EnterPRO:


na to wait remain.

Yes oooo



the thing will just turn to unity bank shares. it will rise in future.

989900:
Dollar trading between N245-255 right now.
Market is largely fluid right now.

tumababa:

chrisooblog:
hi boss i think this article might interest you http://www.punchng.com/economy-floodgates-breached/ not an economy expert but from reading the piece it seems the columnist is not enamoured with the floating of the currency idea. you are one of the intelligent posters whose opinion i respect alot especially on matters of economy so i would not mind seeing your own take on the matter

The new CBN policy to float the Naira 'sort of' a la 'dirty float', can either turn to be a good thing, or a bad thing.

In this breakdown, I'll like to omit the hue: "appointed primary dealers" . . ..

Pros:

1. The new policy will foster Forex inflow through FDIs, both portfolio (some rules need to be set for those as regards withdrawal) and long term investors.

2. It will lead to less hoarding (which is one of the major albatross of the Naira) if managed right.

3. It will lead to appreciable value of the Naira in both the inter-bank and BM rates, if the CBN will furnish it with far better supply than it has been doing lately.

4. It will lead to an even more appreciable value of the Naira in both the inter-bank and BM rates, if the CBN can implement the 'Boyo' approach by implementing 'dollar certificates' in payments to governmental organs.

5. It will lead to appreciable value of the Naira in both the inter-bank and BM rates, if the dollar weakens and oil prices keep going north of $50 along with increase in national production.

6. It will lead to appreciable value of the Naira in both the inter-bank and BM rates, if the Mining/Agric/manufacturing/export sector are well funded with Forex, low interest loans, and industry growth enabling laws.

7. It will lead to appreciable value of the Naira in both the inter-bank and BM rates, if reasonable stable power supply can be sustained.

8. It will lead to appreciable value of the Naira in both the inter-bank and BM rates, if we can get our refineries working at near top capacity.

9. It will lead to appreciable value of the Naira in both the inter-bank and BM rates, if the current transparency, prudence, and accountability campaign can be sustained along with recovered Forex loots.

10. It will lead to appreciable value of the Naira in both the inter-bank and BM rates, if reasonable/sustainable foreign withdrawal limits are set on Naira ATM cards.

11. It will lead to appreciable value of the Naira in both the inter-bank and BM rates, if the population can be educated on the need to patronize Nigerian made goods and services.

12. It will lead to appreciable value of the Naira in both the inter-bank and BM rates, if ultimately, the CBN can abort its criminal ways (I still wonder why banks are allowed to keep over 20 billion dollars cash money in their vaults without enough CRR nor SLR to back it up, or do they?).

The Cons:

Just flip the 'pros' on its head, and you'll have anarchy: demise of the Naira.

macbeyland:
Please take a look at the link

http://thenationonlineng.net/n350dollar-interbank-exchange-likely-today/

ameh99:
please what's today stanbic rate please?

989900:


I read Mr. Henry Boyo's (he is one of my most respected economist) take. However, I guess he didn't take to cognisance the fact that this economy was already running @ the bank/BM rate of N330-370; not CBN's N199.
Secondly, he absolutely classifies this new policy as 'devaluation'; not 'dirty float'.

Thirdly, he almost totally ignored any positive influence smart and genuine fiscal policies might have, going forward.

ATEOTD, we jusy have to admit we are in some terrible situation already, with minimal window of escape -- this is the part we dig-in to stay afloat, or sink.

This CBN's policy is one of the best options we have, considering our situation. It is now up to the ministry of Finance and the FG, to complement it with smart out-of-the-box fiscal policies, implementation/enforcement.



I wrote the below article last week . . . I can't post links; else I'll be banned.

chrisooblog:
yes i also came to the conclusion you came to in your first paragraph that what he was warning would happen has already occurred over the course of these past few months.

what do you say about these pesky 41 banned items importers won't they still keep the black market afloat?

dgr8truth:
Please start selling your dollars!

Danejo02:


please which software is that? how do i get it? it looks nice to have at this very moment

TCD:
yes o. start selling your dollars . those interested in selling Im ready to buy. payoneer to payoneer only please. check my signature for my number. please all those 310 to 1$ people stay away from me pls.

dgr8truth:


Bros CBN don give mouth.

blym4real:
$280 payoneer fund available at 295
contact 08101525574

TCD:
lolz , when I was begging for 290 to 1$ last week dem dey do me shakara.... now bushmeat don catch hunter

If bank is selling at 252 per dollar that means if you want to withdraw your $$ from the bank they would probably buy it from you at 230 per dollar to later resell at that 252 for profit. soon i will be buying dollar here on nairaland for 235

Stanley08:


It's almost 3pm and Stanbic still hasn't set a rate for today. This is either a very good sign or a very bad sign.

Good -> Rate might be relatively lower.
Bad -> They might discontinue transactions on their cards.

Fingers crossed

TCD:
yes o. start selling your dollars . those interested in selling Im ready to buy. payoneer to payoneer only please. check my signature for my number. please all those 310 to 1$ people stay away from me pls.

bozz007:
Dollar just closed at 285 to N1 for the day.

EnterPRO:


they haven't set rates as in transactions today haven't been settled or they haven't announced via twitter?

bozz007:
Dollar just closed at 285 to N1 for the day.

TCD:
lolz , when I was begging for 290 to 1$ last week dem dey do me shakara.... now bushmeat don catch hunter

If bank is selling at 252 per dollar that means if you want to withdraw your $$ from the bank they would probably buy it from you at 230 per dollar to later resell at that 252 for profit. soon i will be buying dollar here on nairaland for 235

Adinije:
Lol, wake up from your slumber.

kingsilly:


Just because you bought above the said price, everything seem jokingly to you, it's for the good of the nation if it falls, but typical NIGERIAN look for only his/herself

Good luck

freshcvvs:

Lie small na
GTB is #338. Did a transaction this night.