of let's say 80%. They try to create an impression that dollar is scarce which is totally bullshit. That was how $ to naira climbed from ₦180 in Goodluck regime to over ₦700+ under APC Regime in just a space of 8 years! Now unemployment rate has reached all time high of >40%! very heartless fellows. The devaluation is mostly arbitrarily done. |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by crismark(m): 6:57pm On Jun 21, 2023 |
abbey621:Government can't just make USD easy to access na. It's not our official currency. |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by mediclife1987(m): 7:01pm On Jun 21, 2023 |
Seun: What a poverty stricken gain #2. |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by abbey621(m): 7:21pm On Jun 21, 2023 |
crismark: We are a country that imports 50 times than export, guess which currency we transact with when importing? USD! Emefiele already tried to limit dollars but guess what happened? DISASTER! |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by crismark(m): 7:37pm On Jun 21, 2023 |
abbey621:Bro.... You want dollar to be given to anybody at anytime Do you know the implications of that? |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by VeeVeeMyLuv(m): 8:00pm On Jun 21, 2023 |
crismark:But It was easy to access under PDP govt Why has it been so difficult to access under APC Regime? What changed? |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by abbey621(m): 8:05pm On Jun 21, 2023 |
crismark: We have anti money laundering rules, we have other policies in place, I don't see what you mean by dollars given to anybody at any time. If it is a legitimate business need, dollar should be easily accessible, no point in making the business/economic climate hostile! |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by lawani: 8:31pm On Jun 21, 2023 |
abbey621: Yes we don't export much goods but we have forex inflow. A huge one from remittances, online jobs, yahoo boys, farm produce, Nollywood and etc. Dollars from these channels is what is used to fund our imports. |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by abbey621(m): 8:58pm On Jun 21, 2023 |
lawani: We have just as much forex outflow from visa fees, student abroad with wealthy families in 9ja, those buying anything online including vehicles, loan serviced by the government, vacation and business travelers etc. My dad bought a G-Wagon from a dealer in the USA last year, guess which currency? Forget am, Nigerians dey spend dollar like it is pure water. |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by lawani: 9:25pm On Jun 21, 2023 |
abbey621: We are saying the same thing. Any dollar spent was part of what flowed in. All countries have forex inflow. If not from manufactured goods then from junk. Also from remittances, farm produce like cocoa, coffee etc. Oil I believe can't be up to thirty percent of forex inflow. Remittances should be more than oil. Even Nollywood maybe more than. No data. Does government have the right to control all?. Of course not because it is not their money. Can the Japanese government be dictating to Toyota how much to change their forex?. No they have power only over the yen |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by abbey621(m): 9:29pm On Jun 21, 2023 |
lawani: Yet you will never see Toyota patronizing the black market because it is virtually non existent! Nigeria is unique as the free market is only as free as the government allows aka NO SUCH THING! 1 Like |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by Honourable1901(m): 5:06am On Jun 22, 2023 |
bionixs: Chukudi is pained🤣🤣🤣🤣 |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by Cromagnon: 1:35pm On Jun 23, 2023 |
ZUKKYY:manufacturing Food Pencil Toothpick What does Nigeria produce yet na we buy iPhone and champagne pass Ppl are even importing bread and pizza fa |
Re: Naira Appreciates To N756.61/$ On Investors & Exporters' FX Window by Cromagnon: 1:36pm On Jun 23, 2023 |
VeeVeeMyLuv:how is this production You cannot deceive the market |
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