FOREX: CBN Introduces New Rules, Naira Closes At 367/$ - Business - Nairaland
Nairaland Forum › Nairaland General › Business › FOREX: CBN Introduces New Rules, Naira Closes At 367/$ (23796 Views)
| FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by ifyan(op): 9:31am On Jun 06, 2017 |
Oyetunji Abioye The Central Bank of Nigeria on Monday introduced new rules into the interbank foreign exchange market. This came barely one week after the naira closed below 370/dollar on the parallel market. The rules were contained in a new circular tagged, “Further liberalisation of the interbank foreign exchange market,’’ and signed by the Director, Financial Markets, Dr. Alvan Ikoku. Among other things, the regular said authorised dealers in the interbank were meant to put only N1 spread on their transactions. It also said that authorised dealers in the forex market could now defease their excess foreign currency trading positions to other authorised dealers in the market without seeking prior approval from the CBN It read in part, “All authorised dealers shall be subject to a maximum spread of N1. Funds purchased by an authorised dealer from another dealer on the interbank market shall not be held in position overnight by the buying authorised dealer or sold to another authorised dealer.” Read more@http://www.nairausd.com/2017/06/forex-cbn-introduces-new-rules-naira.html
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| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Nobody: 9:34am On Jun 06, 2017 |
naira getting stable small small 12 Likes |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Nobody: 9:34am On Jun 06, 2017 |
Ok...$1 = 199NGN or nothing  35 Likes 2 Shares |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Amberon11: 9:38am On Jun 06, 2017 |
Naira the only twerking currency. 29 Likes 2 Shares |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by ifyan(op): 10:49am On Jun 06, 2017 |
Keneking:Which kain N199. Bro not this morning please,. $1=N1. Because na part of the current government manifesto 45 Likes |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Adesiji77: 4:28pm On Jun 06, 2017 |
cc: lalasticlala, dominique, Mynd44 http://punchng.com/forex-cbn-introduces-new-rules-naira-closes-at-367/ |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by LionDeLeo: 4:36pm On Jun 06, 2017 |
Very good. But my concern for now is; when will they activate and increase withdrawal from Naira-denominated account from $100/month abroad? I think that will also ease the stress on the naira at home and it won't in any way encourage the much talked-about round tripping. 12 Likes |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by kristian98(m): 4:36pm On Jun 06, 2017 |
Nigeria keeps getting better when that lazy bone is out of the country. We need more of osinbanjo. It keeps getting better!!!  9 Likes |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by madridguy(m): 4:36pm On Jun 06, 2017 |
Still very poor. 1 Like |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Firgemachar: 4:37pm On Jun 06, 2017 |
Speculators modath, EgunMogaji and Onatisi Please come how lament once more how this CBN policy is a 'useless and unsustainable' one and how the Naira is a 'worthless' currency.  LordAdam come and ridicule Osinbajo as usual for sustaining the CBN's intervention policy. Na una go tire 4 Likes |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by obembet(f): 4:37pm On Jun 06, 2017 |
No need to keep your promise again, just return it to #150/$ 9 Likes |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by ChiefSweetus: 4:37pm On Jun 06, 2017 |
3 Likes |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by LexngtonSteele: 4:38pm On Jun 06, 2017 |
LOL. ..99% of those who read this, including me don't understand this article. Some are just responding like robots with programmed hate. PLEASE, economists and fiscal guys, break it down for the laymen unashamed to learn 36 Likes 2 Shares |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by SalamRushdie: 4:38pm On Jun 06, 2017 |
Every week a new forex rule |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Nobody: 4:38pm On Jun 06, 2017 |
 good one
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| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Rasheedinho3(m): 4:39pm On Jun 06, 2017 |
Hopefully things will get better sha... 1 Like |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by pwiz(m): 4:39pm On Jun 06, 2017 |
Better than nothing |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Josmila(m): 4:40pm On Jun 06, 2017 |
Keneking:Hardly bro..the times differ |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by DollarAngel(m): 4:40pm On Jun 06, 2017 |
BUHARI SHOULD COME BACK AND FINISH WHAT HE STARTED 1 Like |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Nobody: 4:40pm On Jun 06, 2017 |
Keep dropping... |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by seunny4lif(m): 4:42pm On Jun 06, 2017 |
Amberon11: 1 Like 1 Share
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| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Zdoh(m): 4:42pm On Jun 06, 2017 |
Nice development |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Nobody: 4:45pm On Jun 06, 2017 |
Brainrex:Haba my guy? At this crucial state wey man dey calculate money make e reach month end u come dey post dis kine dollar bundles? DiarizGod_oh |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by obicentlis: 4:45pm On Jun 06, 2017 |
CBN you know what to do and you didn't do it and you allowed Naira to crash that low before doing it. What is it taking you guys to bring down bank rate for invisible to 320, which will force the black market to sell at 330. 360 to USD is still very high. 8 Likes 1 Share |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by delivryboy: 4:45pm On Jun 06, 2017 |
Just when I decided to change money to dollars, then dollars decided to fall for naira. |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by dadavivo: 4:46pm On Jun 06, 2017 |
Buhari is a failure period. 4 Likes
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| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Realdeals(m): 4:46pm On Jun 06, 2017 |
Okay, banks are still frustrating the use of Naira MasterCard for foreign transactions. 3 Likes |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Nobody: 4:48pm On Jun 06, 2017 |
#Graduallly getting there, #mission the redundant nomad culdn't accomplish in 2years! The crucial question is when will the new rate start affecting prices of foodstuffs/commodities  |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Drabrah(m): 4:49pm On Jun 06, 2017 |
ifyan:Is it same Alvan Ikoku on 10kobo coin back in d days? 8 Likes |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by yoruBADboi(m): 4:50pm On Jun 06, 2017 |
Oya fijo gbowo.... Skelewu skelewu |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by smartty68(m): 4:50pm On Jun 06, 2017*. Modified: 5:14pm On Jun 06, 2017 |
Among other things, the regular said authorised dealers in the interbank were meant to put only N1 spread on their transactions.Quite worrisome that banks charges more than even parallel markets on foreign transactions these days. Imagine banks like GTB, Access Bank and UBA charging almost close to #400/$ on FX and then I begin to wonder if the intervention by CBN is really worth it...  Quite unfortunate that CBN speaks English only they understand... https://thumbs.gfycat.com/HardtofindYoungBlackpanther-size_restricted.gif Anyone with CBN Twitter handle should please quote me. Thanks 5 Likes 1 Share |
| Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Lanre4uonly(m): 4:51pm On Jun 06, 2017 |
Ok. It's a gradual process. |
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