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Nairaland Forum / Nairaland / General / Business / Banks Seek Buyers As CBN Floods Market With Forex (21531 Views)
Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs / Banks Deliberately Flood Market With Dirty Naira Notes—cbn / Young Boy Storms Enugu Market With His Friends In His 'Self Made' Vehicle.Photos (2) (3) (4)
Re: Banks Seek Buyers As CBN Floods Market With Forex by plamonee: 9:38am On Mar 13, 2017 |
Islie: |
Re: Banks Seek Buyers As CBN Floods Market With Forex by 989900: 9:50am On Mar 13, 2017 |
ISTANDWITHBUHAR: That is not a problem, ' cash withdrawals' can be suspended for now, how about POS and online? The more you limit those (POS and online) the harder it becomes to harmonize rates, 'cause students and travelers will have no choice than the parallel market. OTOH, if POS (especially in countries 4-5 flight hours away) and online are allowed for say $500-$1000/ month are allowed, it will greatly reduce the pressure on the 'black market' -- bringing down the rates to less than N400 in few weeks or less. Throw in the tens of billions that will come in into the system through diaspora remittances when rates converge. We used to have $50,000 limit on each card: withdrawals and all up till 2014/15. We could support that cause we earned more Forex from oil, and didn't have this crazy mouth-watering difference in exchange rates . . . N2-N4 was the average difference then . . . less round tripping, speculating, and hoarding creating less complex problems. I could go on and on . . . it's all about pro active policies . 2 Likes |
Re: Banks Seek Buyers As CBN Floods Market With Forex by koning: 10:16am On Mar 13, 2017 |
So, why don't they sell to the BDC's. Greedy bastards. |
Re: Banks Seek Buyers As CBN Floods Market With Forex by Nobody: 10:26am On Mar 13, 2017 |
It's time to go on a shopping spree, that CBN was just hoarding dollars and creating artificial scarcity. Its time to shop till we drop, tell your wives, side chicks and gfs to run up that credit card tab.
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Re: Banks Seek Buyers As CBN Floods Market With Forex by Sunnynwa: 10:52am On Mar 13, 2017 |
nextprince: Make policies that will attract inflow of forex through FPIs |
Re: Banks Seek Buyers As CBN Floods Market With Forex by Prechy08(m): 10:53am On Mar 13, 2017 |
bigtt76:Your head is in the right place |
Re: Banks Seek Buyers As CBN Floods Market With Forex by khalids: 10:56am On Mar 13, 2017 |
eezeribe: Bro....this is the method that has always been in use and its the method across the world. Our major export is oil. The drop in availability of dollars was as a result of drop in oil price, hence scarcity of dollars in the market. But now that oil prices have risen, dollar is now available. What we need to do now is strengthen others areas of export and possibly try and reduce our imports, so that in the event of a crash in oil prices, the issue of dollar scarcity will not re-occur. And of course we get the added benefit of a straightened naira 1 Like |
Re: Banks Seek Buyers As CBN Floods Market With Forex by nextprince: 11:12am On Mar 13, 2017 |
Sunnynwa: I say immediate solution. Will policies bring down the forex within one month. Besides, you think with low Foreign Reserve, investors will start bringing in their dollars even with the best policies? Also, which of the Fed Govt policies chased away investors? Bro, the bulk of the problems lies in exportable commodities and for now, crude oil is what the nation practically depends on for her forex. |
Re: Banks Seek Buyers As CBN Floods Market With Forex by NaijaEfcc: 11:16am On Mar 13, 2017 |
martineverest:you have to understand that this government move is not the solution rather it's a temporal one!! Quote me anywhere Dollar will still rise!!! How can we ever run out of naira,when we are the ones printing it!! (jeeez I wonder how some people think sef) |
Re: Banks Seek Buyers As CBN Floods Market With Forex by fabulouskeem(m): 11:20am On Mar 13, 2017 |
well as for me I would advise CBN to madate the use of dollar card for travelers and online transactions and set a limit spending of 3000-5000usd per quarter. while the use of POS should be limit to 30usd daily n 30% charges on 100usd withdrawal. meanwhile a trestrictions should be me made on all the card to decline any form of online transfer transaction..this will curb the pressure on dollar and also encourage small online business quote author=989900 post=54539585] That is not a problem, ' cash withdrawals' can be suspended for now, how about POS and online? The more you limit those (POS and online) the harder it becomes to harmonize rates, 'cause students and travelers will have no choice than the parallel market. OTOH, if POS (especially in countries 4-5 flight hours away) and online are allowed for say $500-$1000/ month are allowed, it will greatly reduce the pressure on the 'black market' -- bringing down the rates to less than N400 in few weeks or less. Throw in the tens of billions that will come in into the system through diaspora remittances when rates converge. We used to have $50,000 limit on each card: withdrawals and all up till 2014/15. We could support that cause we earned more Forex from oil, and didn't have this crazy mouth-watering difference in exchange rates . . . N2-N4 was the average difference then . . . less round tripping, speculating, and hoarding creating less complex problems. I could go on and on . . . it's all about pro active policies .[/quote] |
Re: Banks Seek Buyers As CBN Floods Market With Forex by NaijaEfcc: 11:26am On Mar 13, 2017 |
nextprince:Oga this is a very bad way of investing!!! It's your type that will milk the country dry if given the opportunity!!! To you everything is all about buhari abi? Be guided my friend!!! you have to understand that this government move is not the solution rather it's a temporal one which is doing more harm than good !! Quote me anywhere Dollar will still rise!!! |
Re: Banks Seek Buyers As CBN Floods Market With Forex by Codes151(m): 11:27am On Mar 13, 2017 |
Confused and useless people! Playing bet9ja will our economy |
Re: Banks Seek Buyers As CBN Floods Market With Forex by nextprince: 11:34am On Mar 13, 2017 |
NaijaEfcc: But you just explained the game being played na? Is it not you that just analysed how the government wants some people to get sufficient dollars, then jerk it up again? Based on that, what stops you from investing accordingly? How will you have good information about the future market forces, yet it is not safe to engage in same business? Mtcheeeew.
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Re: Banks Seek Buyers As CBN Floods Market With Forex by kidsam: 2:01pm On Mar 13, 2017 |
Then they should make naira master card useable for international transactions and they will see if people will not buy. |
Re: Banks Seek Buyers As CBN Floods Market With Forex by Sunnynwa: 2:35pm On Mar 13, 2017 |
nextprince:And you think the best thing to do is to deplete the already low Foreign reserves? |
Re: Banks Seek Buyers As CBN Floods Market With Forex by jibga(m): 2:52pm On Mar 13, 2017 |
Please at what rate does banks give PTA to there customers |
Re: Banks Seek Buyers As CBN Floods Market With Forex by Nobody: 2:55pm On Mar 13, 2017 |
bettercreature: I don't know how it works but can you go to another bank? |
Re: Banks Seek Buyers As CBN Floods Market With Forex by bettercreature(m): 3:07pm On Mar 13, 2017 |
EgunMogaji:Lol that mean i will queue from behind for another 6 months.It's not about the bank. Central bank is regulating it via BVN they are watching it in 3D We use to....... them before the implementation of BVN even though the maximum was 4 weeks but now it's not possible Central bank is monitoring it directly via BVN They have no choice choice now they must do it because my form M will expire next month Form M expires every 6 months |
Re: Banks Seek Buyers As CBN Floods Market With Forex by nextprince: 3:12pm On Mar 13, 2017 |
Sunnynwa: Foreign Reserve is not being depleted, increased price of oil and improved output is being used to shore up the the Naira. At the moment, the Foreign Reserve is around $30b and it has been so for the past one month. Now, lets assume the Foreign Reserve is being depleted (which is not even the case) which alternative do you have to address the free fall of the Naira? Or you want it to get to N1k/$ to have more reasons to complain. What I know is that the present measure is the only means of addressing the issue for the time being but if u have any other means, it will make a lot of sense if you post it here cos some policy makers get opinions of the public and nl is a public forum. 1 Like |
Re: Banks Seek Buyers As CBN Floods Market With Forex by CellTabRepairs: 3:51pm On Mar 13, 2017 |
The system should operate with fluidity and balance. How do you have a system that is push and start and expect normalisation? It can't be. Imagine saying you are pushing bank customers who have no need for a foreign currency to acquire it? How sustainable? Okay, if you continue and put new ideas that will lead to oversubscription and hording what happens? Let me save my thoughts.. Meanwhile for someone out there; Are you looking for a job? Between 18-50 yrs?Are U a graduate or secondary school leaver?Are u retired, sacked or tired of salary work? You want a biz with high returns, skill as capital, lowest startup costs? ■Make average N5k-10k - Up to 30k or more daily■Meet high net worth individuals[opportunities] ■Grow in IT knowledge■Be highly sought after [Money looking for u].■Employ others! Just Click My Name & View That Resource You Need! Don't SPEND 1 yr waiting for a job! |
Re: Banks Seek Buyers As CBN Floods Market With Forex by CFC1(m): 7:23pm On Mar 15, 2017 |
nextprince: now they say Forwx has flooded the market they should allow us make foreign transaction with our naira mastercard.. ..... 1 Like 1 Share |
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