CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" - Business

CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" - Business - Nairaland

Nairaland Forum › Nairaland General › Business › CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" (42566 Views)

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CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by LivingHuman(op): 10:54am On Mar 27, 2017

The Central Bank of Nigeria (CBN) on Monday said Nigerians can now buy dollar at N360 from commercial banks across the country.

The new rate applies to invisibles such as school fees, medical bills and travelling allowances.

"CBN to sell FOREX to banks at N357/$1, while banks will sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, etc)

CBN directs banks to post new rates in the banking halls of their branches immediately

CBN examiners to visit banks to ensure the new rates are implemented

CBN prohibits banks from selling FOREX funds meant for invisibles to BDCs" the apex bank said via its twitter page on monday.

http://www.cambellsblog.com/2017/03/cbn-introduces-new-forex-rates.html

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Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by LivingHuman(op): 10:54am On Mar 27, 2017

Lalasticlala, Mynd44

1 Like

Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by Livebygrace: 11:01am On Mar 27, 2017

Yet till now no effect has been made on goods in the market. People that were quick to skyrocket prices due to dollar hike are now sluggish to journey along with the dollar. An average Nigerian is a rogue.

431 Likes 43 Shares

Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by wiseguy(m): 11:07am On Mar 27, 2017

Livebygrace:
Yet till now no effect has been made on goods in the market. People that were quick to skyrocket prices due to dollar hike are now sluggish to journey along with the dollar. An average Nigerian is a rogue.

Gbam! We are our own greatest enemies.

256 Likes 23 Shares

Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by veekid(m): 11:08am On Mar 27, 2017

Bureau de changer go hear am

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Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by heryurh(m): 11:08am On Mar 27, 2017

KVNG CHASE FACEBOOK PAGE

16 Likes

Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by Singapore1(m): 11:08am On Mar 27, 2017

hoarders go die today grin

3rd mainland bridge chai

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Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by ziky2010(m): 11:09am On Mar 27, 2017

Good news

Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by Lordtrillion(m): 11:09am On Mar 27, 2017

1 Like

Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by Dripy(m): 11:09am On Mar 27, 2017

Very good news. Now let the price of red oil, rice, garri, vegetable oil, canned tomatoes, sachet water, toilet roll, fuel and transport fare come down.

The Nigerian populace has really suffered hardship and hyper inflation; shame on all those fake prophets who speak when God has not spoken.

God bless Nigeria and grant more wisdom to our leaders to make Nigeria great again.

Anybody wey this good news no sweet should migrate to rivers Niger or Benue

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Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by jimi4us: 11:09am On Mar 27, 2017

good one, meanwhile

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Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by wizkidblogger(f): 11:09am On Mar 27, 2017

Livebygrace:
Yet till now no effect has been made on goods in the market. People that were quick to skyrocket prices due to dollar hike are now sluggish to journey along with the dollar. An average Nigerian is a rogue.

#gbam

2 Likes 2 Shares

Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by Aribambam: 11:09am On Mar 27, 2017

still high. remember where the dollar deh before. let it fallllll

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Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by Bobo419: 11:10am On Mar 27, 2017*

This is CBN pegging the dollar like they did before. I have no problem with that. What I do have problem with is the banks. The new policy says they should only sell Forex to parents who want to pay school fees abroad, BTAs and PTAs. However, watch shady bank managers selling the Forex to the Bureau de change operators who would bribe them.

All in all, this is a welcome development.

We Wait to see the impact of this on the parallel market. If the dollar should fall massively on the parallel market, that's when we'll feel the impact on the Maggi, tomatoes and general goods that are currently expensive.

Please note that the parallel market, at the moment, gives a true reflection of the naira value as against the dollar in Nigeria.

We still have a long way to go.

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Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by bugativeron: 11:10am On Mar 27, 2017

How?

Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by malton: 11:10am On Mar 27, 2017

Aribambam:
still high. remember where the dollar deh before. let it fallllll

It will be hard for the naira to return to how it was before.

#360/$ is the best one can get for now until the indicators change.

Besides, this rate is not sustainable.

Naija's economy defies logic.

7 Likes 2 Shares

Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by Truth234(m): 11:10am On Mar 27, 2017

good

Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by ajepako(f): 11:10am On Mar 27, 2017

Very good and commendable if true...

But how come garri has skyrocketed to N900 and bag of rice and essential food stuffs never come down?

Shebi na dollar dem dey lie against?

Ayam not understand oh..

4 Likes 1 Share

Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by AngelicBeing: 11:10am On Mar 27, 2017

Good move but not enough, until it trickles down to the cost of living becoming affordable before l take them serious, l am not interested in a useless air-conditioned tea drinking CBN policies, l want to see a drop in the prices of rice, yam, beans, red oil, groundnut oil, tomatoes, onions, maggi, bournvita, milo, agege bread, ewa agoyin, semovita, semolina, amala, gbegiri, fish, meat, carrots, pepper, kerosine, butter, kulikuli, cement, cost of transport fares to different locations, etc, etc, as long as the prices of the items mentioned above is still high, l dont give a fu..ck if the dollar is 300 or 360, useless government feeding fat while the masses are dying

32 Likes 5 Shares

Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by DozieInc(m): 11:10am On Mar 27, 2017

CBN have said their own, go bank first.

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Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by wellmax(m): 11:10am On Mar 27, 2017

Livebygrace:
Yet till now no effect has been made on goods in the market. People that were quick to skyrocket prices due to dollar hike are now sluggish to journey along with the dollar. An average Nigerian is a rogue.

Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by etenyong(m): 11:10am On Mar 27, 2017

Nigeria is technically out of recession. Prices of goods will soon be adjusted downward. However CBN should do more. Many thanks to CBN and PMB. I believe in Nigeria and I know for sure that this country will be great again.

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Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by Bari22: 11:10am On Mar 27, 2017*

Buhary in town, if to say this happens under osinbajo the wailers would say buhari is incompetant but trust wailers this is now a bad news for them, they rather hear a naira crashed to 1000 per dollar and they will start wailing

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Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by eleojo23: 11:10am On Mar 27, 2017

Nice development..

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Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by naijaboy756: 11:10am On Mar 27, 2017

We are making progress

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Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by Firefire(m): 11:10am On Mar 27, 2017

WOW!!!!!!! Buhary is working...

Going at this rate, am optimistic that one of Buhary's campaign promises of making ONE NAIRA = ONE USD is achievable.

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Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by Ezedon(m): 11:11am On Mar 27, 2017

Bunch of confused baggers

1 Like

Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by engrdosmen01(m): 11:11am On Mar 27, 2017

Bring it to 111 naira

1 Like

Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by TosineGuy(m): 11:11am On Mar 27, 2017

nice

Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by Hushee(m): 11:11am On Mar 27, 2017

Livebygrace:
Yet till now no effect has been made on goods in the market. People that were quick to skyrocket prices due to dollar hike are now sluggish to journey along with the dollar. An average Nigerian is a rogue.

Yet, we blame it all on the government.... We're just so f*cked as a nation.

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Re: CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" by JOHNGLO: 11:11am On Mar 27, 2017

Livebygrace:
Yet till now no effect has been made on goods in the market. People that were quick to skyrocket prices due to dollar hike are now sluggish to journey along with the dollar. An average Nigerian is a rogue.

The thing tire me. I don dey wait to buy cement but no hope. still 2800. na wa for this country oh...

4 Likes 1 Share

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