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Nairaland Forum / Nairaland / General / Business / FX Policy Under Threat As Banks Shun Interbank Market (801 Views)
Speculators Lose N100m As CBN Pumps Dollars Into Interbank / Tomato Paste Manufacturers Tackle CBN Over FX Policy / Naira Plunges At Interbank Market (2) (3) (4)
FX Policy Under Threat As Banks Shun Interbank Market by Adesiji77: 6:27pm On Nov 09, 2016 |
http://nairametrics.com/fx-policy-under-threat-as-banks-buy-dollars-about-above-interbank-rates/ lalasticlala, dominique, Mynd44, Seun |
Re: FX Policy Under Threat As Banks Shun Interbank Market by Seun(m): 6:42pm On Nov 09, 2016 |
The economy would have been on the path to recovery by now if they respected the laws of economics. The West figured this stuff out decades ago. Why won't we learn from them? Do we think we are smarter? 3 Likes 1 Share |
Re: FX Policy Under Threat As Banks Shun Interbank Market by 222Martins(m): 9:50pm On Nov 09, 2016 |
Silently observing |
Re: FX Policy Under Threat As Banks Shun Interbank Market by kaboninc(m): 12:34pm On Nov 10, 2016 |
Seun: Defending the currency is like a 'patriotic' duty for any citizen of a particular country, including the United States. There are so many dynamics with respect to how countries defend their currencies, from deliberate actions (like China) to indirect actions (like the developed countries). The West figured that developing a robust institution, a strong dynamic market system that can always correct itself is the best solution. So they spent time, energy and resources building, equipping and continuously strengthening systems that will be independent from the 'individual'. That is what is keeping them today. We do not have that in Nigeria. That is why the CBN is doing what it is currently doing. And it can only do as much as it is limited. |
Re: FX Policy Under Threat As Banks Shun Interbank Market by Seun(m): 1:45pm On Nov 10, 2016 |
kaboninc:Isn't it the case that the the government's highly illogical interventions are responsible for the lack of a strong and robust market system? The government is like a parent who won't let his/her child play with other kids because he is wimpy. Clearly, such a child will never grow strong. 3 Likes 1 Share |
Re: FX Policy Under Threat As Banks Shun Interbank Market by kaboninc(m): 5:54pm On Nov 10, 2016 |
Seun: That is very true and I strongly align with you. However, it takes a whole lot of effort and time (decades) to build a strong virile system but most importantly, from a determined and passionate perspective. More so, most of these decisions (decisions that should help to build a strong and robust system) are politically influenced especially the decisions relating to fiscal policies. So today, the CBN is just trying its best to save the country. That is just the truth! But be that as it may, I do not think there is any truth in this news story. Banks cannot buy FX, in fact they dare not. Only the officers of the bank (acting without the authority or consent of the bank) could procure FX only on behalf of their customers. Should they require FX, they must go through the official channel, most especially seeking approval from the CBN. 2 Likes |
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