Naira Strengthens Further Against Dollar On Parallel Market - Business (3)

Naira Strengthens Further Against Dollar On Parallel Market - Business (3) - Nairaland

Nairaland Forum › Nairaland General › Business › Naira Strengthens Further Against Dollar On Parallel Market (51470 Views)

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Re: Naira Strengthens Further Against Dollar On Parallel Market by SamMilla1(m): 8:50pm On Jun 22, 2016

southpole:
check how many people responded to your post and the content of their replies will give you a pointer

Who are the people?
The inhabitants of a place that has no light, no good roads, no good government, no Tomatoes, rogue Pastors and rogue politicians?
Tell me how babies grow without breastmilk..

Give me a reason why I should decend to that level when I have all the above mentioned?

I can see your life objective is to get nairaland likes...
Thats ambitious..

1 Like

Re: Naira Strengthens Further Against Dollar On Parallel Market by PatcomAutos: 8:55pm On Jun 22, 2016*

TRUE TALK BRO. YOU HAVE YOUR ANALYSIS ON POINT. THE PLAN IS TO CUT THE GAP WITH PARALLEL MARKET. AS FAR AS THE 41 BANNED ITEMS CAN NOT ACCESS FOREX, THE STREET MALLAMS WILL STILL THRIVE AND ABOVE ALL WE ARE STILL AN IMPORTING NATION. LETS WAIT AND SEE WHAT THE SECOND QUARTER HOLD BEFORE WE BEGIN TO EITHER PRAISE OR CONDEMN THE POLICY. GOD WILL HELP WE, THE COMMON MAN, AMEN.

SamMilla1:
It's back to 340 this evening; Call your Mallam.
The Kangaroo hide and seek policy will be running in circles.
There is no foundation and structure to sustain floating forex policy except CBN knows how much dollar people need in a day, which is impossible.

This is Nigeria, so it's either you devalue and stablize or you stick to your hard-line and criminal disbursement of our dollars to your friends and relatives.
There is too much corruption in the system and it will take years to clear.
Some people will have to be jailed forever before we can achieve that, That's what the Chinese did and maintained.
The problem is that some animals already believe that it's a way of life to cheat the system.
When you appoint your friends and family to CBN or any agency ahead of more qualified people, That's massive corruption. You may think you are doing them a favour but the truth is that you are setting the country back.

Either way, we can only suffer it for a few more years before you either finish your tenure or die. Time takes care of everything.
I am not wishing you death, it's a natural occurrence that seems to target old people more than the young ones.
Just that we fail to acknowledge that.

And before the trigger happy banner pull his trigger, understand that i am just saying the truth and that i don't care.

Re: Naira Strengthens Further Against Dollar On Parallel Market by JuanDeDios: 9:01pm On Jun 22, 2016

SamMilla1:
It's back to 340 this evening; Call your Mallam.
The Kangaroo hide and seek policy will be running in circles.
There is no foundation and structure to sustain floating forex policy except CBN knows how much dollar people need in a day, which is impossible.

This is Nigeria, so it's either you devalue and stablize or you stick to your hard-line and criminal disbursement of our dollars to your friends and relatives.
There is too much corruption in the system and it will take years to clear.
Some people will have to be jailed forever before we can achieve that, That's what the Chinese did and maintained.
The problem is that some animals already believe that it's a way of life to cheat the system.
When you appoint your friends and family to CBN or any agency ahead of more qualified people, That's massive corruption. You may think you are doing them a favour but the truth is that you are setting the country back.

Either way, we can only suffer it for a few more years before you either finish your tenure or die. Time takes care of everything.
I am not wishing you death, it's a natural occurrence that seems to target old people more than the young ones.
Just that we fail to acknowledge that.

And before the trigger happy banner pull his trigger, understand that i am just saying the truth and that i don't care.

Everything you said is true - so don't care! grin

Even though I don't entirely share your opinion on the floating policy.

Re: Naira Strengthens Further Against Dollar On Parallel Market by PatcomAutos: 9:12pm On Jun 22, 2016

LMAO. WHAT YOU IS SAID IS TRUE BRO. JUST THAT YOU ARE WICKED MAN.

flyca:
At this rate, N1to $1 --- Vision 3050

Re: Naira Strengthens Further Against Dollar On Parallel Market by dayspring24(m): 9:26pm On Jun 22, 2016

Just slow pride and go get back Ngozi Okonjo Iweala from wherever she is

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Re: Naira Strengthens Further Against Dollar On Parallel Market by Atmmachine(m): 9:51pm On Jun 22, 2016

I hope $1 will exchanges for 4000 naira soon.

That's good news to some people and also bad news to some

1 Like

Re: Naira Strengthens Further Against Dollar On Parallel Market by Checked86: 12:19am On Jun 23, 2016

Naira is weak already and we should acknowledge that. Naira was 198-199 to a dollar in the parallel market and rose to 300-350 to a dollar due to our government's stubbornness to yield to advice they would later take; and we are here celebrating Naira strength that will surely weaken.

Re: Naira Strengthens Further Against Dollar On Parallel Market by amagunnerfan: 6:55am On Jun 23, 2016

erico2k2:
Lie Big LIES
I sent pounds home today and got N452, so how can black market in Nigeria then sell at N450
stupid silly liars

You probably use world remit or lebara, those networks are cheats. I am in Nigeria but have an offshore business with new to move money down here at least 3 times a week, lebara and co are thieves. Imagine remit paying out 197 for a year until 3 months ago? Those unregulated companies have a mind of their own, you can't factor them in.

Re: Naira Strengthens Further Against Dollar On Parallel Market by erico2k2(m): 7:17am On Jun 23, 2016*

amagunnerfan:
You probably use world remit or lebara, those networks are cheats. I am in Nigeria but have an offshore business with new to move money down here at least 3 times a week, lebara and co are thieves. Imagine remit paying out 197 for a year until 3 months ago? Those unregulated companies have a mind of their own, you can't factor them in.

Nop I don't, I use a BDC agent here. The BDC frm Nigeria have various agents here in London. You pay to thier accounts in Pounds they debit your Nigerian bank account in Naira. The rate they gave me yesterday 22nd was 452. They charge £30-35 fees to transfer £1000 and £5 to shift £100.so if the BDC buys frm me at rate of £1 to N452 how much do you recon they will sell?

Re: Naira Strengthens Further Against Dollar On Parallel Market by amagunnerfan: 7:21am On Jun 23, 2016

erico2k2:
Nop I don't I use a BDC agent here. The BDC frm Nigeria have various agents here in London. You pay to thier accounts in Pounds they debit your Nigerian bank account in Naira. The rate they gave me yesterday 22nd was 452. They charge £30-35 fees to transfer £1000 and £5 to shift £100.so if the BDC buys frm me at rate of £1 to N452 how much do you recon they will sell?

You are getting a good deal. World remit payout 435 to the pound. Or 306 to a dollar.

Re: Naira Strengthens Further Against Dollar On Parallel Market by erico2k2(m): 8:32am On Jun 23, 2016*

amagunnerfan:
You are getting a good deal. World remit payout 435 to the pound. Or 306 to a dollar.

Na I dnt use them thieves. I use 9ja BDC agents here.
I just got a text frm them BDC agents.they can buy from me today @N460.

Re: Naira Strengthens Further Against Dollar On Parallel Market by Nobody: 9:28am On Jun 23, 2016

erico2k2:
I think you are over excited,who are teh black marketers?
Anyone who deals in forex other than teh banks right

Currently there are more than 10 banks, selling forex, abt 15 or 20, (not sure) but i think any bank can sell fx, till December this yr. From December only banks who meet the requirements will be allow to sell fx. So let's wait and see how many banks will be able to make the requirements.

Re: Naira Strengthens Further Against Dollar On Parallel Market by erico2k2(m): 10:31am On Jun 23, 2016

MrTruth4real:
Currently there are more than 10 banks, selling forex, abt 15 or 20, (not sure) but i think any bank can sell fx, till December this yr. From December only banks who meet the requirements will be allow to sell fx. So let's wait and see how many banks will be able to make the requirements.

U miss understood the question. I asked who are the blackmaketers?

Re: Naira Strengthens Further Against Dollar On Parallel Market by jpphilips(m): 2:06pm On Jun 23, 2016

SamMilla1:
It's back to 340 this evening; Call your Mallam.
The Kangaroo hide and seek policy will be running in circles.
There is no foundation and structure to sustain floating forex policy except CBN knows how much dollar people need in a day, which is impossible.

This is Nigeria, so it's either you devalue and stablize or you stick to your hard-line and criminal disbursement of our dollars to your friends and relatives.
There is too much corruption in the system and it will take years to clear.
Some people will have to be jailed forever before we can achieve that, That's what the Chinese did and maintained.
The problem is that some animals already believe that it's a way of life to cheat the system.
When you appoint your friends and family to CBN or any agency ahead of more qualified people, That's massive corruption. You may think you are doing them a favour but the truth is that you are setting the country back.

Either way, we can only suffer it for a few more years before you either finish your tenure or die. Time takes care of everything.
I am not wishing you death, it's a natural occurrence that seems to target old people more than the young ones.
Just that we fail to acknowledge that.

And before the trigger happy banner pull his trigger, understand that i am just saying the truth and that i don't care.

The news said the CBN has a backlog of $4b till that is satisfied the demand still outweighs supply, it has scheduled its intervention at diff times.
only if you understand simple English, you can see your sense died before Buhari

3 Likes

Re: Naira Strengthens Further Against Dollar On Parallel Market by Nobody: 6:06pm On Jun 23, 2016

hrykanu231:
Bought stuff on amazon, paid through my first Bank master card and I was charged 295 Naira.
Paid#21,350 for 72$

Just be sure that FBN will still debit your account for that transaction as it is a DCC transaction. As at 20 June, no bank in Nigeria card rate will be 295/dollar. They were pegged at nothing less than 320/dollar.

Well, FBN can prove me wrong sha

Re: Naira Strengthens Further Against Dollar On Parallel Market by chiefkpokp(op): 7:05pm On Jun 23, 2016

you are right, i called stanbit ibtc,firstbank,unity bank, they said since monday, they have not received new exchange rate template.. that they were still watching the market.... that any transaction would be at the previous ones.

bharnjey:
Just be sure that FBN will still debit your account for that transaction as it is a DCC transaction. As at 20 June, no bank in Nigeria card rate will be 295/dollar. They were pegged at nothing less than 320/dollar.

Well, FBN can prove me wrong sha

Re: Naira Strengthens Further Against Dollar On Parallel Market by Demainman1: 10:37pm On Jun 23, 2016

Today CBN floated the naira, tomorrow they will 'swim' it cheesy

Re: Naira Strengthens Further Against Dollar On Parallel Market by optimusprime2(m): 4:34pm On Jul 28, 2016

greenpasture:
[sub][/sub]

Temporary? In the short term maybe, in the long run certainly not. You can expect a stronger naira in the long term. Without floating the currency there is no encouragement to remit non oil dollars. Next month the $6bn Yuan swaps kicks off. Meanwhile accumulated pressure on the naira was wiped out with the $4bn sale.

This is not just a devaluation, it is an entirely different mechanism. We have never had official forward rates before and this is huge because it allows the market manage risk. Over time arbitrage within a market shrink. There is no reason to expect that over time the naira will not become stronger on the back of increased non oil exports.

Can you currently make this statement in public again in light of price Volatility?

Re: Naira Strengthens Further Against Dollar On Parallel Market by Nobody: 6:26pm On Jul 28, 2016

optimusprime2:
Can you currently make this statement in public again in light of price Volatility?

Absolutely. Did you note the comment below.
You can expect a stronger naira in the long term.

The big variable affecting the naira right now is not the market mechanism/policy but crude oil production shut ins due to militant activity. Consequently, FX supply has fallen as a result. In the last FAAC allocation to states, fx receipts as a % of total disbursement of 500bn was just 30%

I stand by my statement.

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