in 10days??

Make I quick call Aunty Adesuwa for Italo, make she quick send us the Western Union before Exchange rate reduce according to OP...

Meanwhile billions have already exchanged hands due to round tripping over the last 16 months. And we will turn a blind eye to that.

Very good policy by the CBN

Let it happen oooo

utenwuson:
in 10 days? or ten years?

In 10 decades

Personally I'm in a state of buhari as long as Nigeria and APC is concerned...

RevDesm0ndJuju:
Arrant nonsense from the OP.

The CBN policy is to effectively bring about a duo parallel rate at the official market.

This will lead to officially devaluing the naira and thus see a fall in the naira.

There will also be diversions of forex by those approved to source at the subsidised rate of 199 since why should I bother importing raw materials when I can simply sell the forex I get from the CBN at a subsidised rate at the black market?

This is just another foolish policy that will create avenue for quick money for those allowed to access forex.

The only solution is to float the damn naira already in an open bidding auction.

I think you're the one talking arrant nonsense.

1. What do you mean by "duo parallel rate at the official market". I know English Language is not your mother tongue. So I forgive you.

2. Of course Naira has been devalued because floating Naira means that the currency worth would be determined by the market. The market has always said that N197/$1 by the government was overvalued. The real value of Naira is what we would see from Monday.

3. There's no diversion. Those appointed by the government would sell dollar at market rate. There's nothing like N199/$1 again.

4. With this policy, you can't round trip or speculation is reduced.

5. Naira is already floated.

In as much as I'm a stern critic of Buhari administration, I applaud this monetary policy. Still I blame the government for waiting for 10 months before it's implement thereby wasting foreign reserves and engendering massive corruption. We should blame the Dullar.d himself. He said that he must be convinced before he would devalue Naira. Who now convinced him to float Naira. Maybe, his London doctors have successfully opened his blocked ears and he heard reasons for the first time.

Hmmm

but the ops will never mention that the official price of naira today @199 will rise.
pls mark this prediction no.9
i thought someone in ASO ROCK decieved me that NGN1=USD1 when he takes over govt.

Im sorry and dont be offended, but what the .......are you talking about !

Is this based on wishful thinking as it is certainly NOT BASED ON ECONOMICS. Let me help you:


1. Naira will get a new official price against the dollar when the market opens on Monday

The only Correct thing mentioned , expect a MUCH HIGHER RATE

2. The naira will appreciate against the dollar immensely at the black market

NO!!!! NAIRA wil DEPRECIATE NOT APPRECIATE. Just because the amount goes up doesnt mean it has appreciated, actually the opposite. It means you will need MORE NAIRA to a dollar so it LOSES ita value

3. Scarcity will be reduced as dollar will be more available to buy

NO, internal good stuffs will actually cost more which could cause people to hoard

4. The gap between the official market and the parallel market will shrink

In essence they will be aligned though the parallel market may cost more as the hitches to get it will be less and driven by liquidity in the market at that time.

5. Round-tripping by dollar dealers (individuals and companies) will be massively reduced

Im lost here, what are you saying? Ppl with dollar may also hoard it.

6. The restrictions on naira cards abroad will be removed

Um WHY. The banks still need to settle and at a much higher rate so they may keep the restrictions

7. The pump price of petrol may reduce

Wrong, the price will increase

8. Inflation rate will reduce

This BLEW my mind.....There will be high and possibly hyper inflation Also look for the Fed to increase interest rates as Inflation increases

FriendChoice:



https://www.nigerianbulletin.com/threads/new-naira-policy-8-things-that-will-happen-in-the-next-10-days.214632/

This government have made me not to believe people anymore. I hope things get better

7the pump price of petrol may reduced. This is a conditional statement oh,b4 some people go begin protest after 10days

PBundles:
Im sorry and dont be offended, but what the .......are you talking about !

Is this based on wishful thinking as it is certainly NOT BASED ON ECONOMICS. Let me help you:


1. Naira will get a new official price against the dollar when the market opens on Monday

The only Correct thing mentioned , expect a MUCH HIGHER RATE

2. The naira will appreciate against the dollar immensely at the black market

NO!!!! NAIRA wil DEPRECIATE NOT APPRECIATE. Just because the amount goes up doesnt mean it has appreciated, actually the opposite. It means you will need MORE NAIRA to a dollar so it LOSES ita value

3. Scarcity will be reduced as dollar will be more available to buy

NO, internal good stuffs will actually cost more which could cause people to hoard

4. The gap between the official market and the parallel market will shrink

In essence they will be aligned though the parallel market may cost more as the hitches to get it will be less and driven by liquidity in the market at that time.

5. Round-tripping by dollar dealers (individuals and companies) will be massively reduced

Im lost here, what are you saying? Ppl with dollar may also hoard it.

6. The restrictions on naira cards abroad will be removed

Um WHY. The banks still need to settle and at a much higher rate so they may keep the restrictions

7. The pump price of petrol may reduce

Wrong, the price will increase

8. Inflation rate will reduce

This BLEW my mind.....There will be high and possibly hyper inflation Also look for the Fed to increase interest rates as Inflation increases

Totally agree with you on the above points. I don't see how the devaluation spells good news for the already bad economy. It could be the lesser of both evils but definitely good news. We just have to keep surviving and hoping and waiting for 2019. For now, it seems the ships for our economic restoration has already sailed.

See what Buhari has turned the country into. Na economy we dey forecast like sportsbet so

FriendChoice:



https://www.nigerianbulletin.com/threads/new-naira-policy-8-things-that-will-happen-in-the-next-10-days.214632/

which fake prophet predict this one?

Thanks, I dont get how ppl who obviously have no clue start babbling nonsense. When he thought that by the Naira increasing it appreciated is when he proved he has NO CLUE what he is talking about.

delivite:


Totally agree with you on the above points. I don't see how the devaluation spells good news for the already bad economy. It could be the lesser of both evils but definitely good news. We just have to keep surviving and hoping and waiting for 2019. For now, it seems the ships for our economic restoration has already sailed.

Only God knows tomorrow...watching in 3D

FxMallam:
Meanwhile billions have already exchanged hands due to round tripping over the last 16 months. And we will turn a blind eye to that.

Very true.

The Non interest income of banks were massive due to "round tripping", now we should be seeing a fair income from that end.

Thought they said they will not devalue so what is this face saving side shift. Thoughtless, slow thinking people trying to control and dominate what you don't have. After throwing billions away defending the indefensible, after losing scores of foreign investors, trillions in the capital market, billions to run away bond rates, watch as hundreds of local industries fold up with thousands of joblosses, you give up the pride provoking policy after subduing the right views of the CBN. Clinton said it, it is strong institutions we need not all this noise. We are too slow in this country, too ignorant to have a decent society.

Fake Economist and Analysis,i am Not Sure u Have Döne Business BeFore CBN will Change This policy in two weeks because THey CAN Meet backlog of demands and Our Reserve will Be depleted,also no Serious Investor will Come TO Nigeria Now because THey are Not Sure of policy surmasult

I don't believe you, Fuel scarcity still dey with 145 naira/ltr. just bought for 200naira/ltr.

FriendChoice:



https://www.nigerianbulletin.com/threads/new-naira-policy-8-things-that-will-happen-in-the-next-10-days.214632/

YOU ARE DREAMING
Here are the 8 things
1. Tomato will be 2 for N500
2. Fuel scarcity will begin
3. Dollar will reach N500
4. PMB will still be in London
5. Fashola will give another excuse why there is no light
6. EFCC will announce more billions found
7. CBN will announce changes to the policy
8. Rain will fall

@ op continue to deceive yourself. You think the supply of dollar will automatically increase just because of CBN's full float policy. Have we increased our exports or do we now manufacture dollar? What has changed? Since the market is now open to all, the demand will increase but supply wont measure up which will lead to increase in the rate. We are waiting.

I be like say they want act another movie again.
They themselves know that they need to tell us something like this.
The next thing now NTA NEWS tonight .....Lie Mohammed will say that's the best policy in the history of central bank of Nija

What PMB and APC couldn't do for over a year and this OP is promising magic in 10 days? OP please go back to sleep.

this is how zombies and their government have been deceiving Nigerians since May 29th, 2015. 10 days is not for ever ask Kachukwu/kachukwo.

here will go

naso....until we see am.

i'm no wailer...just a realistic human being

utenwuson:
in 10 days? or ten years?

Don't mind them jare. That's how Buhari's 10days trip had turned to 14days

If Nigeria beat Uganda and win south Africa and if south Africa lose to Angola and beat Ghana always on speculation

OP abeg go to the nearest shop close to you and get your self a chilled Mountain dew with #20 buns.am coming to sort it out.