Can Bankers explain what this means?
Wednesday, June 14, 2023
CBN Directs Banks To Trade FOREX At Any Rate
The Central Bank of Nigeria has reportedly allowed commercial banks to freely trade foreign exchange at any rate.
18 comments:
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It means the price of dollar will be determined by market forces
ReplyDeleteIt means there will be competition and the era of CBN monopoly is over.The era of banks hoarding and selling to their family and friends is also over
ReplyDeleteHope it's a good news
ReplyDeleteFloating the Naira is good news anytime, black market prices will fall as liquidity will be in the market.
ReplyDeleteBut if you do it without removing the fx restrictions on necessary goods, and import restrictions, you’d be inviting bigger problems.
Dear Bulaba, don’t copy in part. Copy everything there. Float the Naira and remove import/export restrictions on all legal items. Remove import licenses for sugar, cement, refined petroleum and all the things you monopolized for your billionaire friends.
If not, we’d see a temporal pump based on euphoria, and a cascading crash when reality kicks in. The major driver of the black market is import restrictions and bureaucracy
It’s about supply and demand. Naija doesn’t manufacture so we are t earning in dollars except oil and foreign remittances by those in diaspora. Allowing importation of anything will further destroy the economy. There is no short cut to economic development via manufacturing. Fixing the steel sector and building a petrochemical plant will move the trade towards naijas favor.
DeletePlease who knows how this will affect using Form A? Does that mean we will be paying school fees abroad at higher rates of USD ?
DeleteThe guy got they two weeks ago and you are accusing him of granting waivers to his rich friends? Choose joy for your own sake. Bulaba will do for years and the way the opposition is still smarting and refusing to get smart, Balabloo will do another four years. Reforms are gradual. In this short time, he has done well and still has a lot to do.
DeletePlease does this mean that dollar will crash, make I kuku go change my money.
ReplyDeleteYep except banks decides to hoard their forex and sell to BDC guys only
DeleteDollar won’t crash
DeleteNaira will crash more and eventually stabilize
Still 760 per dollar
ReplyDeleteIs best to stop importing goods and manufacture in Nigeria, if not in the long run $ will sky rocket to 1k.
ReplyDeleteFor all Nigerians talk about no jobs, we are not the most reliable employees for manufacturing
DeleteHmm
ReplyDeleteMake una explain abeg
ReplyDeletePlease how much is dollar at official rate
ReplyDeleteNaira should not fall o. Let it be 200 dollar to a Naira.
ReplyDeleteManufacturing economies like south Korea had about 1,300 of their currency to a dollar and China always weakens their own currency against international law to make exports attractive. 760 to a dollar for a country that has not made net gain from importing refined fuel for a decades is a scam. Even the countries sandwiching Nigeria buy fuel at around 1,300 despite being poorer. Imagine Atiku and Obi, both importers of goods talking about about improving exchange rate. What would be the end result? Is Russia not still surviving after being shut out of major markets? Food security and local consumption is the immediate option and these though economic times will only pass when Nigerians go back to home grown healthier options instead of complaining of the cost of sardines, Milo and rice as if these are staple foods of any tribe( please o, rice for tuwo is different).
ReplyDeletePoliticians will continue to deceive Nigerians about the exchange rate because Nigerians, even the ones with the privilege of a little education are allergic to economic truths.
The naira will continue to weaken as demand for crude oil reduces globally and manufacturing falls. Go into agriculture and consume local goods. Employees and employers should opt for remote work. Take loans to study trade skills in demand or the digital/IT space so that you can shield yourself from high prices as much as possible while exposing your self to earn in foreign currency. This is what the eastern European countries are doing and that's why their goods are flooding stores in Africa and they are no longer in a rush to join the euro zone.