₦airaland Forum

Aonkuuse:
Good, abeg they should allow Naira card for dollar transactions too, paying for foreign things online is not easy now oo

The Central Bank of Nigeria (CBN) issued a press statement on June 18, 2023, providing further guidance to Deposit Money Banks (DMBs) on the operational changes to the foreign exchange market announced on June 14, 2023.


The statement followed an extraordinary Bankers’ Committee meeting held to discuss the implementation and implications of the policy changes for the banking public.

According to the CBN, the policy changes aim to promote transparency, liquidity, and price discovery in the FX market in order to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in the FX market.

The CBN highlighted some of the key points of the guidance as follows:

All visible and invisible transactions (medicals, school fees, BTA/PTA, airline, and other remittances) are eligible for the Investors’ and Exporters’ (I & E) window.
DMBs shall ensure expeditious processing of all eligible invisible transactions on behalf of their customers using the applicable rate at the I & E window.
Ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts.
Domiciliary account holders are permitted to utilize cash deposits not exceeding USD$ 10,000 per day or its equivalent via telegraphic transfer.
DMBs shall provide returns to the CBN including the purpose for such transactions.
Cash deposits into domiciliary accounts will not be restricted, subject to DMBs conducting proper KYC, due diligence, and adhering to the spirit and letter of extant AML/FT laws and other relevant rules and regulations.
The CBN will prioritize orderly settlement of any committed FX forward transactions as they fall due in order to further boost market confidence.
The Bank will normalize its CRR maintenance processes and ensure equity in its implementation across the banking industry.

https://nairametrics.com/2023/06/18/breaking-cbn-lifts-cash-deposit-restriction-on-domiciliary-accounts-allows-10k-withdrawals-daily/?amp=1

Maize247:
Lagos State and NDLEA should get the list of the properties owners in Lagos highland,,, Ikoyi, banana highland, Aja etc,the same way our banks go about KYC, Lagos State government should carry out KYL Know Your Lagosians properties owners.

With this, the drug barons that claims to own more than 70% of the new properties in Lagos will be identified, prosecuted and the properties confiscated.

On the other hand, Every individual/non yorubas that could afford to buy a property of over N200m should be able to pay a huge personal income tax running into millions.

Whatever the matter, Lagos, the Yoruba land is moving forward

The National Drug Law Enforcement Agency (NDLEA) has achieved a major breakthrough in the fight against drug trafficking and abuse with the successful raid on the apartment of a taxi driver, Godwin Ejiro.

The agency’s Director of Media and Advocacy, Femi Babafemi, took to Facebook on Sunday to announce the significant seizure of illicit substances, including cocaine, heroin, methamphetamine, swinol, and loud…..CONTINUE READING

According to Babafemi, Ejiro’s arrest came after a thorough investigation revealed his involvement in the sale of dangerous drugs to unsuspecting young individuals in the community. Ejiro, who operated as a taxi driver, had been concealing the illicit substances inside plastic tables within his residence.

Expressing concern over the devastating impact of Ejiro’s activities, Babafemi stated, “This fellow is a taxi driver, but beneath that, he destroys the lives of innocent young people in the community, selling them cocaine, heroin, meth, swinol, and loud. The shocker is where he hides the drugs in his house, as the video here shows when #ndlea_nigeria officers raided his home.”

The successful operation conducted by the NDLEA represents a significant blow to the illicit drug trade and serves as a warning to individuals involved in similar illegal activities. The agency remains committed to combating drug abuse and trafficking, aiming to safeguard the welfare and future of the nation’s youth.

The seized substances will be processed as evidence, and Godwin Ejiro will face charges related to drug trafficking and distribution.

https://denisblogs.com/breaking-ndlea-bursts-taxi-drivers-apartment-recovers-cocaine-heroin-meth-swinol-and-loud-video/

franchasofficia:
A good start for now.


But guess where the problem is?


CBN doesn't have enough dollar to meet Nigerians' usd demand, remember we are an import dependent country.


What it means is that Nigeria doesn't earn enough FX through export to meet up with the dollar demand of Nigerians, which means many Nigerians will be going to Aboki for dollar and Aboki will be determining the rate based on demand of dollar for the day, and this will definitely lead to uncontrolled crash of Naira value against USD.



I commend Tinubu for this good dollar floating policy, but it would have been better done after putting certain things in place to ensure CBN earns or have enough dollar to supply to all banks to sell to Nigerians.



One of those things that would earn us more FX and also reduce our FX outflow is putting our local refineries in working condition and leasing them out to private entities to run for Nigeria to reduce importation of petrol which gulps most of our FX. While fixing the national refineries, Dangote's refinery will also be ready and both combined would solve our importation of petrol which consumes majority of Nigeria's FX.

Ogene001:
Give what to Tinubu? Igbos are the brain behind switch to CNG as alternative starting with Innoson motors

The naira closed at N664.04 per dollar at the investors and exporters (I&E) window on Wednesday.


Earlier in the day, the local currency was initially quoted between N750 and N755 per dollar before appreciating to close at N664.04 to the greenback.

The I&E foreign exchange (FX) window is the country’s official exchange rate trading platform. It is a segment for investors, exporters, and end-users, which allows for FX trades to be made at exchange rates determined based on prevailing market realities.

According to data from FMDQ OTC Securities Exchange, the local currency opened at N471.67 to the dollar, depreciating to N755 after the float, then recovering to N664.04 at the close of business.


The closing rate represents a day-on-day depreciation of 40.8 percent from the N471.67 traded at the I&E window on Tuesday.

The development comes after the Central Bank of Nigeria (CBN) officially floated the naira and directed commercial banks to sell forex freely at market-determined rates.

For the first time in years, the local currency was allowed to trade at a rate determined by market forces.

However, checks by TheCable by 7:51 pm on Wednesday showed that the CBN website did not reflect the FMDQ rates.

The I&E column on the CBN website still showed N463.38 per $1, the official rate as of June 9.

A Nigerian man has taken to social media to decry the reckless manner in which residents of Aba, Abia state dispose their refuse.


In a video shared online, the Nigerian man said he spotted a massive refuse dump in front of the shopping center in Aba today June 13. This comes days after the state government cleared the refuse dump in that area as well as other areas where residents of the state indiscriminately dump refuse.

What is really wrong with us ooo?- Nigerian man asks Aba residents who have littered their roads with refuse days after the state govt cleared them
‘’Earlier today while travelling to Onitsha,I made a quick U Turn to get some gifts for my customers in Shopping Center....Only for me to jam this massive refuse dump just Infront of the shopping center....

When I tell you all that Dr Alex Otti will use 2 years to clear refuse in Aba,Una think say I dey joke...

My Aba people what is really wrong with us ooo? ‘’he tweeted

Ofunaofu:
"According to Section 11(2)(f) of the CBN Act, the President shall remove the CBN Governor from office provided that the governor’s removal shall be supported by a two-thirds majority of the Senate praying that he be removed".

Hope this is not political vendetta