bozz007:
It's on their webpage sef 320 to a dollar

dragnet:
really?

onatisi:

Bros you dont seem to understand what mavin is saying.
This is what I realized when I left Nigeria that when survival becomes difficult,achievement becomes impossible. Yes for those staying outside Nigeria ,to save may not be easy as those at home think. To earn dollars is was but to save it maybe hard. In Nigeria the situation is terrible,the nation is virtually on lockdown. When u go to naija u will realize what I am saying. When u are abroad to feed ,clothe or do normal things are easy although after those things there may not be much to save,food isn't any problem but in Nigeria even to feed comfortably and adequately is a real war for millions in Nigeria,now tell me is it the person who is finding it difficult to eat 3 square meals that will now think of saving of buying a house ?

tradeplusib:
Call it a send off gift or santas early xmas bonanza. .......

Yes, thats the first thing i checked too.

Now where are all those my abandoned stanbic cards sef?

Singapore1:


IRONY..

I am being sarcastic

dragnet:

link to their page please?

Mariesio:


Hmmm , just tried now with $0.01 and #3.2 was withheld. I no trust that rate oooo. After they sent message that their card can't be used online . You better abandon the acc or else

tradeplusib:

Www.stanbicibtcbank.com middle right hand side

EnterPRO:


Maybe CBN has directed all banks to sell MC dollars at interbank rates going forward, that's why they are all stopping the service?

Mariesio:


See bad belle

EnterPRO:


Maybe CBN has directed all banks to sell MC dollars at interbank rates going forward, that's why they are all stopping the service?

opeyemmmy:


That's the case.

The directive is for the banks not to charge more than N5 above interbank rate... forgetting that with the persistent acute shortage of FX, there is hardly any bank that will able to settle their card transactions.

EnterPRO:


Maybe CBN has directed all banks to sell MC dollars at interbank rates going forward, that's why they are all stopping the service?

EnterPRO:


And they decided to lower limits to prevent round tripping.


Case solved.

Prophet Onatisi, that N1000/$ prediction go still far small oh.

dragnet:
really?

EnterPRO:


And they decided to lower limits to prevent round tripping.

Case solved.

Prophet Onatisi, that N1000/$ prediction go still far small oh.

onatisi:

I never said it will reach 1000,go through my comments again. But the whole system will crash with all these flip-flopping decisions ,every investor wants a clear laid out clean simple regulation. The cbn is desperately looking for a solution and the solution doesn't lie with them but with the political leaders and the masses. The truth is defending the naira with all these measures without increasing local productions is just a postponement of doomsday.

onatisi:

I never said it will reach 1000,go through my comments again. But the whole system will crash with all these flip-flopping decisions ,every investor wants a clear laid out clean simple regulation. The cbn is desperately looking for a solution and the solution doesn't lie with them but with the political leaders and the masses. The truth is defending the naira with all these measures without increasing local productions is just a postponement of doomsday.

opeyemmmy:


Yes. But then, that may not be enough, hence why most of the banks are stopping the service altogether. I don't expect any bank to settle card transactions at a loss, knowing that CBN is not doing enough to ease FX scarcity (and rate volatility) in the system.

BizBloke:


Key! Local productions that can meet - or almost meet - the consumption capacity of the populace and export capacity too.

EnterPRO:


Kk. Sorry about the 1000. Its still a possibility though. Next year maybe.



I'm expecting a spread of 320-350 on cards and 350-400 on the streets as Travelex eases pressure a little.

The current N470+ rate was highly due to speculation anyway.

onatisi:

Honestly,they should have left the system the way it was,it was already getting to a point that the aboki rate and the bank rate was almost the same ,eventually it would have been the same . Export was already looking good and profitable while importation was starting to lose its attractiveness. Ppl would have been forced to look inward to produce in order to earn forex. It makes no sense strengthening ur currency when u virtually import every thing. Eventually speculators and forex buyers will troop into Nigeria and mop up the available forex that is what always happens then the nation will be back to square one

You've got great points but don't exactly go with leaving the system the way it was simply because lots of people out there will suffer and truthfully die if the dollar keeps rising and hits N700, N850, N1000.

Yet, what's happening now is only a temporary solution: a key indicator of a trial-and-error economic team, so they dabble into this and dabble into that, hoping that somehow, a quick fix will avail itself to cure Nigeria but that's never going to happen.

Sadly, the naira will still crash because the pillars giving it strength right about this week/weekend will still weaken. If factories aren't set up (with good and steady supply of electricity) for local production, consumption and exportation, the naira will keep crashing.

We've been running a mono-economy.

dollaflow:
$200 PayPal fund available

EnterPRO:


I'm expecting a spread of 320-350 on cards

and 350-400 on the streets as Travelex eases pressure a little.

The current N470+ rate was highly due to speculation anyway.

opeyemmmy:

The directive was clear on a cap of N5 margin. Interbank rate for sometime now has been between N304.5 - N315; except the rate changes or CBN increases the margin, I don't expect card rate to be above N320.



350-400 at the black market is a long shot. CBN has not done so much to expect such. And for me, I don't think the arrangement with Travelex is sustainable... though I hope I'm wrong on this.

mavinc4u:


Is N320. Called them to confirm

opeyemmmy:

The directive was clear on a cap of N5 margin. Interbank rate for sometime now has been between N304.5 - N315; except the rate changes or CBN increases the margin, I don't expect card rate to be above N320.



350-400 at the black market is a long shot. CBN has not done so much to expect such. And for me, I don't think the arrangement with Travelex is sustainable... though I hope I'm wrong on this.

mavinc4u:



Access bank has 2 rates at the moment; N375 for master card and N430 for visa card though they said it will come down.

mavinc4u:



Access bank has 2 rates at the moment; N375 for master card and N430 for visa card though they said it will come down.