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Nairaland Forum / Nairaland / General / Business / Naira Quoted At 253/$ As Interbank Market Opens (46419 Views)
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Re: Naira Quoted At 253/$ As Interbank Market Opens by Nobody: 11:05am On Jun 20, 2016 |
Does this mean that even black market is at 253 cc passingshot |
Re: Naira Quoted At 253/$ As Interbank Market Opens by PassingShot(m): 11:05am On Jun 20, 2016 |
Bollinger:Sure. But easy and accessible dollars will help solve some economic problems. Not so? 5 Likes |
Re: Naira Quoted At 253/$ As Interbank Market Opens by Boss13: 11:06am On Jun 20, 2016 |
tbaba1234: I think the spike is due to demand surge and backlog transactions. 4 Likes |
Re: Naira Quoted At 253/$ As Interbank Market Opens by OBAGADAFFI: 11:06am On Jun 20, 2016 |
Floating the Naira mean liberalizing the FOREX regime to market forces. The price won't remain in the same possition. Demand and supply will determine FOREX prices . 11 Likes 1 Share |
Re: Naira Quoted At 253/$ As Interbank Market Opens by PentiumPro(f): 11:07am On Jun 20, 2016 |
[size=15pt]I can see the sadist Biafran enemies of Nigeria here praying that this should not work[/size] God will disgrace you Biafrans ![]() ![]() ![]() 21 Likes 3 Shares |
Re: Naira Quoted At 253/$ As Interbank Market Opens by neocortex: 11:07am On Jun 20, 2016 |
tbaba1234: The question remains if I can easily get the dollar at 257.75 ? Your guess is as good as mine. |
Re: Naira Quoted At 253/$ As Interbank Market Opens by Adeoba10(m): 11:07am On Jun 20, 2016 |
Aswear to God, ano understand anything, i just dey read comments based on likes... Floating n devalue just like dy/dx 2 Likes |
Re: Naira Quoted At 253/$ As Interbank Market Opens by Dainikel(m): 11:08am On Jun 20, 2016 |
TippyTop:Hey bro this is not the time to speak ill of the working government but show optimism & pray for the system to work out just fine. 5 Likes |
Re: Naira Quoted At 253/$ As Interbank Market Opens by berrystunn(m): 11:08am On Jun 20, 2016 |
PassingShot: Tah where was the dollar when buhari came into power ![]() |
Re: Naira Quoted At 253/$ As Interbank Market Opens by tbaba1234: 11:09am On Jun 20, 2016 |
Boss13: Yes, back log of demand for $... There is also back log of supply but that will come more gradually over the next few months... 1 Like 2 Shares |
Re: Naira Quoted At 253/$ As Interbank Market Opens by PassingShot(m): 11:09am On Jun 20, 2016 |
MuhdG:Black market may be slightly higher when buying and lower when selling. The beauty of this floating strategy is that dollars will now be more easily available at the participating banks in the arrangement. That will mean less and less people patronize the black market as more people can now buy from the banks. 6 Likes |
Re: Naira Quoted At 253/$ As Interbank Market Opens by AleAirHub(m): 11:09am On Jun 20, 2016 |
Wow ![]() ![]() ![]() ![]() 1 Like |
Re: Naira Quoted At 253/$ As Interbank Market Opens by AtlanticBreeze: 11:10am On Jun 20, 2016 |
PassingShot:You are just totally clueless about the system. You just want to quickly bask in euphoria to decieve your zombies. What is the structure Emefiele gave.. Abeg stop mentioning me and infecting me with your cluelessness. |
Re: Naira Quoted At 253/$ As Interbank Market Opens by Babateemd: 11:10am On Jun 20, 2016 |
tbaba1234:Where are you guys getting this live updates pls. 1 Like |
Re: Naira Quoted At 253/$ As Interbank Market Opens by Nobody: 11:10am On Jun 20, 2016 |
The naira has depreciated before it was floated, by pegging or fixing it at 197, the government was trying not to officially depreciate it I. e devalue it... By floating it, the government has finally accepted the inevitable, a depreciated currency which is allowed to float is synonymous to a devalued one.... Tbaba and passingshot, I don't know your problem, English, Economics or Politics... 2 Likes |
Re: Naira Quoted At 253/$ As Interbank Market Opens by tbaba1234: 11:11am On Jun 20, 2016 |
neocortex: Why not? It is free market now.. |
Re: Naira Quoted At 253/$ As Interbank Market Opens by tritt(m): 11:11am On Jun 20, 2016 |
tbaba1234: There is no quote yet...so calm down. |
Re: Naira Quoted At 253/$ As Interbank Market Opens by spinoff: 11:13am On Jun 20, 2016 |
PassingShot: 1 Like 1 Share
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Re: Naira Quoted At 253/$ As Interbank Market Opens by BlackMerchant(m): 11:13am On Jun 20, 2016 |
AtlanticBreeze: You are just too incoherent for comfort! Lol! Dude, the idea is novel because it has never been tried in Nigeria before. Kabish. 10 Likes |
Re: Naira Quoted At 253/$ As Interbank Market Opens by tbaba1234: 11:13am On Jun 20, 2016 |
tritt: It is currently up to 260... Fluctuating between 257-260 6 Likes |
Re: Naira Quoted At 253/$ As Interbank Market Opens by PassingShot(m): 11:16am On Jun 20, 2016 |
[s] AtlanticBreeze:[/s] 4 Likes |
Re: Naira Quoted At 253/$ As Interbank Market Opens by neocortex: 11:17am On Jun 20, 2016 |
tbaba1234: It is far from free, there are many restrictions placed on the interbank market which are not present in the black market. As of 10 am this morning, dollar is sold at 340 naira in the black market. |
Re: Naira Quoted At 253/$ As Interbank Market Opens by snezBaba: 11:18am On Jun 20, 2016 |
shyling:I*m a GMB fan but you talked with SENSE. neutral guys like you are needed in the media agency. 1 Like 2 Shares |
Re: Naira Quoted At 253/$ As Interbank Market Opens by Cargoed: 11:19am On Jun 20, 2016 |
FG Should immediately find one of our OIL or Gas and sell it in Naira to stabilize this thing immediately if not we are going to see N600/dollar withing the next few months. Also what of our commodity exchange market where are they all messing up. They need to expose themselves now so they can defend this naira in the long term. If not we will just deplete our foreign reserve by dumping on a perfect market system. By the way where is the link to the interbank market i want to watch it too so i can quote it to my Aboki### local exchange partner. I hope its not another topsecret stuff man know man business. |
Re: Naira Quoted At 253/$ As Interbank Market Opens by AtlanticBreeze: 11:20am On Jun 20, 2016 |
lalasticlala and mynd44 will be quick to take this fake and unconfirmed thread to frontpage but will ignore taking my more serious threads up. smh 1 Like |
Re: Naira Quoted At 253/$ As Interbank Market Opens by chucksbadt(m): 11:21am On Jun 20, 2016 |
Experts in the house, please was Pounds Affected by this New Policy?........Because all what's being talked about now is the Dollar! |
Re: Naira Quoted At 253/$ As Interbank Market Opens by tbaba1234: 11:22am On Jun 20, 2016 |
neocortex: That gap will reduce significantly as the day progresses.... The interbank market has been given more freedom to trade so people who do online transactions or businesses will get it at the interbank rate as opposed to what the banks were offering. 3 Likes |
Re: Naira Quoted At 253/$ As Interbank Market Opens by LadyAimy: 11:23am On Jun 20, 2016 |
I think it's getting better |
Re: Naira Quoted At 253/$ As Interbank Market Opens by wayodude(m): 11:24am On Jun 20, 2016 |
I am not an economist by trade but the idea of allowing the Naira determine its value based on prevailing market forces sounds fair considering the fact that the cost of propping up the Naira using our gradually eroding foreign reserves is not sustainable in the long term, especially with the significant drop in the government foreign exchange income. The 2 biggest drains (I think) on our foreign exchange balance have been: 1. Petroleum products subsidy 2. Supporting an artificial exchange rate for the Naira Now both of these drains have been 'plugged' and with corruption being tackled heavily (albeit it could be argued irrationally) I think we are making some important progress even though it may not feel like we are for sometime until things settle. The government should now show some will power in dealing with the power (electricity) and security issues being faced by everyone, rich and poor. Something as simple as passing of the right policies can help in these areas. We are watching... 15 Likes 1 Share |
Re: Naira Quoted At 253/$ As Interbank Market Opens by oshudu(m): 11:24am On Jun 20, 2016 |
am not surprise because our so called leaders have lost their moral values no honesty no integrity so why naira we not loss value |
Re: Naira Quoted At 253/$ As Interbank Market Opens by AtlanticBreeze: 11:26am On Jun 20, 2016 |
BlackMerchant:you don't know nothing.. Your job is to worship every decision buhari takes. Go and study your history before quoting me. novel idea ko 2 Likes |
Re: Naira Quoted At 253/$ As Interbank Market Opens by neocortex: 11:27am On Jun 20, 2016 |
tbaba1234: You are right but the monthly limit of $700 spending for most banks on online transactions wouldn't help matter. |
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