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Naira Quoted At 253/$ As Interbank Market Opens - Business - Nairaland

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Naira Quoted At 253/$ As Interbank Market Opens by tbaba1234: 9:50am On Jun 20, 2016
Nigeria's naira was quoted at 253 against the U.S. dollar as a new interbank market opened on Monday but no trades were yet to be agreed, dealers said.

Nigeria's central bank said last week it would scrap its fixed exchange system which has seen the currency pegged at 197 to the U.S. dollar for the past 16 months. (Reporting by Chijioke Ohuocha; Writing by Joe Brock; Editing by Andrew Heavens)

http://www.reuters.com/article/nigeria-currency-quote-idUSL8N19C13U?feedType=RSS&feedName=usDollarRpt

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Re: Naira Quoted At 253/$ As Interbank Market Opens by PassingShot(m): 9:51am On Jun 20, 2016
Happy days are ahead of us.

With the news, the worst of our economic woes are behind us.

Kudos to the government for floating the Naira rather than devaluing it. A first in the history of Nigeria.

*Modified*

Some ignorant mourning wailers are saying floating the naira is same as devaluing it. Hell NO!

If you devalue the Naira, you fix an official exchange rate to it. E.g N250 to a dollar. With that approach, the black market rate will jump to beyond N400 to a dollar.

But with floating, many traders with high volume of dollars come in and trade dollars based on demand. In this approach, there is no official dollar rate set by the government. The rate is purely determined by how much dollars are demanded and how much dollars are available. This way, the Naira finds its true value.

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Re: Naira Quoted At 253/$ As Interbank Market Opens by bettercreature(m): 9:51am On Jun 20, 2016
Best news of the year but the question now is,is it going to be available 24/7

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Re: Naira Quoted At 253/$ As Interbank Market Opens by Businessideas: 9:53am On Jun 20, 2016
Let's see how far it goes.I pray that the CBN succeeds.If Naira were to be a human being, he would be an abiku.
I don't know if this is enough incentive for investors to bring in their dollars.

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Re: Naira Quoted At 253/$ As Interbank Market Opens by crazymommy(f): 9:54am On Jun 20, 2016
As expected....about 3 days ago a guy on a thread said he wants to sell his 10000$ Which he said he bought at the rate of 302 but that he wants to wait till it gets to 400naira per dollar,I adviced him that he should better sell it at that moment when it was around 350 because anything can happen on Monday which is today because I believe that the market might possibly fall in between the official price and the last parallel market price and that should be around 250-290.guess what??the guy said I am deceiving myself...that he is very intelligent and he believes that the dollar price will even open higher on Monday which is today....I hope the overconfident ignorant fellow his reading this...the annoying thing about some people on nairaland is that they feel they know it ALL and they are not ready to hear the opinion of any other person especially if it is coming from a woman....smh...

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Re: Naira Quoted At 253/$ As Interbank Market Opens by PassingShot(m): 9:55am On Jun 20, 2016
bettercreature:
Best news of the year but the question now is,is it going to be available 24/7
Surely it will be available 24/7.

It's the reason many players are allowed to come in and trade, including foreign traders.

Now, it's somewhat a free market even though it's regulated.

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Re: Naira Quoted At 253/$ As Interbank Market Opens by DaBullIT(m): 9:56am On Jun 20, 2016
All is Buharinomics


PassingShot:
Happy days are ahead of us.

With the news, the worst of our economic woes are behind us.

Kudos to the government for floating the Naira rather than devaluing it. A first in the history of Nigeria.

Buhari cleaning up 16 years mess with sound principles

93 Likes 4 Shares

Re: Naira Quoted At 253/$ As Interbank Market Opens by TippyTop(m): 9:56am On Jun 20, 2016
Expect the euphoria to be gone in a few weeks, Adeosun has no real economic blueprint to lure back investors.

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Re: Naira Quoted At 253/$ As Interbank Market Opens by shyling(f): 9:57am On Jun 20, 2016
DaBullIT:
All is Buharinomics




Buhari cleaning up 16 years mess with sound principles
Must you? I expect youths like you to posses critical reasoning skills and not just screaming in support of politicians without having an inkling of what is being discussed...

78 Likes 2 Shares

Re: Naira Quoted At 253/$ As Interbank Market Opens by gsparks01(m): 9:57am On Jun 20, 2016
says it's expected to rise... watching
Re: Naira Quoted At 253/$ As Interbank Market Opens by stevecantrell: 9:58am On Jun 20, 2016
Observing...

1 Like

Re: Naira Quoted At 253/$ As Interbank Market Opens by DaBullIT(m): 9:59am On Jun 20, 2016
You too must you ??

shyling:

Must you?

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Re: Naira Quoted At 253/$ As Interbank Market Opens by greatiyk4u(m): 9:59am On Jun 20, 2016
We are gradually approaching the end of the tunnel, a reason we are seeing light small small

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Re: Naira Quoted At 253/$ As Interbank Market Opens by Boss13: 9:59am On Jun 20, 2016
@ N253 that's an instant loss to those who have procure via black market. I was estimating N290. Well, let's see how the close of business today will fare.

I think it might fall to N250 because a lot of people will want to dump their dollars.

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Re: Naira Quoted At 253/$ As Interbank Market Opens by Bari22: 10:00am On Jun 20, 2016
wailers come on

8 Likes 2 Shares

Re: Naira Quoted At 253/$ As Interbank Market Opens by PassingShot(m): 10:00am On Jun 20, 2016
DaBullIT:
All is Buharinomics


Buhari cleaning up 16 years mess with sound principles

The good quality of our president is he accepts sound advice/argument provided you're able to convince him.

He said he was not convinced that devaluing the Naira was best for Nigeria and he has been proved right.

Imagine what would have happened to our economy if he had devalued the Naira to say N250 to a dollar. I am sure it will have shot up to N500 at the black market.

But his refusal to do that, plus non-working of the two parallel rates (official and black market), have made Emefiele and his team to put on their thinking cap to find an acceptable solution to the problem.

Salute to PMB once more.

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Re: Naira Quoted At 253/$ As Interbank Market Opens by AtlanticBreeze: 10:01am On Jun 20, 2016
PassingShot:
Happy days are ahead of us.

With the news, the worst of our economic woes are behind us.

Kudos to the government for floating the Naira rather than devaluing it. A first in the history of Nigeria.
keep deceiving yourself.. This is not the first time Naira is being floated.. It was floated during babangida's regime and that was what crashed the strength of the naira to dollar then.. Let's see if naira doenst hit 500 to 1 dollar in few weeks time

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Re: Naira Quoted At 253/$ As Interbank Market Opens by tbaba1234: 10:02am On Jun 20, 2016
Boss13:
@ N253 that's an instant loss to those who have procure via black market. I was estimating N290. Well, let's see how the close of business today will fare.

I think it might fall to N250 because a lot of people will want to dump their dollars.

It is currently at 257.. Let's see how the day ends... There is pent-up demand so it could end around 280 today... But it will still stabilize at around 250..

9 Likes 1 Share

Re: Naira Quoted At 253/$ As Interbank Market Opens by shyling(f): 10:03am On Jun 20, 2016
shyling:

Must you? I expect youths like you to posses critical reasoning skills and not just screaming in support of politicians without having an inkling of what is being discussed...
DaBullIT:
You too must you ??

Re: Naira Quoted At 253/$ As Interbank Market Opens by PassingShot(m): 10:05am On Jun 20, 2016
AtlanticBreeze:

keep deceiving yourself.. This is not the first time Naira is being floated.. It was floated during babangida's regime and that was what crashed the strength of the naira to dollar then.. Let's see if naira doenst hit 500 to 1 dollar in few weeks time
I'm not aware that IBB floated the Naira. Please educate me further on that.

And, that it failed to work then doesn't mean it will fail to work now.

What would you have preferred: an officially devalued Naira that will still shoot up the black market rate, or this floating approach where the Naira will find its true value?

32 Likes 2 Shares

Re: Naira Quoted At 253/$ As Interbank Market Opens by shyling(f): 10:05am On Jun 20, 2016
AtlanticBreeze:

keep deceiving yourself.. This is not the first time Naira is being floated.. It was floated during babangida's regime and that was what crashed the strength of the naira to dollar then.. Let's see if naira doenst hit 500 to 1 dollar in few weeks time
Critical reasoning skills dabullit and omenka should be schooled by you.

7 Likes 2 Shares

Re: Naira Quoted At 253/$ As Interbank Market Opens by obailala(m): 10:05am On Jun 20, 2016
tbaba1234:
Nigeria's naira was quoted at 253 against the U.S. dollar as a new interbank market opened on Monday but no trades were yet to be agreed, dealers said.

Nigeria's central bank said last week it would scrap its fixed exchange system which has seen the currency pegged at 197 to the U.S. dollar for the past 16 months. (Reporting by Chijioke Ohuocha; Writing by Joe Brock; Editing by Andrew Heavens)

http://www.reuters.com/article/nigeria-currency-quote-idUSL8N19C13U?feedType=RSS&feedName=usDollarRpt

Hmmm
Re: Naira Quoted At 253/$ As Interbank Market Opens by PassingShot(m): 10:06am On Jun 20, 2016
shyling:

Critical reasoning skills dabullit and omenka should be schooled by you.
It's not enough to shout "critical reasoning skills" without actually offering one.

As I asked him, what option would you suggest?

23 Likes

Re: Naira Quoted At 253/$ As Interbank Market Opens by shyling(f): 10:07am On Jun 20, 2016
PassingShot:

I'm not aware that IBB floated the Naira. Please educate me further on that.

And, that it failed to work then doesn't mean it will fail to work now.

What would you have preferred: an officially devalued Naira that will still shoot up the black market rate, or this floating approach where the Naira will
find its true value?
The question should have been what were the indices that made it fail? And are they still operational? How do we tackle them?

10 Likes 1 Share

Re: Naira Quoted At 253/$ As Interbank Market Opens by AtlanticBreeze: 10:08am On Jun 20, 2016
PassingShot:

[s]I'm not aware that IBB floated the Naira. Please educate me further on that.

And, that it failed to work then doesn't mean it will fail to work now.

What would you have preferred: an officially devalued Naira that will still shoot up the black market rate, or this floating approach where the Naira will find its true value?[/s]
go and check your history.. there is nothing on ground to support the floating of the naira.. You will rejoice today and also find a way to deceive the zombies when the effects begin to show. This was how you lots hailed buhari for not devaluing the naira and also hailed him for devaluing the naira. smh

10 Likes 1 Share

Re: Naira Quoted At 253/$ As Interbank Market Opens by shyling(f): 10:08am On Jun 20, 2016
PassingShot:

It's not enough to shout "critical reasoning skills" without actually offering one.

As I asked him, what option would you suggest?
Well since you stopped praise singing read my response.

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Re: Naira Quoted At 253/$ As Interbank Market Opens by PassingShot(m): 10:10am On Jun 20, 2016
[s]
AtlanticBreeze:

go and check your history.. there is nothing on ground to support the floating of the naira.. You will rejoice today and also find a way to deceive the zombies when the effects begin to show. This was how you lots hailed buhari for not devaluing the naira and also hailed him for devaluing the naira. smh
[/s]
Is floating same as devaluing?

I give up on you.

48 Likes 3 Shares

Re: Naira Quoted At 253/$ As Interbank Market Opens by AtlanticBreeze: 10:13am On Jun 20, 2016
PassingShot:
[s][/s]
Is floating same as devaluing?

I give up on you.
sorry inugo.. Let the FG keep pumping dollar to support the floating and lets see how long it lasts.. ha

1 Like

Re: Naira Quoted At 253/$ As Interbank Market Opens by tbaba1234: 10:13am On Jun 20, 2016
AtlanticBreeze:

go and check your history.. there is nothing on ground to support the floating of the naira.. You will rejoice today and also find a way to deceive the zombies when the effects begin to show. This was how you lots hailed buhari for not devaluing the naira and also hailed him for devaluing the naira. smh

Floating the Naira is sound economics and should have been done months ago...

There is no basis for comparing with IBB SAP program.

Before the float, the naira was already devalued... Floating it would actually lead to a deflation as prices will fall.

31 Likes 1 Share

Re: Naira Quoted At 253/$ As Interbank Market Opens by PassingShot(m): 10:14am On Jun 20, 2016
shyling:

Well since you stopped praise singing read my response.
You said NOTHING.

The major factor in our currency losing its value was unavailability of government dollars to meet demand for dollars.

And the situation with crash in the crude price (largest earner of our foreign currency) plus squandering of the reserves we had by the last administration during the last election, mean that we do not have the capacity to defend the naira or provide dollars demanded by the market.

28 Likes

Re: Naira Quoted At 253/$ As Interbank Market Opens by NOETHNICITY(m): 10:17am On Jun 20, 2016
This is jus the beginning of soooo many good news to come! Wailer should be ready to die of stroke.

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Re: Naira Quoted At 253/$ As Interbank Market Opens by AtlanticBreeze: 10:17am On Jun 20, 2016
tbaba1234:


Floating the Naira is sound economics and should have been done months ago...

There is no basis for comparing with IBB SAP program.

Before the float, the naira was already devalued... Floating it would actually lead to a deflation as prices will fall.
you lack knowledge of economics.. Nigeria, a largely importing nation is floating naira and you think it's sound economics. The fact is that the CBN and Buhari are totally confused.

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