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Nairaland Forum / Nairaland / General / Business / CBN New Forex Rate Policy Announced (37296 Views)
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Re: CBN New Forex Rate Policy Announced by biggie73(m): 6:23pm On Jun 15, 2016 |
Communication is meaningless if the recipients don't comprehend. 5 Likes 1 Share |
Re: CBN New Forex Rate Policy Announced by Favored4gud: 6:24pm On Jun 15, 2016 |
Nigerian Govt as usual, NO TRANSPARENCY!! By 6/20 that's when they will announce the Interbank guidelines. No advance notice for ppl to make adjustment how things are done. May God deliver Nigeria from its Ignorance.... Jengem: |
Re: CBN New Forex Rate Policy Announced by onatisi(m): 6:26pm On Jun 15, 2016 |
This move would have made a lot of sense and proved very positive if the deaf dullard president had listened to sensible people advice that he should devalue the currency then,most likely the exchange rate may not have crossed the 280 or 300 naira mark ,but the deaf dullard kept saying the naira needed no devaluing. There is no way the naira wont reach 500naira mark because the nation is basically an import based one. To be honest ,despite the fact that I dont like osinbajo party or he himself but he has proven himself to be a more sensible and intelligent man than the kunu sipping dullard who has almost destroyed the nation economy due ignorance and dullness. 1 Like
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Re: CBN New Forex Rate Policy Announced by erico2k2(m): 6:28pm On Jun 15, 2016 |
Abagworo:Even if demands go up?dnt 4get we dnt print dollars |
Re: CBN New Forex Rate Policy Announced by biggie73(m): 6:29pm On Jun 15, 2016 |
wristbangle:...it implies $1 will likely be #1,003 before 30th June,2016. |
Re: CBN New Forex Rate Policy Announced by Nobody: 6:31pm On Jun 15, 2016 |
Built2last:explain what the op wrote in a lay mans term |
Re: CBN New Forex Rate Policy Announced by Owodiran1(m): 6:35pm On Jun 15, 2016 |
The question now is are we going to be buying things from foreign site now like pandawill.com or oppomart. Com |
Re: CBN New Forex Rate Policy Announced by Boss13: 6:37pm On Jun 15, 2016 |
biggie73: Laughs. This is a possible deduction if market forces permit it. However, I don't think it might get to that because one of the positive implications of this guideline is to increase the supply side of the foreign exchange. Since the government insisted that it would not devalue the currency to reflect currency economic woes, foreign capitalists refused to bring in their funds, this resulted to FX scarcity and the scarcity, in turn, gave rise to the present black market rate. Another positive implication is the reduction of rent seeker and speculators through the introduction of primary FX licensed dealers. My only concern is how would these guidelines curb money laundering. I know EFCC is doing a good job and now politics is not as interesting as it used to be in the past under previous administration, however, there may be room for money laundering. These guidelines will reboot our manufacturing sector back to Pre-Buhari emergence as president, please I did not say boost, but bring back to that point and hopefully, the frequent job losses will cease a bit. |
Re: CBN New Forex Rate Policy Announced by ozimec(m): 6:39pm On Jun 15, 2016 |
DropShot: Stop calling them after all you started the insult, "I doubt you have any credible certificate. Some certificates are not worth the piece of paper they're printed on. Yours surely is such. And get over the election loss trauma. The loss is irreversible." So ? |
Re: CBN New Forex Rate Policy Announced by Boss13: 6:41pm On Jun 15, 2016 |
Owodiran1: Yes you can. With this guideline, the restriction will be lifted hopefully and genuine transactions will be honoured by Banks. |
Re: CBN New Forex Rate Policy Announced by Owodiran1(m): 6:42pm On Jun 15, 2016 |
Boss13: Thanks for your reply |
Re: CBN New Forex Rate Policy Announced by Teenaira: 6:43pm On Jun 15, 2016 |
Davvymavvy: No, fantastically devalued. |
Re: CBN New Forex Rate Policy Announced by Nobody: 6:49pm On Jun 15, 2016 |
This is like saying that naira should fight in the ring without any help just referee. Naira will lose for along time before it picks up . 2 Likes |
Re: CBN New Forex Rate Policy Announced by skomolayo(m): 6:51pm On Jun 15, 2016 |
We guarantee monthly profit trading your forex account for you! |
Re: CBN New Forex Rate Policy Announced by Domislaz(m): 7:01pm On Jun 15, 2016 |
DropShot: DropShot: DropShot: DropShot: Why do folks like these guy chose to come online to display their ignorance and disgrace their generation? |
Re: CBN New Forex Rate Policy Announced by Doyin2(m): 7:01pm On Jun 15, 2016 |
Davvymavvy: And you are tactically wrong! Devaluation is a deliberate reduction in the value of Naira to a fixed and specific rate.E.g N300 to 1 Dollar. But what CBN has done is to allow market forces to determine the real value of the Naira which is unknown yet,to he determined by the forces of demand and supply. Thus the Naira could either appreciate or depreciate,determined by supply and demand. 1 Like |
Re: CBN New Forex Rate Policy Announced by berrystunn(m): 7:02pm On Jun 15, 2016 |
Jengem: Buhari am 100% sure, he will not understand. Hahaha hahahahah.... I have BSc in political science. I need someone to explain. I don't understand noting... I just want to know the benefits that all. |
Re: CBN New Forex Rate Policy Announced by biggie73(m): 7:04pm On Jun 15, 2016 |
Boss13:...Good theoretical analysis. Unfortunately, this is the real world Nigeria where theories die first on meeting Nigerian reality. All the economic theories in the world do not function in Nigeria scenario. Chill till then,buddy... 1 Like 1 Share |
Re: CBN New Forex Rate Policy Announced by gp6liveth(m): 7:05pm On Jun 15, 2016 |
These forex policies will amount to nothing if we keep discouraging local production and encouraging importation. These govt have done nothing to trigger non-oil exportation rather they keep killing the economy and threatening banks for retrenching. Allowing the market force to determine the exchange rate is something that the govt must think twice to embark though necessary and imperative but not timely. The spread from exchange rate will favour foreign currencies because we have import economy. Future and forward derivatives traded on the floor or OTC should be locked by dealers using offical rate to save the average Nigerian from paying more for less utility/product. |
Re: CBN New Forex Rate Policy Announced by Seamareggae(m): 7:07pm On Jun 15, 2016 |
lafuria1:This is the best summary so far... Thumbs up bro.... 1 Like |
Re: CBN New Forex Rate Policy Announced by abimic(m): 7:15pm On Jun 15, 2016 |
If this would make naira sensible, why wouldn't it be praised? FX is now market driven despite Govt trying to force a fixed market value which they can't control.... It's best it's market driven. Market driven or not, black market guys would still influence it at last except the banks are allowed free hands and at intervals checkmated by CBN. |
Re: CBN New Forex Rate Policy Announced by Starlet50(m): 7:16pm On Jun 15, 2016 |
Pls,jst tell me if it's good news or bad news.
If this means Naire has been devalued,is it to a very low level 1 Like |
Re: CBN New Forex Rate Policy Announced by DropShot: 7:17pm On Jun 15, 2016 |
ozimec:Saying facts is not insult. Try understand what an insult is. They already got their deserved ban anyway. |
Re: CBN New Forex Rate Policy Announced by agarawu23(m): 7:18pm On Jun 15, 2016 |
doyinisaac:what's good here? We are yet to know the exchange rate |
Re: CBN New Forex Rate Policy Announced by agarawu23(m): 7:23pm On Jun 15, 2016 |
lafuria1:Oga, na lie. Let's wait till Monday and see film. Parallel market will still operate cos CBN can't meet all our demands NEVER!!! All countries have parallel market for foreign currency not to talk of our big naija that depends on importation |
Re: CBN New Forex Rate Policy Announced by berrystunn(m): 7:36pm On Jun 15, 2016 |
lafuria1: Fantastically corrupt Government |
Re: CBN New Forex Rate Policy Announced by Doyin2(m): 7:37pm On Jun 15, 2016 |
agarawu23: So what's the parallel market rate for the Dollar and pounds in the US and UK respectively? Over sabi de worry you 2 Likes |
Re: CBN New Forex Rate Policy Announced by erico2k2(m): 7:39pm On Jun 15, 2016 |
Boss13:if th FG and CBN can boast that they can meet demands so why lie to us the teh shortage in FX was due to low crude oil sales and if thats not the case it means they are lying again like now. |
Re: CBN New Forex Rate Policy Announced by erico2k2(m): 7:41pm On Jun 15, 2016 |
Doyin2:today BDC buys frm me direct frm London £1=N505 mind you £1-$1.4smthing. |
Re: CBN New Forex Rate Policy Announced by lafuria1(m): 7:42pm On Jun 15, 2016 |
agarawu23:where will that parallel market get their dollars from and for how much? CBN won't be selling dollars to any bank at a fixed rate anymore, and it's only occasionally CBN will enter the market to sell dollars to anybody. With the floating policy, CBN won't be meeting anybody demand, CBN hand no dey, just occasionally when needs arise. The BDC and banks are now one and the same thing, what you gonna have is BDC and and banks selling and buying dollars at their own. |
Re: CBN New Forex Rate Policy Announced by anonimi: 7:49pm On Jun 15, 2016 |
DropShot: Where did you get the election loss trauma in his post. You need to stop being FIXATED on this and ensure that your DullardPoo delivers his campaign promises instead of SCAMMING the zombies who voted for him, not so www.nairaland.com/attachments/3041343_resize_jpeg_jpeg384963ae8ea3da4721c0ff0a90d0291d |
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