Bevista:
Very doubtful, indeed. Will they re-enlist the 41 de-listed items? If no, is there enough dollars in the parallel market to meet demand?
---
Narrowing the rates at both markets to N3 max is impracticable, except oil price improves significantly or they devalue the official rate.

capnies:
you don't fix exchange rates the economy will decide leave d dollar build d economy why d roller coaster nine months gone no single achievement just meaningless distractions

NavierStokes:
These guys just want to increase the "panic factor", i am afraid as a country, we are short on fiscal and monetary instruments to fight this battle, so we resort to psychological instruments☺.

happney65:
Whatever he would do to make things go back he should do now before things get worse..Whatever the Economic Team of GEJ did that did not make it worse reach here them suppose do cos no be now Oil Price don fall,he don dey fall before GEJ Left Government..I cannot come and be buying PM at 350 for wetin? omolola15 abi wetin i talk?

omolola15:


PM na 330. Dey don cheat you.

I believe steps and procedures are in place to make things better. The president knows what the country is. Going through and I believe he's not that heartless to turn deaf ears. I just hope the decisions he makes are the right once. So once again I pray God gives him the wisdom to deliver.

musicwriter:
I'm so happy the IMF and the world bank have been disgraced. Hopefully, their forecast of economic doom for Nigeria has been averted. African nations should queue up on this model. Independence means independence, not partial independence.

omonnakoda:
What fiscal instrument could conceivably have been used to fight this battle if we were not short of them

happney65:


I don buy am 345 one time like that..I no even know say he don cheap..I wish make he do whatever would be best for our Country before Sango fire hin Blokos...He is the President and the Ball stops at he's Damm Table..

Bevista:
Very doubtful, indeed. Will they re-enlist the 41 de-listed items? If no, is there enough dollars in the parallel market to meet demand?
---
Narrowing the rates at both markets to N3 max is impracticable, except oil price improves significantly or they devalue the official rate.

DaBullIT:
We pray it's a success


Less crying from wailers


Besides, only then will I be able to remind them of the campaign poster with at indicated $$ exchanged for 216 by cbn rate when GEJ was president

erico2k2:

How does the situation on ground relate to your statement?The Only reason The Dollar lost ground is cos no one wants to buy as it is,its too expensive so less demand. if people decide to buy to enable trade then the demand will be high again thus high forex.

bookface:


No fiscal instruments. But probably monetary ones.

First, let's be clear - there is no fighting this battle. The exchange rate is what it is. It is the amount at which foreigners are willing to buy the Naira.

Second - the central bank is playing a loser's game. By keeping the official exchange rate pegged at 200, it is being forced to subsidize one part of the economy at the expense of the other.

Third - the right course of monetary policy should be to officially allow the naira to trade within a band -rather than a fixed target exchange rate. A band of 200-350 may be appropriate. The CBN should then immediately increase short term interest rates sharply to stem off inflation and attract foreign portfolio flows/savings. .

Anticabal:
They just want to increase panic factor and make people bring out their dollars. Laye! i hold onto my dollars tightly. Oil dey crash steady and we won't manufacture anything tangible in the next 200 years. 1$= N3000 by next year.

omolola15:


I hear you. One way or the other we'll get there. At least if he's successful in making us depend on locally made goods. I believe that will go a long way to help the economy of this country. 99% of everything we import is made in China. And China didn't get there in a year. They had to cope with hard policies for some time. Now the biggest American companies have manufacturing plants in china. Apple, Microsoft, R.I.M to name a few.

citizenisb:
The Central Bank of Nigeria (CBN) is targeting a N200 to dollar exchange rate in the parallel market, The Nation learnt on Friday.

The naira which on Friday traded at N330 to a dollar in the parallel market is expected to appreciate speedily, as impact of the CBN’s measures to stabilize the currency volatility in the parallel market begin to materialize.

President, Association of Bureau De Change Operators of Nigeria (ABCON), said the N330 rate in the parallel market is an improvement from last week’s rate when the naira exchanged for N391 to dollar.

The strident calls by the International Monetary Fund (IMF) and some foreign interest for Nigeria to devalue its currency and the artificial spike in forex rate created by Bureau De Change operators appears to have tanked. This has been linked to a complex and integrated currency management approaches deployed by the CBN.

According to a top source in the apex Bank, “The aim of CBN is to ensure that the divergence between the official and parallel rate does not exceed N3, so we are looking at a parallel market rate of N200/$ because the downward trend in the pressure on the naira will be sustained.”

“The CBN has the capacity to sustain the downward pressure and will deploy further currency management initiatives, while capitalising on fiscal policies of the federal government to remain in support of non-devaluation of the Naira. The current stand of the federal government on Nigeria’s legal tender is Non-Devaluation. It will be unwise for anybody to be hoarding dollars because we can assure you that Naira appreciation is going to trend upwards going forward.”

So far, the CBN in a bid to manage the pressure on supply has deployed over $11.7billion to support Agricultural Sector, SMEs, manufacturers and others. This has reduced patronage of black market by end-users and has forced rent seekers to dump the greenback thereby creating a dollar-glut in the black-market.

The source noted that it has been observed that most of the imports that were draining forex resources have since found local substitutes with attendant savings in forex and shortage of demand for the greenback, which was fuelling the pressure, this is also coming on the heels of the CBN instruction to commercial banks to publish allocation of forex to end-users, this has in recent times ensure that real sector of the economy and genuine users for education and medicals have been able to access forex at official rate.


http://thenationonlineng.net/cbn-targets-n200-parallel-market-rate/

musicwriter:


Their target was for the Naira to deteriorate up to ₦1,000/$. At that point we would have no choice than to allow the world bank and IMF to determine our economic, even political direction.

IMF and world bank are nothing but neo-colonial instruments to control the resources/economy of third world countries. They're like under-takers, they only come in when you have a burial, and they'll help you bury your loved ones, which is why Ms. Christine Lagard was in Nigeria few weeks ago. Because, they already simulated a total economic disaster for Nigeria. If everything is all ok with Nigeria they'll be looking for how to rock our boat.

omolola15:


I hear you. One way or the other we'll get there. At least if he's successful in making us depend on locally made goods. I believe that will go a long way to help the economy of this country. 99% of everything we import is made in China. And China didn't get there in a year. They had to cope with hard policies for some time. Now the biggest American companies have manufacturing plants in china. Apple, Microsoft, R.I.M to name a few.

happney65:


Yeye Man,He no fit do naada about that..Person wey no get any business of he's own since hin comot office..Wey dey live on Government Funds..Na why the Economy dabaru for hin Face be that..As for US Companies in China,They are there basically because China is the cheapest place you can get Labour in the World..Money wey them go pay a US Worker $10 Per Hour.Na $1 Per hour them go pay a chinese worker and still the company go make massive profits..Them dey there basically cos of the Labour..And that is why APPLE is the Most Profitable company that ever "walked" the surface of the Earth..

Sanchase:
Buhari has sourced large amount of Dollar for the Nigerian economy, I recall vividly during his first three months in office he traveled round the

world making negotiations and borrowings. Many countries granted requests and all these large chunks of foreign currency will be unleashed into

the Nigerian Economy, there will be a sharp decline of dollar from now and it will be surprising as dollar will trade as low as N195 per dollar.

All those hoarding dollar will cry a river, save yourselves from crying a river and sell any foreign currency to avoid losing out in the end.

omonnakoda:
Why would we have no choice if it reaches 1000. What is so special or fatal about 1000 or even 5000. The change we are witnessing now is nothing compared to what happened under Babangida When we went from 1:1 to 1 :15 official and worse in the black market . In today's money that would be about 3000.
There is a very significant part of our economy that has nothing to do with dollars. By the way the one thing no one mentions or seems to overlook is we import very little from America and really do not need dollars but for the practice of cross changing dollars to RMB. The RMB is losing value and is on a devaluation trajectory. We can learn from other nations that trade RMB directly and establiish such relations with China as Iran and Russia have done .

People shout so much about $ but what do we actually buy from the US

omolola15:


OK ooooo. Let's all wait and see. 4 years go kuku reach soon.

musicwriter:


Unfortunately, for now the dollar is the official world legal tender. And of course, if we find a way to get around it that would be better.