STILL WATCHING

Nonsense
I just bought dollar now now for 347 from abokiii

Gt bank and Zenith near me no get

Only Buhari and his 'American daughter' Aisha.

MadCow1:
I bought for 220 Today..

I'm not sure you've even touched a USD before

Kindly vote for this girl @lanicky....na my personal person. Just type I vote Lanicky. CCNLjega Voting Start By 10am That's the link below..fanks guyz. https://www.nairaland.com/3178760/miss- nairaland-contest-2016-elimination

damola311:


I'm not sure you've even touched a USD before

Wetin Concern USB with Dollars?



Abi you wan use USB transfer Dollars?

Buhari, Aisha, Zarah are buying at that price.
Osinbajo is buying at 280,
amaechi and fashola are buyin at 285
Oshiomole and Rochas at 290
Seun Mynd44 and lalasticlala at 290
ZOOMBIES are buying at 500, because they are so stupid, anything is okay with them
The rest of us are buying at over 300-320

Let me explain

This is a very beautiful nonsense.

This policy is to get the commercial banks enriched!

Ogetogeo:
Just spoke with my account officer now. She said, I would need to apply to the bank stating the quantity of dollar I want to buy and at what rate am willing to buy, the bank would then call me if my proposed rate meets their rate. That they won't tell me what their rate is, I just quote what am willing to buy.

When i probed futtyershe said today rate at their bank is 319 for $.

What kind of Yeye policy is this? So I would need to keep writing letter like am writing a contract proposal for something I need to pay my cash to buy?

Questions begging for answers are:
1. Who has been able to buy dollar cash at the quoted interbank rates (253 - 260)?
2. Which bank sells at these rates?
3. What are the steps to access it?

Please, we need facts not hear say nor online quotes

nobody jare, leave apc with propaganda

If I want to cash westie, how much banks go change dollar for me?

Infinitikoncept:

Passingshot and omenka the politician economics can come and defend this

Dem nor fit

MadCow1:



Wetin Concern USB with Dollars?



Abi you wan use USB transfer Dollars?

Oga USD

stagger:


Note the bolded. Unless you are a bank, you cannot buy at that rate. That is the rate that banks will buy from the primary dealers (who are banks anyway). In other words, the big banks in Nigeria who will be the nominated primary dealers will sell to other banks at the interbank rate. That is what it is called INTERBANK i.e. between one bank to another.

When your bank now buys at the interbank rate, they will now sell to the end-users at a profit. So if your bank quoted you at N319, they will make a profit of 319 - 260 = N59 to the dollar.

Usually, if you are buying huge amounts of dollars, then you will get it cheaper as per bulk purchase. So if you are buying $100,000, then your bank may offer you at 310 or 305 because the volume will compensate for the discount.

If you are buyng smaller quantities such as $1000, the bank will give you an expensive quote. Visit any forex trading ECN platform to understand it. Even in globalized forex trading, a true ECN platform will show price quotes from several liquidity providers (the equivalent of the primary market dealers) and the prices are never the same.

Those who think the Naira will appreciate under the present circumstances are dreamers. Naira will only appreciate when the country becomes a net exporter as opposed to a net importer.

If we had schools and hospitals which can attract foreigners to pay in USD, it would have helped. If we can export all manner of products as opposed to only crude and small amounts of charcoal, cashew, etc, then the Naira will gain.

Until then, you will not be able to get Naira at below 300. That I can tell you for real.

this was the same view I had and expressed when a nairaland dreamer told people to disposed their dollars coz of imminent collapse of the black market chains. As a matter of fact, dz is the best time to buy more forex at the prevailing parallel mkt rates. You are sure of doubling your naira in 6mths.
Floating of currency is a good thing in a net exporting nation, not in a country where we dash our forex to China in exchange for all the inferior items dumped all over the country. I wish the people of Nigeria had allow PMB to peg the naira for just 2 to 3 years, then pple will see the untap innovations deposited in the brain of Nigerians. 1st agriculture will pick up. ,importation of foodswill reduce. ..small scale factories will emerge. ...Now the economists have set a trap for Nigerians, the gullible and exploitatives financial institutions will conspired against the masses, welcome to the future value of $1=N450.May God see us through. Amen

MadCow1:


Wetin Concern USB with Dollars?


Abi you wan use USB transfer Dollars?

lol... so you don't know what USD is? or you are having sight problem?

#Stagger, you did a very good job there...Weldon bro.

I have to add this, the banks will sell to manufacturing companies and oil Marketers at a margin of 5 - 10 naira increase from the amount they bought from CBN. But for those seeking to import tooth picks and the rest will have to buy at a wider margin.... That is the reason(s) why they request a letter from you stating what you intend to purchase or import.... Hope this helps

MadCow1:
I bought for 220 Today..

Serious abeg

I just bought 9500 dollar at the rate of 205



SAI BUHARRRI

What are you all using dollars for like on a daily basis??

I wonder!.import and import and import then you scream economy bad.. When you dey enrich other people own.

basingstoke:
Buhari, Aisha, Zarah are buying at that price.
Osinbajo is buying at 280,
amaechi and fashola are buyin at 285
Oshiomole and Rochas at 290
Seun Mynd44 and lalasticlala at 290
ZOOMBIES are buying at 500, because they are so stupid, anything is okay with them
The rest of us are buying at over 300-320

Fashola is buying at 890.

stagger:


Note the bolded. Unless you are a bank, you cannot buy at that rate. That is the rate that banks will buy from the primary dealers (who are banks anyway). In other words, the big banks in Nigeria who will be the nominated primary dealers will sell to other banks at the interbank rate. That is what it is called INTERBANK i.e. between one bank to another.

When your bank now buys at the interbank rate, they will now sell to the end-users at a profit. So if your bank quoted you at N319, they will make a profit of 319 - 260 = N59 to the dollar.

Usually, if you are buying huge amounts of dollars, then you will get it cheaper as per bulk purchase. So if you are buying $100,000, then your bank may offer you at 310 or 305 because the volume will compensate for the discount.

If you are buyng smaller quantities such as $1000, the bank will give you an expensive quote. Visit any forex trading ECN platform to understand it. Even in globalized forex trading, a true ECN platform will show price quotes from several liquidity providers (the equivalent of the primary market dealers) and the prices are never the same.

Those who think the Naira will appreciate under the present circumstances are dreamers. Naira will only appreciate when the country becomes a net exporter as opposed to a net importer.

If we had schools and hospitals which can attract foreigners to pay in USD, it would have helped. If we can export all manner of products as opposed to only crude and small amounts of charcoal, cashew, etc, then the Naira will gain.

Until then, you will not be able to get Naira at below 300. That I can tell you for real.

I never really understood this until now.

I owe you a jar of best unadulterated palm wine.

Good question @ OP.

Short answer : No one.

stagger:


Note the bolded. Unless you are a bank, you cannot buy at that rate. That is the rate that banks will buy from the primary dealers (who are banks anyway). In other words, the big banks in Nigeria who will be the nominated primary dealers will sell to other banks at the interbank rate. That is what it is called INTERBANK i.e. between one bank to another.

When your bank now buys at the interbank rate, they will now sell to the end-users at a profit. So if your bank quoted you at N319, they will make a profit of 319 - 260 = N59 to the dollar.

Usually, if you are buying huge amounts of dollars, then you will get it cheaper as per bulk purchase. So if you are buying $100,000, then your bank may offer you at 310 or 305 because the volume will compensate for the discount.

If you are buyng smaller quantities such as $1000, the bank will give you an expensive quote. Visit any forex trading ECN platform to understand it. Even in globalized forex trading, a true ECN platform will show price quotes from several liquidity providers (the equivalent of the primary market dealers) and the prices are never the same.

Those who think the Naira will appreciate under the present circumstances are dreamers. Naira will only appreciate when the country becomes a net exporter as opposed to a net importer.

If we had schools and hospitals which can attract foreigners to pay in USD, it would have helped. If we can export all manner of products as opposed to only crude and small amounts of charcoal, cashew, etc, then the Naira will gain.

Until then, you will not be able to get Naira at below 300. That I can tell you for real.

Nice one. But note. from the results below of the CBN SPECIAL SECONDARY MARKET INTERVENTION SALES

The USDNGN official rate effectively becomes N280/$.

however, these monies where used to clear only the back log of pending transactions.

also, note that. The CBN regulates strictly the spreads/margins in which these FXPD can make so i dont think any bank will sell above NGN300/USD1.

it will still take about 1 week or more before we can ascertain the real value and at what rate the banks will be selling. i for sure know the difference cannot be more than 10 naira from the interbank market rate


CBN INTERBANK INTERVENTION RESULT

1 AMOUNT SOLD = US$532,867,169.11

2 HIGHEST RATE= NGN382.00/US$

3 LOWEST RATE= NGN197.00/US$

4 MARGINAL RATE= NGN280.00/US$

5 NO. OF BANKS= 21

MadCow1:
I bought for 220 Today..

@ Cow market

Monitory logics and policies have exhausted it's validity in Nigerian financial markets. Please contact any mallam or Alhaji of your choice to know the actual forex trading and rates. I bought at $349 on Saturday 18th and travelled Sunday 19th. Our leaders are not reliable. Dollar is selling for 340 to $1 at domestic airport Ikeja today.

bobo65:
Nonsense
I just bought dollar now now for 347 from abokiii

Gt bank and Zenith near me no get

GT sells @ 332. I bought 2000 this morning at that rate, an hour ago.

Bitter truth but its better to be sure

bulldoza:
I just bought 9500 dollar at the rate of 205



SAI BUHARRRI

Which bank or mallam?

I think some folks here are mere jokers.

bobo65:
Nonsense
I just bought dollar now now for 347 from abokiii

Gt bank and Zenith near me no get

Why dint u buY from me @ 350?

solid3:
Then this is nonsense.

Not really. You see, until now, the treasury has hitherto subsidised the dollar at our collective detriment.

Setting an artificial rate of ₦196 to the greenback, while the banks, BDC's and every mallam and his cousin on the streets sell at ₦300+, means that you and I as the common citizens were losing out on whatever the spread is between that ₦196 and the 300+.

The benefactors have been these same Banks, the BDC's, and all the usual long legged culprits who have access to CBN and can acces these funds at the afformentioned fixed rate.

With this policy, Naira will be where it deserves to be, and we the people will save on the money we gift to those who already have too much.

If we are lucky, a number of schools, hospitals, Bridges or roads might say hello to us as a result.

@Staggar and other financial experts here, can one buy dollar cash from the banks? If yes, what if one buys it and goes to resell them on the black market and make some profit out of it?