https://www.nairaland.com/2501718/naira-appreciation-why-nigerians-should

Is the value of the Naira really appreciating in the real sense or the CBN and the FG are playing pranks on Nigerians? Why are commodities still high in the market?

Ideal Situation
Ideally, customers operating domiciliary accounts will go to the banks, deposit their dollar and through that account they do whatever transaction that they deem necessary. The Banks inturn will take the dollars(and other foreign currencies) to the CBN.

The Buhari/Emefiele Situation
1. The CBN has stopped receiving dollars from banks, as a result the banks has stopped accepting dollars at the counter because their vaults are full.

2. Because of the restriction at 1(above) the demand for dollar reduces in the BDC. The BDCs seek every means to trade the currency including reducing the cost at the black market. The CBN will go to the press to scream "NAIRA IS APPRECIATING."

3. As a result of 1(above) the banks also refuse to request dollars from the CBN's foreign exchange reserve. The CBN will then come out to scream "RESERVE IS GROWING".

Is that the best way to manage the naira?

Salient Question and Effects:
1. What happens to a businessmen with domiciliary account seeking to deposit dollars and transfer to their partners abroad after buying the dollar from BDC or Bank?

2. The bank's refusal to accept dollar deposit means business transaction on that will be halted. Because no domiciliary account holder will be willing to withdraw from his account when he knows that he won't be able to make further deposit due to the CBN's policy except if his intention is solely for converting the dollar to naira for local transaction.

3. Instead of doing transactions from domiciliary account, businessmen will be left with no choice but to operate domiciliary account in neighbouring countries where they will be making transactions or resort to wiring money via Western Union in neighboring country.

4. As a result of 3(above) the cost of commodities will go UP because businesses will make up for the extra expenses. Also, that will mean reduction in business activities in the banks.

5. Should the above persist it will get to a certain point where there will be scarcity of the dollar in the market. When it get to that point, the dollar rate is astronomically shooooooot up in the market because demand will outweigh supply. At this point, the naira problem will be worse than it was.

Is The Naira Really Appreciating?
Make no mistake, the naira-dollar rate is yet to appreciate in the international market. As at May 29 the naira/$ rate was N199 in the market. The rate as at today Aug 5, 2015 is still N199. You can't appreciate a currency via the backdoor. Even the black market rate cannot be regulated through the back door.

What "Sane" Countries Does:
The CBN Governor Godwin Emefiele made it look like one can't deposit foreign currencies in cash in another country. This is contrary to the facts on ground. No country will shut down foreign currencies transactions in banks. Let me give two instances...

On February 27, 2015, the Central Bank of Egypt instituted a new policy to help the Egyptian pound. As part of the policy, Individuals and businesses are allowed a maximum of $10,000(or equivalent) deposit daily and $50,000(or equivalent) monthly. The measure would stop companies from buying large amounts of dollars from the black market and then depositing them briefly in banks in order to open letters of credit for imports.

In China the maximum daily deposit/withdrawal of foreign currencies is $10,000(or equivalent).

Is it not better to place a transactional limit for foreign currencies than discourage deposit completely(that will solve nothing)?
We don't produce, we import, we have no policy to promote local production nor infrastructures in place toencourage manufacturers, yet we expect the naira to appreciate. That's is no done anywhere.

Has access bank released their half year result?

Western union transfer suspended.


Money Gram available.

ibe9ja:


Octopus, can u pls SHUT UP for the next 3 market days. Start talking from Saturday, 08 August, 2015.

You can always ignore his posts.

manie:


You can always ignore his posts.

or ignore? ibe9ja's post as well

Oga PETERiCHY, i have studied you remarks on this new cbn policy... let me make some points and inputs.
Points;
In Nigeria today, more than 70% of owners of foreign currency/domiciliary accts are Politicians and civilservants which they use for various dubious purposes.
The mallams(local burue de change) who do not constitute 10% of foriegn transactions in the economy now detects the exchange rates because of unregulated domiciliary accounts.I am well informed of what they do in Zone 4 Sharaton axis which is their major base in Abuja. let me stop here and make some inputs..
If cbn decides to strenghten its policy to protect our naira which is our legal tender, it an action in the right direction! people who see it as manipulations and artificial measure should research about korean and chinese exchange rates to dollar which are the highest manipulation in the world.

Past administrations refused to cut down the tails of these mallams because some of them at the black market are mere agents to the real Ogas who are politicians and top cbn staff. 80% of the the license owners of these bdc are people in government and people who partner them in the business. i am aware of what i am saying because i live here. My question, how many countries in the world do we hear their exchange rates in the black market more than their central bank rates if not in Nigeria?
Thanks my people let me stop here, i am not good at typing. happy trading day!

Ugoobuz:
Oga PETERiCHY, i have studied you remarks on this new cbn policy... let me make some points and inputs.
Points;
In Nigeria today, more than 70% of owners of foreign currency/domiciliary accts are Politicians and civilservants which they use for various dubious purposes.
The mallams(local burue de change) who do not constitute 10% of foriegn transactions in the economy now detects the exchange rates because of unregulated domiciliary accounts.I am well informed of what they do in Zone 4 Sharaton axis which is their major base in Abuja. let me stop here and make some inputs..
If cbn decides to strenghten its policy to protect our naira which is our legal tender, it an action in the right direction! people who see it as manipulations and artificial measure should research about korean and chinese exchange rates to dollar which are the highest manipulation in the world.

Past administrations refused to cut down the tails of these mallams because some of them at the black market are mere agents to the real Ogas who are politicians and top cbn staff. 80% of the the license owners of these bdc are people in government and people who partner them in the business. i am aware of what i am saying because i live here. My question, how many countries in the world do we hear their exchange rates in the black market more than their central bank rates if not in Nigeria?
Thanks my people let me stop here, i am not good at typing. happy trading day!

Oga u dey mind their TT analysis. I have a naira account and I still do my transactions abroad without hitches from my naira account. So what is the use of the dom account sef

Agbalowomeri:


Oga u dey mind their TT analysis. I have a naira account and I still do my transactions abroad without hitches from my naira account. So what is the use of the dom account sef

Thank God you didn't make a joke outta this

Agbalowomeri:


Oga u dey mind their TT analysis. I have a naira account and I still do my transactions abroad without hitches from my naira account. So what is the use of the dom account sef

How do you transfer money abroad from your Naira account?..................

angelo82:



How do you transfer money abroad from your Naira account?..................

I actually paid for my website hosting subscription yesterday using my Naira debit card.... the rates bad sha..220

feelamong:


I actually paid for my website hosting subscription yesterday using my Naira debit card.... the rates bad sha..220

Get yourself a Stanbic IBTC , Standard Chartered or Fidelity bank Debit card ASAP!

Guaranteed rates not exceeding N200/$1.

feelamong:


I actually paid for my website hosting subscription yesterday using my Naira debit card.... the rates bad sha..220

Which bank

bloomberg app get issues. may i knw d price of oando, afriprud, honeywell on d floor plz

green every were na only oando

jp130:
bloomberg app get issues. may i knw d price of oando, afriprud, honeywell on d floor plz

Oando: 11.95 / 12 (Bid / Offer)

AfriPrud: 2.83 / 2.85

HonyFlour: 2.75 / 2.77

Help! I'm trapped by bulls....

zendi:
Help! I'm trapped by bulls....

Zendi this one na bull ??

you gain 4% today and loose 6% tomorrow...you better pick race oh

myjoy08:
The fear of GTBank projected results and interim dividend is the beginning of all upsides movement for the bank . I just want to be funny and kidding.

Were you seriously joking or jokingly serious?
Just asking in view of current events.

In the stock market, there is always a boom before a bust and a bust before a boom.

The ultimate investor is the one who can buy the tail of the busts and sell the head of the booms!

megainvest:
In the stock market, there is always a boom before a bust and a bust before a boom.

The ultimate investor is the one who can buy the tail of the busts and sell the head of the booms!

And its the same cycle every year but most people keep making mistakes by not buying...............Imagine the condemnation that trail FBNH...........

angelo82:



And its the same cycle every year but most people keep making mistakes by not buying...............Imagine the condemnation that trail FBNH...........

Are you sure you are not emotionally attached to FBNH?

Manonamission:


Are you sure you are not emotionally attached to FBNH?

This is not emotional attachment but fact.........How can FBNH trade at 2Naira?.........What kind of theory is that?............That guy should get off his med............

Access still lagging behind

Justcul:
Access still lagging behind

Yeah but why?...............Looks like the management of Access really don't want the stock to rise..............Or what else is responsible.........

plz 1 oda kwestion. whats d price of transcorp n fbnh?

jp130:
plz 1 oda kwestion. whats d price of transcorp n fbnh?

Transcorp #2.46 (on full bid), FBNH #7.12

jp130:
plz 1 oda kwestion. whats d price of transcorp n fbnh?

Transcorp 2.46

FBNH 7.12

chai...I just rem saibuhari /saibaba , hope u re still here its been a while