....With the flexible foreign exchange policy driven by the Central Bank of Nigeria (CBN) opening today, analysts have predicted a volatile and interesting trading for the day.
According to Upshot reports, the interbank market, which opened by 9.00am and closed at 2.00pm, will see the naira-dollar exchange rate in a volatile state.
The local currency is likely to exchange around between 250 and 280 against the greenback.
The CBN, three weeks after the Monetary Policy Committee’s (MPC) consensus decision to adopt a flexible exchange rate system, announced the re-introduction of a market-driven two-way quote single Interbank Foreign Exchange (FX) Market last Wednesday. The policy shift is against the CBN’s long-held stance of maintaining naira-dollar peg at N197/$1.
The fifteen banks accredited by the CBN for the new FX window had sent in requests totalling about $4.5 billion, a development which the apex bank said it would meet.
Head of treasury at one of the deposit money banks told newsmen on Monday that, the development has already geared activities at both the capital and money markets.
The Nation
End time currency
ReplyDeleteI came across an article on BBC, 'How naira flotation will affect Nigerians'
DeleteI became more optimistic.
What it means is that official rate has gone up from 197 to 270 while black market will remain the same. It's worse actually.
DeleteYou people should do what you think is good
ReplyDeleteYou wish! Airline rate is always the lowest and right now airline rate is ngn283
DeleteAirline rate was as low as 208 same as using Naira card on Amazon. Now we will spend more, Stells not great news abeg.
DeleteStella how is this great news?
ReplyDeleteNoise
ReplyDeleteNoise
Noise
Let me go to bank on Thursday First
All this paper work or CBN barking on twitter or newspaper is not it
Till Thursday
@Galore
@Galore
Stella how is this great news biko. Why are Nigerians so gullible. Just two years ago,one dollar was 150 naira. Why are we celebrating this? I thought one dollar will be one naira by now,as they promised..Iddongerrit..why is this great news
ReplyDeleteI just pray its true, and not them giving us false hope as usual... At least the prices of goods will come down..
ReplyDeleteIts so frustrating being a Nigerian at this time.
Forget the price of goods coming down. This is Nigeria anything that goes up hardly comes down. Law of gravity does not apply in our country.
DeleteI don't see any good news here abeg.
ReplyDeleteBlack market is still N350. so what is great about this news. APC failure
ReplyDeleteI bet this government had no clue on how to go about our trashed economy before making empty promises just to gain power.them are just using trial and error method. No drafted plan. Nonsense
ReplyDeleteStella take time oo, which great news. This exchange rate is for politicians. It will be a goodnews when it is same in the parrallel and black market. Seems you don't have anyone who pays school fees abroad from Nigeria.
ReplyDeleteBig lie, this govt should not deceive people. I used my atm in the us and I got charged 33500 for a $100. They give u funny ranges but not the actual truth. Just like they said fuel will be sold within the range of some funny amount to 145 per liter
ReplyDeleteIts bad new for some of us that want to go for summer. Ticket will go up. Before CBN rate was lets say 200. so if my ticket is $1000 that will be N200k. Becos for ticket they use CBN rate.
ReplyDeleteNow that CBN may be N280 that means my ticket will be N280. Only good thing is the FX i'll take.
Odiegwu... Na siddon look mode me dey
ReplyDeleteHow is this great news Stella??
ReplyDeleteThey successfully increased CBN rate from 197 to 270, importers will have to pay more, airlines will charge more, Form A for paying for schools, medicals and other services will be more expensive while black market rate is still 360. Govt must think Nigerians are gullible.
ReplyDeleteThis is plain stupid..
ReplyDelete