MKO4ever:

There is a difference between Misunderstanding and Lack of Understanding
Whereas you have a complete misunderstanding of how this forex policy works
Everybody else here on Nairaland seems to completely lack understanding of it
This is what you should know:
Out of the 18 banks, only three were not approved to register as primary dealer
Those three banks are: Skye, Heritage and Enterprise banks
Your definition of INTERBANK is no longer applicable to this forex regime
If you as individual can approach GTBank or the other 14 Primary dealers (banks) to apply for forex
Why on earth will I go to Skye bank who is not a primary dealer for expensive forex
Also note that no bank will make up to N59 margin on a dollar transaction as this is also being regulated by the Apex bank

tinsel:
This thing started yesterday? Why not wait. No need to stampede.

babosky2008:

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

Infinitikoncept:

Passingshot and omenka the politician economics can come and defend this

ottersberger:


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.

buharisbae:
hmmm I'm quite confused who can break it down for me?

buharisbae:
hmmm I'm quite confused who can break it down for me?

iykedare:
c crazymommy
Ispiksdatroof

Cybug

Olayinkafawaz


I told ya. Unfortunately,you guys can't see beyond your noses.

oluyale:
I was charged 329/$ with my Mastercard naira today, while renewing for my domain hosting with hostgator. It's becoming more cheaper to patronize local companies like "whogohost" and make payment on naira

stagger:


To add to this:

The news commentary had it that at yesterday's trading, banks were just BUYING dollars and were not selling. So there was heavy dollar demand and that is why the interbank rate, which opened at N253 or so, started sliding towards N288 to $1. Bidding was going on and you know how bidding or auction processes go: the price keeps going up so that the highest bidder wins.

Had the CBN not intervened to offer dollars for sale at a rate of N280 to $1, believe you me the US Dollar would have been sold to the entity that was willing to pay N382 to $1 and we would have woken up to see rates at close to N400 to $1.

I tell you, we are yet to see the last of this and I am seriously wondering what the appropriate value of the Naira would be. I don't know if CBN will continue such interventions on a daily basis. Other central banks hardly intervene unless they have to. Bank of Japan has performed 3 interventions in the last 8 years or so.

Something will have to give. It is either the country's economic fundamentals are changed so we can become a net exporter (which means the government has to QUICKLY AND MASSIVELY invest in critical infrastructure like power to boost small scale production and manufacturing for export), or we just watch and allow the Naira to fall to the precipice.

We should look to Venezuela for serious soul-searching. That country produces crude oil like we do, wasted their oil money like we have done and had to devalue their currency. Now inflation is so high, that the people are starving and queuing for food. The situation in Venezuela is now so bad that people are breaking into stores, looting food and provisions and anything they can find to survive. The Venezuelan Army is now guarding retail establishments and escorting food trucks to distribution centres and markets. Critical situation in that country which reminds me of the ESSENCO lines we had in Nigeria in 1984/1985. Guess who was president then?

May we never get to that point ever again.

crazymommy:
Go and sell your dollars at rate of 400 naira as you predicted
...keep deceiving yourself with your delusional 15000$ cash with you...

bobo65:


Idi oro mushin lagos?

iykedare:



So your problem has been my $15000? Lol. Sis, I gat nothing to prove to you.

Poverty mentality.

crazymommy:
I Guess you do not know who you are talking to,I will feed you and your family for good ten years without sweating....

joey150:
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.

iykedare:



Lmao. And $15000 looks like some insurmountable to you? You need to be f0rked well. That is your problem.

Internet warrior

stagger:


To add to this:

The news commentary had it that at yesterday's trading, banks were just BUYING dollars and were not selling. So there was heavy dollar demand and that is why the interbank rate, which opened at N253 or so, started sliding towards N288 to $1. Bidding was going on and you know how bidding or auction processes go: the price keeps going up so that the highest bidder wins.

Had the CBN not intervened to offer dollars for sale at a rate of N280 to $1, believe you me the US Dollar would have been sold to the entity that was willing to pay N382 to $1 and we would have woken up to see rates at close to N400 to $1.

I tell you, we are yet to see the last of this and I am seriously wondering what the appropriate value of the Naira would be. I don't know if CBN will continue such interventions on a daily basis. Other central banks hardly intervene unless they have to. Bank of Japan has performed 3 interventions in the last 8 years or so.

Something will have to give. It is either the country's economic fundamentals are changed so we can become a net exporter (which means the government has to QUICKLY AND MASSIVELY invest in critical infrastructure like power to boost small scale production and manufacturing for export), or we just watch and allow the Naira to fall to the precipice.

We should look to Venezuela for serious soul-searching. That country produces crude oil like we do, wasted their oil money like we have done and had to devalue their currency. Now inflation is so high, that the people are starving and queuing for food. The situation in Venezuela is now so bad that people are breaking into stores, looting food and provisions and anything they can find to survive. The Venezuelan Army is now guarding retail establishments and escorting food trucks to distribution centres and markets. Critical situation in that country which reminds me of the ESSENCO lines we had in Nigeria in 1984/1985. Guess who was president then?

May we never get to that point ever again.

ogene70:
s
I guess I know the man, lanky ,with an uncanny stretch for economic doom...very sad repeat of unpleasant events.

TheGoodJoe:
Ogetogeo

After creating a thread now, do you now agree that your so called Account Officer was very wrong? How can she tell you that you will tell her how much you want to buy?

Since yesterday, I told you she was wrong and you were arguing. I hope you are satisfied that she was very wrong.

crazymommy:
E pain am... the fact remains you are a big liar ,your 15000$ is your imagination....you wey be say your parents still dey buy recharge card for you dey come Nairaland dey claim 15000$ in cash in your imaginary house.....you face sef looks poor..

iykedare:



Lol. Woman,lack of good sex is the reason you can't think properly. You can feed me for several years and $15000 is such a big amount to you?

You are clown. Entertain me.

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

Ogetogeo:


You are still very wrong dude. I have spoken with about three of my banks and they all said similar thing about submitting bids for forex.

You need to quit arguing unnecessarily.

And who was arguing with you? If you have comprehension issues, how is that my problem? I only asks who has facts about the rates at the banks and who has bought at that rate. This thread and all those questions were all asked yesterday.