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Nairaland Forum / Nairaland / General / Business / Naira May Appreciate To N300 Per Dollar – BDC Operator (21069 Views)
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Naira May Appreciate To N300 Per Dollar – BDC Operator by 989900: 2:32pm On Aug 16, 2016 |
Lagos – A Bureau De Change (BDC) operator, Mr Harrison Owoh, on Monday predicted that the Naira might appreciate to N300 against the dollar within a week. Owoh said the CBN’s directive to banks to sell $30,000 to BDCs weekly could be responsible for the imminent gain against the dollar. In an interview in Lagos, the Managing Director, H J Trust and Investment Ltd., said seven banks had already done documentation for customers. According to him, the ongoing documentation process was why the Naira had not appreciated immediately. Owoh said once the banks were through with the documentation, the Naira would begin to appreciate against the dollar. NAN recalls that the CBN had fortnight ago, announced additional regulatory measures aimed at improving dollar liquidity in the economy. Specifically, the apex bank directed authorised dealers to sell foreign currency cash to BDCs, subject to a maximum $30,000 per BDC per week. In turn, each BDC was required to nominate only one preferred authorised dealer through which it would purchase its weekly foreign exchange. The authorised dealers’ selling rate to the BDC was stipulated at its purchase rate from its approved International Money Transfer Operator (IMTO). Also, the BDCs were required to sell foreign exchange cash to end users at its purchased rate and a maximum margin of two per cent. Last week, foreign exchange market witnessed sustained depreciation of the Naira against the dollar in all segments as foreign currency supply remained inadequate. http://www.vanguardngr.com/2016/08/naira-may-appreciate-n300-per-dollar-bdc-operator/ |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Nobody: 2:38pm On Aug 16, 2016 |
Ok |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by tomakint: 2:39pm On Aug 16, 2016 |
Appreciate? Ok we are watching. 1 Like |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by LoveMachine(m): 2:43pm On Aug 16, 2016 |
They said Q3 is the turnaround. Let's pray they were truthful. 9 Likes |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by osasu8876: 2:44pm On Aug 16, 2016 |
will dis reduce the e price of garri... if yes make i start forty day fasting and prayer oh 1 Like 1 Share |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 2:44pm On Aug 16, 2016 |
For where? It has gone beyond supply of dollars to total lack of confidence in the naira and the ailing economy. People like me will rush and buy at 340! Nigerians with the means and foresight are dumping the naira because there is no investment prospect in Nigeria today owing to the clueless and directionless economic policies of the Dullard's govt. 43 Likes 1 Share |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Proudlyngwa(m): 2:47pm On Aug 16, 2016 |
Hope it appreciates fast enough. I also hope it will not be used for sharp practices , our rice industry is growing, when the naira appreciates , I hope it won't be released to those who wants to import those things that can be produced in Nigeria. 8 Likes 1 Share |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 2:47pm On Aug 16, 2016 |
I admire the OP's optimism . But oga OP what happened to the Chinese Yuan currency deal you were promoting all over this section? Yeye 65 Likes 2 Shares |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by DropShot: 2:49pm On Aug 16, 2016 |
12Monkeys:Why not relocate or renounce your citizenship? @ topic, if the CBN directive can be implemented, monitored and sustained, Naira should appreciate continuously. 30 Likes 3 Shares |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Proudlyngwa(m): 2:50pm On Aug 16, 2016 |
12Monkeys:I have asked that question before in a similar thread, half of our imports are from China, we have a trade relationship with them, why do we need the dollar. 17 Likes |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 2:51pm On Aug 16, 2016 |
DropShot: The bitter truth. No sensible business man will miss this opportunity to dump the useless naira 24 Likes |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 989900: 2:52pm On Aug 16, 2016 |
12Monkeys: I hope you can differentiate between a copied material, and one written by a poster. Yuan deal, yes, I am the CBN Governor, President of Nigeria, and China, and Chinese bank executives rolled into one. I beg carry your emptiness and go o! "O s'aro Monday". 29 Likes 1 Share |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by KnowAll(m): 2:53pm On Aug 16, 2016 |
Since they started SAP in the late 80's Naira has never appreciated. If you mean one step backwards 5 step forwards then perharps Naira has appreciated. 2 Likes 3 Shares |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 2:53pm On Aug 16, 2016 |
Proudlyngwa: Because if Buhari tries sh1t in moving our reserves from the dollar that is the day his Presidency ends. Buhari and the Useles APC were supported by Washington for this sole purpose to enslave us to western banks . Ask Ghadafi, Chavez why they are all long dead and they will tell you it's because they wanted to dump the dollar. 9 Likes |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by DropShot: 2:54pm On Aug 16, 2016 |
12Monkeys:The story will surely not continue like this. The key is policy implementation and sustainability to make the naira appreciate. 6 Likes |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 2:55pm On Aug 16, 2016 |
989900: You don dey deny how you were jumping up and down saying Buhari has done a master stroke with the yuan deal. Let Buhari try it and see if Washington won't assassinate him immediately . 22 Likes 1 Share |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 2:58pm On Aug 16, 2016 |
DropShot: The story is too familiar and before you can say Chanji, Buhari will pass executive orders making it illegal for Nigerians to buy and hold forex. He did it in 1984 and he will do it again when Nigerians begin to invest in forex only. 6 Likes |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by BlackPeni5: 2:58pm On Aug 16, 2016 |
Lol...good news is so scarce now in Nigeria that an ordinary BDC operator is being quoted on the fate of the Naira. The Naira will continue to fall whether we like it or not because more people are losing faith in it. They'll rather store wealth in foreign currency. 28 Likes |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 989900: 2:59pm On Aug 16, 2016 |
12Monkeys: Like I said, I am not a policy maker, nor enforcer, I only comment as appropriate. It would have been a masterstroke, and, yes over [b]From an economist friend in Seattle some years back: ATM, we hold other currencies including the yuan, and gold too as part of our Forex, increasing the Yuan storage was what it is/was about. BTW, I prefer to stick with the topic. 6 Likes |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Nobody: 3:00pm On Aug 16, 2016 |
It can't Nigerian importation is crazy 1 Like |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Proudlyngwa(m): 3:00pm On Aug 16, 2016 |
12Monkeys:That is a kindergarten assumption, our reserves is a measurement on the strength of the economy. Do banks and BDC sell yuan? Your question should be do we have enough yuan for our imports. 2 Likes |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 3:06pm On Aug 16, 2016 |
Proudlyngwa: Our reserves are nothing but govt proceeds from one sector - oil and has nothing to do with our economy. The reserves only help boost local economy by offering forex to business men to import goods and raw materials. It has nothing to do with the economy as it is strictly controlled and managed by govt policies and not in any way a reflection of market forces. 3 Likes |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 3:14pm On Aug 16, 2016 |
989900: Tell Buhari to diversify our reserves from the dollar to the yuan and see how and where that gets him with Washington. Even our oil trade with china is done directly in dollars or through Chinese direct investments in infrastructure but never in Yuan. So when you were prancing up and down shouting "master stroke " and declaring that the currency swap will begin in April this year and everything will be ok, I was just wondering how myopic the youth are today in international events. All wars Washington has fought since the end of WW2 was to ensure that the dollar remains the dominant currency of trade! Back to the topic and I see you still have you hopes up. If Buhari releases the remaining odd $26bn reserves in one fell swoop on the currency market and sets the price bidding from 500 naira to a dollar before the week ends , the naira will be trading well above 1,000 as Nigerians will rush to dump the useless naira. Buhari at least knows this and that is why he refused to float the damn currency in the first place. So all this wet dreaming you are having over this useless prediction will end up as an anticlimax just like the same yuan currency deal. 11 Likes |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Proudlyngwa(m): 3:15pm On Aug 16, 2016 |
12Monkeys:You are just countering yourself, available Forex and reserves are too different things, most of our forex is gotten from petroleum related sales. Our reserves is factored on a lot of things which determine the strength of our economy. The telecommunication sector affects our economy, but might not directly provide forex. Don't get it twisted. |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 3:19pm On Aug 16, 2016 |
Proudlyngwa: You are the confused one. The federal govt operates the Single Treasure Account (held in naira) and external reserves (held in dollars). Both of these are accrued from govt revenue only. How does MTN balance sheet help the economy where they are not even quoted in the stock market and in a situation most of their earnings are repatriated back to their home base in south Africa ? You better not come here and expose your ignorance further. 11 Likes |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Proudlyngwa(m): 3:22pm On Aug 16, 2016 |
12Monkeys:Your assumptions are myopic, to say the least,laughable at most. We know quite well ,that USA is for USA alone, but they can't do anything once Nigeria starts a direct trade relationship with China, as have some other African countties. Are we renegading on any US treaty, are we threatening global security with our actions. The US can only threaten not to buy our oil,limit sales of hardware toys and sponsor insurgency, which Nigeria is already going through. What we need is a national resolve, and damm Uncle Sam 8 Likes |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 989900: 3:24pm On Aug 16, 2016 |
12Monkeys: 1 Like |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Proudlyngwa(m): 3:30pm On Aug 16, 2016 |
12Monkeys:Like I said you don't understand the difference BTW the economy, federal reserve and forex. Let me help you, if MTN closes shop, and leaves will it affect the economy yes, will it affect Forex, insignificantly, If oil output drops from 2 million barrels per day to 1 million barrels, will it affect forex, yes, if we are an end product exporting nation, will it affect the economy ,insignificantly. Unfortunately we are a crazy import driven nation, and they only way out ,now is direct trade with China. 5 Likes 1 Share |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Pavore9: 3:31pm On Aug 16, 2016 |
Let us wait and see. 1 Like |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 3:33pm On Aug 16, 2016 |
Proudlyngwa: Myopic. Can you remember when US ceased buying Nigeria crude claiming their shale oil was able to meet their energy needs even though they increased oil imports from Saudi Arabia? Try and bypass the dollar and see if you will have a country . The US economy is only buoyed by the ability of the US govt to force the dollar as a global means of trade. Their 18trillion dollar debt is hinged on their ability to ensure smaller vassal states like Nigeria continue to accept without question the dollar as a means of trade. This is how worthless brass manilas were used by the Europeans in trading with your ancestors. Continue thinking US is your friend. Buhari, in his blind power quest, made a deal with the devil. The repercussions of which we are now facing. 2 Likes |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by 12Monkeys: 3:37pm On Aug 16, 2016 |
Proudlyngwa: My friend, stop talking trash! MTN does not inject forex into our external reserves or economy. Rather they take out our wealth back to SA. If they shut down now, there will by the antecedent job losses associated with those that are employed directly or indirectly with MTN. You should stop reasoning from your anus and appreciate the fact that the Nigerian economy as whole depends solely on forex earnings from oil sales and nothing else! Even your satanic APC and Buhari dunce have bemoaned their inability to deliver on weak oil pricing, low output occasioned by militancy and no ready availlable buyer for Nigerian crude! So stop spewing trash! 5 Likes 1 Share |
Re: Naira May Appreciate To N300 Per Dollar – BDC Operator by Proudlyngwa(m): 3:48pm On Aug 16, 2016 |
12Monkeys:Like I said you are filled with bigoted assumptions, You can't prove Buhari made any negotiations with the US. I am in support of direct trade with China,and support boycotting the dollar US govt does not control volume of crude into the US, actually it was Saudi that increased production and reduced price to punish US for renegading on a decision not to go into shale. 5 Likes |
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