₦airaland Forum

Banie:
This will no doubt go a long way for medium scale businesses

Yankee101:
1.The French are taking over
2. It’s a big shame the naira was so much bigger than the CFA we didn’t accept it back then. You could go to Cotonou with Naira to buy a car
3. APC especially under Tinubu has bastardized the Naira. Buhari was a wreck. But Tinubu is a complete wreckage

femisplash:
https://www.thecable.ng/cbn-approves-cfa-for-repatriation-of-export-proceeds/

iichidodo:
[color=#1986BC] CFA is the strongest currency in West Africa, it is fair to say we need them...[/color]

Yankee101:
1.The French are taking over
2. It’s a big shame the naira was so much bigger than the CFA we didn’t accept it back then. You could go to Cotonou with Naira to buy a car
3. APC especially under Tinubu has bastardized the Naira. Buhari was a wreck. But Tinubu is a complete wreckage

Yankee101:
1.The French are taking over
2. It’s a big shame the naira was so much bigger than the CFA we didn’t accept it back then. You could go to Cotonou with Naira to buy a car
3. APC especially under Tinubu has bastardized the Naira. Buhari was a wreck. But Tinubu is a complete wreckage

Putindbutt:
See these zombidients, they have nothing but an empty box of head. Your little brain cannot understand the benefits of de-dollarizing the foreign exchange within the system. He's also China stooge for Naira-Yuan deal?, He's also Russian's stooge for joining BRICS?. very dumb people.


The key factor for us is naira stability. It's okay to have a two way deal but Nigerian exporters demand far more dollars than any of the francophone countries.

BreconHills:
The reserves are not simply a savings account. It is also the place from which we pay out foreign obligations such as bond coupons, interest payments, mnc dividends etc. If these payments are not made then Nigeria credit rating will drop which will increase the cost of business.

So the drop to $39bn is nothing to worry about and it is not due to defence of the naira.

porthouse7:
of dollar dey go down CFA will also go down, CFA is pegged to the Dollar, the CFA countries are not doing anything better than Nigeria economically

femisplash:
https://www.thecable.ng/cbn-approves-cfa-for-repatriation-of-export-proceeds/

porthouse7:
if dollar dey go down CFA will also go down, CFA is pegged to the Dollar, the CFA countries are not doing anything better than Nigeria economically

femisplash:
In simple terms, this new policy allows Nigerian exporters, particularly those trading with Francophone West African countries, to receive payments in CFA francs. This will help reduce the dependency on the US dollar for international transactions within the west African region.
The CBN’s decision comes amid persistent forex shortages in Nigeria, which have hampered the smooth repatriation of export earnings. Exporters can now bypass the hurdles associated with converting their earnings into dollars before accessing the naira. This is expected to enhance trade efficiency and boost Nigeria’s non-oil export revenues.

This also aligns with the African Continental Free Trade Area (AfCFTA) objectives and further boosts promoting intra-African trade.
Trust me, it is a game changer for Nigerian exporters, especially for SMEs who are often faced
with delays and losses due to forex bottlenecks,
This policy is particularly beneficial for exporters of agricultural products, solid minerals, and manufactured goods, who frequently engage in trade with neighboring countries like Benin, Togo, Niger, and Cameroon. These nations, which use the CFA franc, are key trading partners under ECOWAS framework.

The CBN will as a matter of importance, set an framework for the exchange rate mechanisms to mitigate exchange rate volatility and ensure transparency for both currencies.
According to COMTRADE, the trade export to Niger Republic, Togo, Cameroon, Benin was in volume of over half a billion dollars ( over $500 million dollars), it's quite significant.
This arrangement is similar to the $2 billion Nigeria-China swap deal, which will begin as soon as its frameworks are finalized.

femisplash:
In simple terms, this new policy allows Nigerian exporters, particularly those trading with Francophone West African countries, to receive payments in CFA francs. This will help reduce the dependency on the US dollar for international transactions within the west African region.
The CBN’s decision comes amid persistent forex shortages in Nigeria, which have hampered the smooth repatriation of export earnings. Exporters can now bypass the hurdles associated with converting their earnings into dollars before accessing the naira. This is expected to enhance trade efficiency and boost Nigeria’s non-oil export revenues.

This also aligns with the African Continental Free Trade Area (AfCFTA) objectives and further boosts promoting intra-African trade.
Trust me, it is a game changer for Nigerian exporters, especially for SMEs who are often faced
with delays and losses due to forex bottlenecks,
This policy is particularly beneficial for exporters of agricultural products, solid minerals, and manufactured goods, who frequently engage in trade with neighboring countries like Benin, Togo, Niger, and Cameroon. These nations, which use the CFA franc, are key trading partners under ECOWAS framework.

The CBN will as a matter of importance, set an framework for the exchange rate mechanisms to mitigate exchange rate volatility and ensure transparency for both currencies.
According to COMTRADE, the trade export to Niger Republic, Togo, Cameroon, Benin was in volume of over half a billion dollars ( over $500 million dollars), it's quite significant.
This arrangement is similar to the $2 billion Nigeria-China swap deal, which will begin as soon as its frameworks are finalized.

Chimarto:
What about cedis?

IMAliyu2:
A good thing.
I can’t say I know enough about Tinubu's admin, but I've found I approve of alot of the actions of CBN under his admin.

femisplash:
In simple terms, this new policy allows Nigerian exporters, particularly those trading with Francophone West African countries, to receive payments in CFA francs. This will help reduce the dependency on the US dollar for international transactions within the west African region.
The CBN’s decision comes amid persistent forex shortages in Nigeria, which have hampered the smooth repatriation of export earnings. Exporters can now bypass the hurdles associated with converting their earnings into dollars before accessing the naira. This is expected to enhance trade efficiency and boost Nigeria’s non-oil export revenues.

This also aligns with the African Continental Free Trade Area (AfCFTA) objectives and further boosts promoting intra-African trade.
Trust me, it is a game changer for Nigerian exporters, especially for SMEs who are often faced
with delays and losses due to forex bottlenecks,
This policy is particularly beneficial for exporters of agricultural products, solid minerals, and manufactured goods, who frequently engage in trade with neighboring countries like Benin, Togo, Niger, and Cameroon. These nations, which use the CFA franc, are key trading partners under ECOWAS framework.

The CBN will as a matter of importance, set an framework for the exchange rate mechanisms to mitigate exchange rate volatility and ensure transparency for both currencies.
According to COMTRADE, the trade export to Niger Republic, Togo, Cameroon, Benin was in volume of over half a billion dollars ( over $500 million dollars), it's quite significant.
This arrangement is similar to the $2 billion Nigeria-China swap deal, which will begin as soon as its frameworks are finalized.

femisplash:
https://www.thecable.ng/cbn-approves-cfa-for-repatriation-of-export-proceeds/

Urgent1Million:
Dedollarisation has commenced in earnest.
A step in the right direction, but should've been a stronger currency.
The Ghanaian Cedi for instance, is much stronger than the CFA.
I hope there's no hand of France in this.

NothingDoMe:
The dollar isn't going down; the naira is appreciating. These are not the same.

NothingDoMe:
The dollar isn't going down; the naira is appreciating. These are not the same.

obataokenwa:
We dey wait to see the outcome of the romance with France of recent.

Imagine if BAT win second tenure and got nothing to win again fron Nigerians. He will so deal with people eh...kai that man sha.

I feel for Nigerians anyway cos they have president that's interested in building empire. We await to see how the son will be governor even though the guy looks good and refined sha. I have nothing against him cos he has a good record

femisplash:
In simple terms, this new policy allows Nigerian exporters, particularly those trading with Francophone West African countries, to receive payments in CFA francs. This will help reduce the dependency on the US dollar for international transactions within the west African region.
The CBN’s decision comes amid persistent forex shortages in Nigeria, which have hampered the smooth repatriation of export earnings. Exporters can now bypass the hurdles associated with converting their earnings into dollars before accessing the naira. This is expected to enhance trade efficiency and boost Nigeria’s non-oil export revenues.

This also aligns with the African Continental Free Trade Area (AfCFTA) objectives and further boosts promoting intra-African trade.
Trust me, it is a game changer for Nigerian exporters, especially for SMEs who are often faced
with delays and losses due to forex bottlenecks,
This policy is particularly beneficial for exporters of agricultural products, solid minerals, and manufactured goods, who frequently engage in trade with neighboring countries like Benin, Togo, Niger, and Cameroon. These nations, which use the CFA franc, are key trading partners under ECOWAS framework.

The CBN will as a matter of importance, set an framework for the exchange rate mechanisms to mitigate exchange rate volatility and ensure transparency for both currencies.
According to COMTRADE, the trade export to Niger Republic, Togo, Cameroon, Benin was in volume of over half a billion dollars ( over $500 million dollars), it's quite significant.
This arrangement is similar to the $2 billion Nigeria-China swap deal, which will begin as soon as its frameworks are finalized.

NothingDoMe:
Makes sense.

Make dem fast oh. Our reserves don drop go 39bn which i strongly believe is due to the defense of the Naira.



If you're making enough, you don't need to touch your savings; you'll keep topping them up.

I have savings that I haven't touched because my income from work and business meets my needs, and I have excess to top up my savings.

Comprendes?

EXOUSIAng:
I think you are the one who doesn't understand what reserve is for.
He just explained to you that reserves are npt just for savings yet you still went all about talking about savings....

There is not wisdom in playing woke when you are deep in ignorance

NothingDoMe:
You've said so much and yet said nothing.

Typical Tinubu supporter with multiple monikers, working to get paid without understanding the full context of what they are defending.

I repeat, you won't have to touch the reserves if you have enough to settle your obligations. The reserves has been on a steady rise even with obligations for months.

Then starts dipping again. So it's either you've taken up more obligations like the defense of the Naira or taken new loans.

Either way you don't have enough FX to sustain the steady rise of the reserves and still meet your obligations.

NOTE: This explanation is not just for you but for others as well that need to make informed financial decisions.

EXOUSIAng:
I also have a sick dog who back around even when nothing is happening.
He is to be taken away next week.
Stay in your cage, maybe you won't become a stray