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Nairaland Forum / Nairaland / General / Business / Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate (42413 Views)
FOREX: CBN Introduces New Rules, Naira Closes At 367/$ / Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses / Forex: CBN Pumps Additional $100m Into Market (2) (3) (4)
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Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by centvin008(m): 4:40am On May 25, 2016 |
ABUJA — The Central Bank of Nigeria, CBN, yesterday, announced a flexible exchange rate regime aimed at making foreign currencies more accessible. http://www.vanguardngr.com/2016/05/forex-cbn-throws-naira-into-open-market/ 4 Likes 1 Share
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Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by adenine02: 4:57am On May 25, 2016 |
hope it make a change in d life d ordinary people 3 Likes |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by Nelkoko: 5:08am On May 25, 2016 |
Me i NO understnd anyting 4 here. 168 Likes 3 Shares
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Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by Nobody: 5:20am On May 25, 2016 |
Ok |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by hmuhammad(m): 5:21am On May 25, 2016 |
This article too long na, meanwhile CBN governor and PMB are; 50 Likes 1 Share
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Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by SamuelAnyawu(m): 5:27am On May 25, 2016 |
Nice One |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by belente(m): 5:28am On May 25, 2016 |
This government is confused 62 Likes 2 Shares |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by Pangea: 5:32am On May 25, 2016 |
How to destroy your country's economy in a year! The Buhari Tragedy! 121 Likes 5 Shares |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by Vado(m): 5:33am On May 25, 2016 |
hmuhammad: Lol, me neither. Who all these cbn story story don epp? 7 Likes |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by michiyke2003(m): 5:35am On May 25, 2016 |
Plz can sombody explain to me wat dis write-up is all about 17 Likes |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by TechRev: 5:43am On May 25, 2016 |
"Special window" there is your corruption for the fantastically corrupt nation. What is special window and what qualifies special window transactions and what rate will the special window get? Special window is for his favored few. And they are looking for corruption. 98 Likes 6 Shares |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by proeast(m): 5:46am On May 25, 2016 |
Trial & error government. I hope it benefits the economy immensely but having a special window is another avenue for round tripping & corruption because those with connections would always abuse it. Diaspora remmitances will also increase since banks will no longer cheat Nigerians recieving hard currencies by giving them naira at 197 when the true value is 350. 20 Likes 3 Shares |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by BekeeBuAgbara: 5:47am On May 25, 2016 |
Trial and error government. 24 Likes |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by jodeci(m): 5:55am On May 25, 2016 |
1$ will eventually exchange for 700 NGN before year end ssince the rate will be determined by market forces. The most confused clueless CBN governor ever there is. 44 Likes 3 Shares |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by segalex: 5:58am On May 25, 2016 |
I support PMB most times but I honestly think he needs to gather Nigerians who are versed in economic matters and constitute a real economy team which will give this administration the necessary directives on how to run the economy. The issue of making Osinbajo who is a lawyer the leader of your economy team doesn't make sense, if there's one area that this administration is seriously struggling, I think it's the area of economy and this needs to be corrected before it gets out of hand 38 Likes 5 Shares |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by yungryce: 6:10am On May 25, 2016 |
na only first paragraph me read. which way naija 5 Likes 1 Share |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by TPAND(f): 6:15am On May 25, 2016 |
This policy is a stylish way of devaluing the Naira. I get it PMB, every savvy economist knew all along the Naira can't be sustained at N198 official rate. The parallel market will shoot to close to N420 to a dollar in the coming weeks 18 Likes |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by infogenius(m): 6:16am On May 25, 2016 |
Thanks to God for the title.
I believe it summarises this
lengthy non paragraph article
Or whatever. The post is unreadable for me. 3 Likes |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by Lordtrillion(m): 6:47am On May 25, 2016 |
Isn't this same thing as devaluation ![]() 12 Likes |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by yomalex(m): 6:47am On May 25, 2016 |
Chai ![]() ![]() |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by simplemach(m): 6:48am On May 25, 2016 |
o God, APC don scatter our country finish 16 Likes |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by donbrowser(m): 6:48am On May 25, 2016 |
segalex:You are very right my brother, this administration is just the opposite of Jonathan's Jonathan had the tools but didnt use them well and this one didn't even select the right tools. Back to the topic; this is not in any way different from devaluing the currency, many other things can be done to save the economy than this crap. This Kemi and Cbn governor are just too dumb for me, Government should stop picking ministers, throw it open and let better people apply. If you can't perform in 6 months OUT! 12 Likes |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by pretydiva(f): 6:48am On May 25, 2016 |
Summary pls |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by Nobody: 6:48am On May 25, 2016 |
Why are people complaining again. At least let the market forces do it's thing.. They narrow the exchange rates, you people complain. They relax it you people complain. Bring better solution, you don't have. The truth is that economy has sunk right from many years ago. It just shows physically now. If you are partisan thinking it is PDP or APC, you get it wrong. Because mwhen they want to steal, they do collabo to do it irrespective of the party..They don't care about us. Their family will hardly feel it even if the dollar trade is 500naira. Even if it is Gej on the throne , it won't be better In Nigeria, economics application won't work because this part of the world is strange. This new policies will give banks and bdc opportunity to explore the flaw and go back to their crude ways creating artificial price way up. We should ask our self,why is stock market prices getting positive turn around for months now despite economic hardship. To me, bubu would have held on a bit, make peace with nd people instead of using forces,so that oil revenue inflows can improve since crude oil prices are picking up. I don't know why God created Africans, we are just wicked and opportunist. When these people are looting without looking back, no one can challenge them. Look at all Caribbean, all our stolen money are used to develop those areas. All there unborn children have foreign nationality of their choice. If you steal and invest back to the country, the money will be enough to create many things back home. It's just unfortunate we found our self in this evil leadership mess. If to say we get our Independence same time as SA, Nigeria will be better than many European countries . so so unfortunate. Buhari can't do much as at this time.the are just helpless. So who will still suffer it? Many people shouting devaluation will see the true meaning of it soon. 52 Likes 6 Shares |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by repogirl(f): 6:48am On May 25, 2016 |
Lordtrillion:lol! Don't mind them....they are scared of using the term, so that it doesn't appear as if they have finally given in to what they were supposed to do months ago. Trail and error government! 19 Likes 1 Share |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by Integrityfarms(m): 6:48am On May 25, 2016 |
Trial and Error Economics! We are now gonna see the dollar sell at #400 and above on a consistent stable basis! Zombies una well done o! Thought the zombies were jubilating about the Yuan swap deal that it will lead to a partial stability in Naira Dollar exchange rate? Now they can see clearly that a zombie can't think well in any condition because he has no brain. #proudly 5% 21 Likes 1 Share |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by Nobody: 6:49am On May 25, 2016 |
Dem don devalue naira Com give am anoda name Lmao ![]() ![]() ![]() 11 Likes |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by Nobody: 6:50am On May 25, 2016 |
Nairaland economists should come and interpret this voluminous, esoteric article/press release for us! The writer of this article intentionally made sure that ordinary Nigerians don't understand the new monetary policy 11 Likes 2 Shares |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by Nobody: 6:50am On May 25, 2016 |
I did not read it but it is a good move. 1 Like |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by bishopsele84: 6:50am On May 25, 2016 |
Simply put,naira has been devalued 16 Likes 2 Shares |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by favouritesahaba: 6:51am On May 25, 2016 |
Systematically. Naira devalued! But it is better sha. It is expected to reduce black market price. Hope it will work. |
Re: Forex: CBN Throws Naira Into Open Market, Nullifies N197/$ Exchange Rate by PAnaceA7(m): 6:51am On May 25, 2016 |
hmm.......Nigerians should brace up for hyperinflation. It seems we are heading towards operating as a Capitalist economy... Am waiting to see how this materialises.... Nigeria hasn't gotten to the stage of US oo How I wish we have a good Export drive to benefit from this Devaluation |
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