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Nairaland Forum / Nairaland / General / Business / CBN announces unification of FX windows, stops Naira4Dollar scheme (79357 Views)
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Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by SaLongs1(m): 7:48am On Jun 15, 2023 |
accordadoga27:Your level of asslicking is one for the ages, why not wait and see before coming to conclusions, are you a newcomer to this country, have we not seen initial gragra before? |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by ozo13(m): 7:49am On Jun 15, 2023 |
oluwaseyi0:lol I swear .see how everythings are falling in line without much agitation.with this more resources will be available to better the life of ordinary citizens. Even some people that seem not to believe in governance in Nigeria before are now having a rethink.May Nigeria be great again 1 Like |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by hafeeanubasy: 7:49am On Jun 15, 2023 |
PoliteActivist:Do you know most people especially Igbo don't know this.They think jagaban is one mafia leader name.probably because of YCEE song JAGABAN. I have watched an interview granted by an Igbo where he said he hates him because of that name that the sound jaga jaga as leader of people that turns things to jaga jaga |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by optimusprime2(m): 7:52am On Jun 15, 2023 |
They have started again, acting impulsively without a clear plan... dem never even finish fuel Subsidy case. Is it just me or doing this will create the following; -1 Inevitable Devaluation of the Naira -2 Dollar Supply challenge from the banking sector which will still endup empowering the parallel market (except an official mutual agreement is brokered between the black market and CBN) either way the local currency will seriously slump, which will seriously push inflation. As I write now, the CFA is far stronger than the Naira, which is concerning, considering the fact that all border countries around Nigeria use the CFA... Is Nigeria prepared for the looming inflation, potentially around the corner? My take; Such decisions should have been made after establishing a solid economic thinkthank that would have analysed the strengths and weaknesses of this fx policy in the absence of a strong National Economic plan. Additionally the vices of Nigeria that require heavy fx have not even been plugged, I.e security, banditry, oil and gas corruption, power sector corruption... why kick start a policy that would further facilitate the operations ease of numerous wahala in the country (like pouring water into a leaking bucket- more like wasting water) E get why Buhari been lock everywhere. I just hope Buhari is not missed in the long run. |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Marvfem: 7:52am On Jun 15, 2023 |
[quote author=money121 post=123801334][/quote] can we also use our naira card for international transaction now |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by maasoap(m): 7:54am On Jun 15, 2023 |
Dialpad: They later reduced it to 20 dollars a month and later stopped it completely |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Levels1(m): 7:55am On Jun 15, 2023 |
With the way Mr President is running the show...... I doubt if he's going to have any opponents comes 2027. 1 Like |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by maasoap(m): 7:59am On Jun 15, 2023 |
Favourchris: At least, we knew that the policies he met on ground were not working for the benefits of the majority of Nigerians. Everyone was looking for something different, new directions and it is here. Let's leave story and lamentation for tomorrow |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by hafeeanubasy: 8:01am On Jun 15, 2023 |
bionixs:What was buhari intro? Appointing COS and SGF 3mths after swearing in. Mention one landmark policy implemented by buhari within 100 days in office. I voted for him, but I lost interest within 100days in office! |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by fawaz050(m): 8:02am On Jun 15, 2023 |
grandstar: Education Tax |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Greattha: 8:03am On Jun 15, 2023 |
This is an excellent one. Policies like these would gradually reset things. |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by money121(m): 8:06am On Jun 15, 2023 |
Marvfem:Yes |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by hafeeanubasy: 8:07am On Jun 15, 2023 |
Funflipper:Those that supposed to be his godfather are actually his boys! |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by kutashi: 8:08am On Jun 15, 2023 |
If we have enough Forex, unification will automatically happened! This will still make some people rich except there is still regulation as those who have the Forex will be determining the rate irrespective of the market force! Nigeria is entirely different country that run counter and rebel against every economic logic! In Nigeria, you can have "the higher the price and the the higher quantity demand" and you begin to wonder what's happening? The simple shortcut to issue of Forex is just increase your earning through export and reduce your dependency on import to have surplus Forex to protect the local currency. franchasofficia: 2 Likes 1 Share |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by grandstar(m): 8:08am On Jun 15, 2023 |
Ogene001: All 3 presidential candidates promised to do something similar, including Aboki Atiku The immediate past system wasn't benefitting them much after the CBN ended sale of forex to the BDCs. 1 Like |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by bolacode: 8:09am On Jun 15, 2023 |
The Cum Laude Accountant is in the building! 1 Like |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by hafeeanubasy: 8:13am On Jun 15, 2023 |
viodemus:What happened to non SW ports when GEJ was the president, Anyim pius Anyim was the SGF,Okonjo iweala was the coordinating minister of the economy Allyson madueke was the minister of petroleum,Emefiele was the CBN Governor, Aruma oteh was the chairman SEC,Peter OBI was the chairman SEC ,Ike Ekweremadu was the deputy senate president, Emeka ihedioha was the deputy speaker..all for 5years 2010 to 2015! Una never take responsibility for your life but blame others 1 Like 1 Share
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Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by ashawopikin(m): 8:19am On Jun 15, 2023 |
Favourchris:Trust me, nigerian banks have the most dollars than all the banks in west Africa combined, they're the one hoarding it and selling it to these Aboki 2 Likes |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Rubby1(m): 8:21am On Jun 15, 2023 |
slimthugchimee2: In case you don't know what floating the Naira means, it means that the government will no longer determine the Naira rate. There will be only one rate. And that is the rate determined by market forces. This means that the more you buy foreign goods, like the ones you see in Peter Obi's Next Cash and Carry, the more the Naira will collapse. And the more you buy made in Nigeria goods and services, like Innoson Motors, and Globacom telecommunications products, the more the Naira will rise. The immediate impact of this will be that our foreign and local reserves will rise, since the Central Bank of Nigeria will not have to defend the Naira by unnecessarily injecting Dollars into the forex market. Another consequence is that exporters and importers, as well as students, pilgrims, tourists and health tourists will no longer have to approach the CBN for allocations, since the CBN rate no longer exists. What will exist is the single exchange rate. Also, you will be able to travel with Naira and change it for Dollars, Pounds, Euro, Yuan, etc., abroad, as it was during the 70s and early 80s before Buhari's coup against President Shagari's government. |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Ikea81: 8:21am On Jun 15, 2023 |
Another 4 years, an aboki takes over as president and we go back 10 years again. Nigeria can never make any meaningful gains as long as the North and South remains one. Till yoruba's get sense and partner with the Igbos politically and continue to rotate the presidency among themselves for 200 years, Nigeria will just continue to be like the erectile dysfunction of a 70 year old man. |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Rubby1(m): 8:22am On Jun 15, 2023 |
In case you don't know what floating the Naira means, it means that the government will no longer determine the Naira rate. There will be only one rate. And that is the rate determined by market forces. This means that the more you buy foreign goods, like the ones you see in Peter Obi's Next Cash and Carry, the more the Naira will collapse. And the more you buy made in Nigeria goods and services, like Innoson Motors, and Globacom telecommunications products, the more the Naira will rise. The immediate impact of this will be that our foreign and local reserves will rise, since the Central Bank of Nigeria will not have to defend the Naira by unnecessarily injecting Dollars into the forex market. Another consequence is that exporters and importers, as well as students, pilgrims, tourists and health tourists will no longer have to approach the CBN for allocations, since the CBN rate no longer exists. What will exist is the single exchange rate. Also, you will be able to travel with Naira and change it for Dollars, Pounds, Euro, Yuan, etc., abroad, as it was during the 70s and early 80s before Buhari's coup against President Shagari's government. |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by hafeeanubasy: 8:24am On Jun 15, 2023 |
relaxandsmile:I hate that parastatal! The last time they function was when frank nweke junior was the minister of communication under Obasanjo! They should partner with all those comedy skit makers and bloggers to enlighten people!...they should incorporate it in their comedy skit like they do for all those herbal bitters,sport bets and bitcoin traders. 1 Like |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by hafeeanubasy: 8:31am On Jun 15, 2023 |
obyno82:you people should chill! Obi is not a threat to Tinubu but Atiku. OBI my foot 😆 1 Like |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by hafeeanubasy: 8:33am On Jun 15, 2023 |
Ikea81:. Igbo should be the one to get sense and partner with yorubas.Yorubas have sense already!...you guys have nothing except NZOGBU NZOGBU...let yorubas teach you sense |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Reference(m): 8:33am On Jun 15, 2023 |
Etisoul: Nigeria had lived since independence like a unemployed man who dresses shiny corporate, bids his wife goodbye and leaves the house to roam round the town with an expensive but empty briefcase and a false notion that he is going somewhere..... but returns home to face racking poverty at dusk. The result is that he does not attract real help of any kind because his position is misleading. Now his wife is sick of the whole charade and decides to dress according to her status, wearing tatty clothes and sitting at the gate with a begging bowl. Now, what will happen is that she will attract folks who pass by. Three kinds if folks. Some will place a few coins in her begging bowl out of pity. Others will offer her a job to come do laundry or mow the lawn. Some will hold her hand and say come spend time with me in the other room for a morsel. This family is Nigeria that has come to her senses and is beginning to live according to her realities. The re calibration of the economy will attract more aid (help) because those who give will not need to hand over as much as before since the naira is much further away from their dollar. The devaluation of life here will also attract investment since amongst many things pride is stripped away and labour costs should be rock bottom theoretically making productivity more competitive. However devaluation will also attract all sorts of foreign predators capitalizing on vulnerabilities of citizens, local businesses and the government as a whole because let us be frank, a hungry man will sell anything including himself to survive so brace up for a lot of lurid international, cross border stories. But like I have said many times since the first chapter of this government, the quality of governance will define if the sacrifice of the average Nigerian in giving up all the privileges the various subsidies afforded him will not be in vain. If government abandons him midway and does not associate with his pain but conduct themselves in the typical recklessness we associate with them then it is curtains for this country. Just like the principles of the wife will decide whether she will take the job or take the easy way out. 1 Like |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Segzy19: 8:34am On Jun 15, 2023 |
You are sure I was not born then.... What made you so sure of that? You see arrogance in you... You don't even know me.... I hope you know that not much can be done without the legislature which has only been inaugurated yesterday. Yet if he uses that as an excuse of not doing anything, it's people like you that will complain that he is slow. These actions of his are the things he can still easily do for now without needing the legislature. Things will be solidified and properly structured once the legislature gets down to work. IBB era is gone and for your information I know what SAP was... obyno82: |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by saysoo: 8:34am On Jun 15, 2023 |
EgunMogaji2:Know it today that the highest propaganda tool of the government are the press |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Reference(m): 8:36am On Jun 15, 2023 |
Rubby1: You will be surprised that these folks have a serious foreign exchange footprint because all they sell is essentially foreign sourced. |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Pharaoh4rin(m): 8:36am On Jun 15, 2023 |
Dialpad: You be mumu ..you toooo like 'like & share' |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by membranus: 8:39am On Jun 15, 2023 |
mikeapollo: A fake economist and a die-hard pessimist sighted. |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by Femmyfamous4u(m): 8:42am On Jun 15, 2023 |
Inception: What are you saying? Rubbish! First, import-export market determines the value to a large extent. Our major export is crude oil and soon it will be refined products. The reason most investors divested was because of unstable and unpredictable value of the Naira. The move has assured Investors more confidence and that can be seen in the gain experienced by the stock market. 1 Like |
Re: CBN announces unification of FX windows, stops Naira4Dollar scheme by MT: 8:42am On Jun 15, 2023 |
Rubby1: Well done. You broke it down into easy to comprehend granular pieces for people. I support the policies too but if we really want to make it count, Nigeria must start producing internally. Nigeria must take control of her borders too so that we regulate the number of goods that can come from other countries into Nigeria. This will discourage lot of students buying pounds and dollars cheaply to fund their education abroad. If you need money to study internationally, go and get your money from the single market at any rate, if you can afford it. We cant afford to be paying for international tuition fees while depleting our foreign reserves. Within 2 weeks of this administration, my belief system in Nigeria has increased exponentially. |
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