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Nairaland Forum / Nairaland / General / Business / Banks Under Pressure From Industry Groups To Deepen FX Market (9680 Views)
Naira Gains As CBN Injects $210m Into FX Market / CBN Injects $280M Into FX Market, Increases Sale To Bdcs / CBN Pumps Fresh $80m To FX Market For School Fees, PTA (2) (3) (4)
Banks Under Pressure From Industry Groups To Deepen FX Market by Adesiji77: 4:32pm On Apr 12, 2016 |
Nigerian banks are under pressure to revive two-way trading in the country’s foreign exchange (FX) market after it became clear that there were no legal impediments to them doing so, sources familiar with the matter tell BusinessDay. http://businessdayonline.com/2016/04/banks-under-pressure-from-industry-groups-to-deepen-fx-market/ |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by ngmgeek(m): 7:04pm On Apr 12, 2016 |
La La la La Travel Travel Travel 6 Likes |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by babyfaceafrica: 7:05pm On Apr 12, 2016 |
K |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by gabazin080(m): 7:05pm On Apr 12, 2016 |
This is not our problem right now, we need fuel |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by frankobaba(m): 7:06pm On Apr 12, 2016 |
Indeed 1 Like
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Re: Banks Under Pressure From Industry Groups To Deepen FX Market by grandstar(m): 7:06pm On Apr 12, 2016 |
“The CBN should desist from fixing the exchange rate at a level the reserves cannot support. They should adopt a more flexible exchange rate regime. What this means is that they should allow the market fundamentals (the forces of demand and supply) determine the exchange rate.” Yusuf added that the CBN should watch the growth of money supply, as excessive growth in money supply will weaken the naira currency. “Exporters and investors are holding on to foreign currency, as no one would sell at the rate the government is setting, while the government does not have the reserves to keep the exchange rate at its official level in the market”, Lamido Sanusi CBN governor from 2009 to 2014, said in a recent interview. The above exposes why Buhari's pegging of the exchange rate is a monumental failure. It has led to artificial scarcity of forex. The epic petrol scarcity was caused by the lack of forex by private marketers to import fuel and supplement governments efforts The banks can not publish the true rates they do some transaction because it will expose round tripping! It is best banks simply stand up for their rights and not be bullied by the CBN governor, Buhari! 6 Likes 1 Share |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by MrPresident1: 7:06pm On Apr 12, 2016 |
Me sef I wan collect FX loan, I wan open ile ise sementi ati ile ise flowa Mo fe na wo fun mama mi mo fe fe eseosa aye ni miami mo fe lo wo bi Adenuga mo fe ra Gulfstream bi Dangote awo Bill Gates olowo aiye 2 Likes 1 Share |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by sLentlover7778(m): 7:07pm On Apr 12, 2016 |
Make them sell this country (Nigeria) and give everybody thier own shares.. That's the only way.... 4 Likes |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by ngmgeek(m): 7:08pm On Apr 12, 2016 |
kk |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by telim: 7:08pm On Apr 12, 2016 |
Buhari oh... Their is know fuel and light in my area. what kind of change is this for God sake. Even bear way I being they use cool my temper hot like say they put am for ovum. May God help Nigeria... 1 Like |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by mytime24(f): 7:08pm On Apr 12, 2016 |
Wen is buhari cmin back 1 Like |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by joey150(m): 7:08pm On Apr 12, 2016 |
Just as long as you chasing money..do whats right and never give up on it |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by Firefire(m): 7:14pm On Apr 12, 2016 |
Bubuhary is on a foreign trip... 4 Likes |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by 4nobody4every1: 7:20pm On Apr 12, 2016 |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by lonelydora: 7:27pm On Apr 12, 2016 |
Though tribulations may tarry for the night but joy cometh in the morning. I still believe in this government. 1 Like |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by yomalex(m): 7:40pm On Apr 12, 2016 |
Okay |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by hotmolo(m): 7:41pm On Apr 12, 2016 |
mytime24:wen will he visit u mean? 1 Like |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by Ibangap(m): 7:41pm On Apr 12, 2016 |
telim: Firefire: mytime24:. I bet these ones didn't even bother reading, not to talk of comprehending what the above article contained. @Topic, one really needs to get a hold of this Fx act. So one can actually know who is trampling on whose rights. 2 Likes |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by DBossNG(m): 8:28pm On Apr 12, 2016 |
Hmm..... |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by miqos02(m): 8:43pm On Apr 12, 2016 |
ok |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by OlujobaSamuel: 8:52pm On Apr 12, 2016 |
good. this is what people ought to be doing, constructive criticism with alternative to the status quo, not the devaluation noise. the last administration devalued twice, yet we are still in this shitt, same set of people that shouted devaluation then still want us to tow that line. pa bubu and godiwin, pls let bank follow this route if it's not against the law as cited. |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by Empiree: 9:07pm On Apr 12, 2016 |
MrPresident1:Olohun A Gba Be o. Ameena I Don't Even Think Higher Exchange Rate Should Drive Up Prices Of Goods At Local Market Except For International Traders In Import And Export. I doubt Nigerian Govt Will Be Able To Handle This Challenges Of High Rate. They Should Rather, In My Opinion, Regulate Local Businesses. It Is Extremely Difficult To Fight IMF. Anyone Think This Devaluation Of Naira Happening By Accident?. I Don't Think So. It Is A Remote Devaluation By Oga At The Top. Keep Your Eyes Out While $ Reaches #400. It Is Quiet Positive Thing For Diaspora Brothers/Sisters. 1 Like |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by onatisi(m): 9:17pm On Apr 12, 2016 |
sLentlover7778: 3 Likes
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Re: Banks Under Pressure From Industry Groups To Deepen FX Market by masseratti: 11:15pm On Apr 12, 2016 |
Av being saying this since last year during the election, the exchange rate went up 25% under a month before the election,the CBN should stop fixing the price of the naira,let the IOCs sell directly to the banks or bdc,fixing FX is same as fuel subsidy,the us federal reserve do not fix the price of the dollar. |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by Zdoh(m): 11:20pm On Apr 12, 2016 |
Can I say am lost?Is this the direction of the economy or what? |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by Infinitikoncept(m): 11:12am On Apr 13, 2016 |
My grudge is against Naija banks claiming they got USD @ other sources apart from CBN so they sell @ whatever price they feel but when you want to collect your money gram, western union money or USD from your dorm they tell you its official buying rate & I wonder who is the scammer here. Why is CBN turning a blind eye to allocation of USD to banks & allowing them charge as much ad 330# above black market. If banks receive forex through t/t, western union, money gram, dorm account transfer but they will tell you we don't send USD out while others will even deactivate their cards from been used for international transactions what exactly are they using the Fx inflow for? There is deep corruption in our banks |
Re: Banks Under Pressure From Industry Groups To Deepen FX Market by diva90: 1:35am On Apr 14, 2016 |
Infinitikoncept: Even western union is a scam currently. There's no longer any such thing as official rate in nigeria anymore. Sent WU to the US, N190,000 and recipient picked $754. Meaning WU was given to her at a rate of N251 per $... Meanwhile actual rate is supposed to be N193 per dollar. I really think that the FG needs to look into these issues. There's no other route to get genuine forex at bank rate. So unfortunate |
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