₦airaland Forum

Toks2008:
I keep reiterating that until the yuan is also introduced, we may see a further appreciation of the dollar against the naira.

Majority of people who buy dollars are importers from Japan and China so if the yuan is integrated, the demand on dollar will drastically reduced thereby forcing a sharp appreciation of the naira.

Absolutely correct.

Tommorow, they will set it at N1=$1

Remember the Dullard of Daura promised Zoogerians that.

babosky2008:
You are making a big mistake in a dreamland.Have you ever heard of corporate conspiracy? This happened in the NSA. ..THE BANKING SECTOR, I can say it, the financial institutions will conspire to defraud Nigerians within 3 months of the kick off. They now see dz as an avenue to make up all the profits dt delude dm as a result of global oil crash. Mark my words, the financial institutions are only after profit making, they would end up selling the dollar above 400 b4 the ending of October. This people are very greedy and wicked, we are a nation dt imports almost 85%of our domestic needs. Remember, dz same ppl told government of Nigeria to stopped paying western union. moneygrams and others in foreign currencies, after paying you the naira equivalent. ..they sold your foreign $€£ at an exorbitant price .This is the beginning of recession, A kind of set up for PMB. .....Let's wait and pray for the best for our darling nation.

To some extent, I agree with you, but what you need to know is that corporate conspiracy can only happen in an oligopolistic market where there are few sellers and many buyers. At the moment all the commercial banks are approved to register as primary dealer, therefore forex now has a perfect market with many buyers and sellers and free market information. so what we are likely to see is a competition instead of conspiracy.
By end of October, I see dollar around 248-250 Naira, and that will likely be the equilibrium price

MKO4ever:
To some extent, I agree with you, but what you need to know is that corporate conspiracy can only happen in an oligopolistic market

oligopolistic...let us all wait till Monday and beyond....

dennisworld1:
nor understand. Went to UBA yersteday saw buying rate 196 and selling rate 199. At their board. Someone should make me understand

they will buy it cheap from u! To mk gain wen they sell it, and blive u me they wnt sell it at that 199, they sell at black market rate of 350-370.

See grammar...

Primary dealers can handle volumes of $5 million between themselves as the standard order size and can trade up to $1 million with any other dealer, the source said

'between themselves or among themselves'? no wonder the economy is bad.

MKO4ever:
To some extent, I agree with you, but what you need to know is that corporate conspiracy can only happen in an oligopolistic market where there are few sellers and many buyers. At the moment all the commercial banks are approved to register as primary dealer, therefore forex now has a perfect market with many buyers and sellers and free market information. so what we are likely to see is a competition instead of conspiracy.
By end of October, I see dollar around 248-250 Naira, and that will likely be the equilibrium price

good point...people like u are needed here not those gworo chewing ass washing folks.

abhosts:
The Banks have been setting their own rates since the Naira Decline Started.

All this Grammar just to tell us things would remain the same.

names of those banks should have been mentioned.

And what have setting the rates by these Commercial banks in Nigeria done to help the Naira appreciation?