In every rumor's you hear there's a stroke of truth in it, the news going around as rumour is because national TV stations haven't aired it making the publicity look official and that's because they're are just been diplomatic with issues waiting for order from above .
Having a unification of the naira value in the parallel market is something that would be of an advantage to our country economy as the level of dollarization in the country is getting too much that even within the domestic settings the naira is losing face. Except that my worries is that Nigerian leaders are good in designing up policies but ineffective in making sure those policies are strategically put in motion to see it work. Just like the E-naira policy how it was paraded and exalted by it's proponents only for it to crash abysmally to the disgrace of the value of the naira.
Topic: Naira exchange unification (Read 294 times)
CBN been deny the allegation but now channels talk say CNB go unify the exchange in the coming months at the rate of N600/$.
If by what I understand about this unification of naira to dollar of a thing and if I'm not mistaken, I will likely say coming months is too far, as i think this unification has already been done 3 days ago base on my personal research. Because for those of you who uses "Trust wallet" and "Binance" especially spot trading, you will notice that since 3days ago, the official value of naira changed from #465 per $1 to the range of over #500-#630 per $1, while the black market price remains at #750 per $1. And these valued can also be found on the official website of the central bank of Nigeria as shown below.CBN rate on 9th June 2023
CBN rate on 14th June 2023
CBN rate on 15th June 2023
Link: https://www.cbn.gov.ng/rates/exchratebycurrency.asp
You know say when this matter been first born, CBN been deny the allegation but now channels talk say CNB go unify the exchange in the coming months at the rate of N600/$.
They just dey pamper the thing make e no for cause panic as fuel subsidy cause. Hoe una see am... e for make sense say people wey put money for stable coins sell to naira now e still day around 760. In the coming months e fit fall to 600 range
CBN said the rate has not been altered immediately after the president talked about naira exchange unification, which was true. They just dey pamper the thing make e no for cause panic as fuel subsidy cause. Hoe una see am... e for make sense say people wey put money for stable coins sell to naira now e still day around 760. In the coming months e fit fall to 600 range
Parallel market will always exist as it is the best rate. I think the naira unification has been implemented already, in a way that the CBN has removed the rate cap on Investors and Exporters window.
https://www.cbn.gov.ng/rates/ExchRateByCurrency.asp?CurrencyType=$USD
I just finish they listen to channels television news for 10 o'clock. Something dey sup for background for this exchange unification saga. You know say when this matter been first born, CBN been deny the allegation but now channels talk say CNB go unify the exchange in the coming months at the rate of N600/$.
They just dey pamper the thing make e no for cause panic as fuel subsidy cause. Hoe una see am... e for make sense say people wey put money for stable coins sell to naira now e still day around 760. In the coming months e fit fall to 600 range
CryptopreneurBrainboss
Charles-Tim
Igebotz
Smart virus
BIT-BENDER
Coyster
SatoPrincess
Mpamaegbu
And plenty others. I just mention few wey I feel say dem fit dey use mention notification
They just dey pamper the thing make e no for cause panic as fuel subsidy cause. Hoe una see am... e for make sense say people wey put money for stable coins sell to naira now e still day around 760. In the coming months e fit fall to 600 range
CryptopreneurBrainboss
Charles-Tim
Igebotz
Smart virus
BIT-BENDER
Coyster
SatoPrincess
Mpamaegbu
And plenty others. I just mention few wey I feel say dem fit dey use mention notification
This our naira exchange unification propose by CBN to devalue naira from ₦465 to ₦630, I don't know how em go turn out for Nigerians since we highly depend on import goods.
Yesterday the new CBN acting Governor e don tok sae make banks sell dollar the way dem want and im come devalued naira. So for now one dollar na $1 = #775. As for me now ehn. Di thing e no good oo. Because cost of living go dey high. As a president he would have given the bank a unify price so that everything will be moving smoothly but as it is now things will be unstable which what we Nigerians are trying to avoid from all means but it is coming back again. If cost of this are not coming down then all the fight he is fighting is vain and nothing go come out at the end. Whether removal of efcc, CBN and other official in country does not concern me. All what I need is the reduction of goods and services price. And if you are here supporting APC government go and tell them and let them do the right thing. 
This our naira exchange unification propose by CBN to devalue naira from ₦465 to ₦630, I don't know how em go turn out for Nigerians since we highly depend on import goods.
I got this post from Reno Omokri Fb page. I sae make I share am make everyone get more insight of how em go be via the naira exchange unification whether na good one or bad one give us. As for me, no be welcome development give us sha cos everything wey we d use for this our country na imported.
I got this post from Reno Omokri Fb page. I sae make I share am make everyone get more insight of how em go be via the naira exchange unification whether na good one or bad one give us. As for me, no be welcome development give us sha cos everything wey we d use for this our country na imported.
Quote
In case you don't know what floating the Naira means, it means that the government will no longer determine the Naira rate. There will be only one rate. And that is the rate determined by market forces. This means that the more you buy foreign goods, like the ones you see in Peter Obi's Next Cash and Carry, the more the Naira will collapse. And the more you buy made in Nigeria goods and services, like Innoson Motors, and Globacom telecommunications products, the more the Naira will rise.
The immediate impact of this will be that our foreign and local reserves will rise, since the Central Bank of Nigeria will not have to defend the Naira by unnecessarily injecting Dollars into the forex market. Another consequence is that exporters and importers, as well as students, pilgrims, tourists and health tourists will no longer have to approach the CBN for allocations since the CBN rate no longer exists. What will exist is the single exchange rate.
Also, you will be able to travel with Naira and change it for Dollars, Pounds, Euro, Yuan, etc., abroad, as it was during the 70s and early 80s before Buhari's coup against President Shagari's government.
Copied #Reno Omokri
The immediate impact of this will be that our foreign and local reserves will rise, since the Central Bank of Nigeria will not have to defend the Naira by unnecessarily injecting Dollars into the forex market. Another consequence is that exporters and importers, as well as students, pilgrims, tourists and health tourists will no longer have to approach the CBN for allocations since the CBN rate no longer exists. What will exist is the single exchange rate.
Also, you will be able to travel with Naira and change it for Dollars, Pounds, Euro, Yuan, etc., abroad, as it was during the 70s and early 80s before Buhari's coup against President Shagari's government.
Copied #Reno Omokri
It's actually closed to being impossible. The problem is not about the rate, the actual problem is massive demand for the dollar more than the banks can provide. In a similar scenario, let's take the naira scarcity for example, when the demand for the naira rose above the capacity of the central bank itself, what happened? We start to see a black market rate from POS operators. Some people managed to get their hands on so much of the naira, leaving the majority with less to nothing. And these people with enough naira became the sole determinant for how much charges you get to pay to withdraw a certain amount of money.
That has always been the case for the dollar/naira in Nigeria, the demand for dollar is on the upper scale and unless that is first addressed, there will always be a black market rate for the dollar.
That has always been the case for the dollar/naira in Nigeria, the demand for dollar is on the upper scale and unless that is first addressed, there will always be a black market rate for the dollar.
I'm not claiming that the news of Niara exchange unification is false; it's true that Ps Tinubu has a plan for it, and he has said it publicly several times. My problem is Daily Newspaper claiming that the Naira has been devalued, despite the fact that the government has yet to implement it. The President invited the CBN governor last week to brief him on the Naira redesign and the E-naira initiative, so the Naira excahnge will be unified but not right away.
To be clear, the Naira exchange rate will not be unified under the present CBN governor; a new governor will be nominated soon.
Well if that one na actually the case then e good because the president has already stricken emefiele of all his right as the CBN governor so the unification as you said would be possible now since the CBN will definitely need a new governor to handle all its economical affairs. Nigeria has suffered a lot from the hands of this so called CBN governor and I just wish the country would do something tangible about his case instead of just probing him and then letting him go of all his charges as usual.To be clear, the Naira exchange rate will not be unified under the present CBN governor; a new governor will be nominated soon.
Yeah, that was apparent from the minute a new government was formed; President Tinubu was among those who were opposed to the currency design and how it was implemented during those few days of currency scarcity. The former CNB Governor was solely responsible for Nigerians' plight. The unification of the Naira is a wise decision.
From cases of corruption to embezzlement, he has a lot of questions to answer.
About if the news is fake or not, there are some news sites that are most likely not to have fake news, and I got it from one of them. And according to what I have noticed, I have seen some people reacting to it. Which definitely means it is not a fake news. You should not get me wrong, the rumor is that CBN did not devalue naira, but the news about naira exchange unification is true. So naira exchange unification news is not fake.
About some people that thinks this can help the economy, some analysts says it would have negative effect on Nigerian economy, saying only enough foreign exchange supply will make this likely. Also that exports, foreign reserves, importing and oil products needs to be addressed.
https://independent.ng/exchange-rates-unification-will-crash-nigerias-economy/
When I read this news, I think the analysts are very correct if true they make such conclusion.
About some people that thinks this can help the economy, some analysts says it would have negative effect on Nigerian economy, saying only enough foreign exchange supply will make this likely. Also that exports, foreign reserves, importing and oil products needs to be addressed.
https://independent.ng/exchange-rates-unification-will-crash-nigerias-economy/
When I read this news, I think the analysts are very correct if true they make such conclusion.
I'm not claiming that the news of Niara exchange unification is false; it's true that Ps Tinubu has a plan for it, and he has said it publicly several times. My problem is Daily Newspaper claiming that the Naira has been devalued, despite the fact that the government has yet to implement it. The President invited the CBN governor last week to brief him on the Naira redesign and the E-naira initiative, so the Naira excahnge will be unified but not right away.
To be clear, the Naira exchange rate will not be unified under the present CBN governor; a new governor will be nominated soon.
What do you people think would happen if the president make sure there is naira unification? Is it going to help Nigeria economy? We all know that if that is what would happen, CBN rate is going to become the parallel rate or there will be more decreasing of foreign reserves in Nigeria because we depend more on imports.
A single exchange rate system would definitely be good for the economy. I am no economist but from the layman's point of view the multiple exchange rate really killed the economy. Unifying the exchange rate can have both advantages and disadvantages, depending on one's position in the market. If this truly works the advantage is that we are likely to see an increase in diaspora remittance, we may also see that an increase in portfolio investors because they know that they were coming in at a fixed yesterday and they know they will exit at that rate. On the other hand, the BDC guys may not profit much from this too. This may be off point but can we just abandon the dollar when doing imports. Say for example, use the yuan when importing from China. And only use if when importing from US? Is this possible?legendary
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What do you people think would happen if the president make sure there is naira unification? Is it going to help Nigeria economy? We all know that if that is what would happen, CBN rate is going to become the parallel rate or there will be more decreasing of foreign reserves in Nigeria because we depend more on imports.
The unification fit help the naira welle because na this different price dey make banks hide dollars from us because dem know say if dem carry am go black market dem go make enough profits but if e come be say everywhere na the same rate then dollars go flow well for the country but wait oh, how the government want take achieve this one. Make dem no do another kind of subsidy policy wey na rubbish from day one. Tinubu need to know say him no go fit do everything or atleast do all of them one time. Make him take am easy (one after another) make people no take advantage of this him policy's dem use rip us.
Him just declaring the rate no go help matters as na the market dey determined price and not the government. Wetin him go put things in place to make sure all rate na the same for everywhere still never understand. Unification go help economy as goods no go too cost as dem dey cost now. People no go fit lie for dollar rate wey dem dey use add price to the market (goods and services wey dem dey offer). Belike tinubu get better plans for Nigeria but make e no too get over him head make them no all fail, remember (jack of all trades is a master of non).
About if the news is fake or not, there are some news sites that are most likely not to have fake news, and I got it from one of them. And according to what I have noticed, I have seen some people reacting to it. Which definitely means it is not a fake news. You should not get me wrong, the rumor is that CBN did not devalue naira, but the news about naira exchange unification is true. So naira exchange unification news is not fake.
About some people that thinks this can help the economy, some analysts says it would have negative effect on Nigerian economy, saying only enough foreign exchange supply will make this likely. Also that exports, foreign reserves, importing and oil products needs to be addressed.
https://independent.ng/exchange-rates-unification-will-crash-nigerias-economy/
When I read this news, I think the analysts are very correct if true they make such conclusion.
About some people that thinks this can help the economy, some analysts says it would have negative effect on Nigerian economy, saying only enough foreign exchange supply will make this likely. Also that exports, foreign reserves, importing and oil products needs to be addressed.
https://independent.ng/exchange-rates-unification-will-crash-nigerias-economy/
When I read this news, I think the analysts are very correct if true they make such conclusion.
I'm not claiming that the news of Niara exchange unification is false; it's true that Ps Tinubu has a plan for it, and he has said it publicly several times. My problem is Daily Newspaper claiming that the Naira has been devalued, despite the fact that the government has yet to implement it. The President invited the CBN governor last week to brief him on the Naira redesign and the E-naira initiative, so the Naira excahnge will be unified but not right away.
To be clear, the Naira exchange rate will not be unified under the present CBN governor; a new governor will be nominated soon.
The naira devaluation news has not been verified because it is only on blogs and social media the news is escalating and has not shown in national TV news in Economy news . So that might be rumor but even though it is a rumour,
Point of correction, "Daily Trust" which CBN claimed the news got published, as mentioned on the tweet which O.P provided a link to it above is not an ordinary blog or neither will you call it a social media, but know that "Daily Trust" is one of the most trusted and reliable licensed Nigerian newspaper that have been in existence for over 25yrs (i.e since 1998) publishing well verified & investigative news all around the federation. So to me, if "Daily Trust" did actually published about CBN planning to devalue our currency, than I think maybe that might have been their initial plan, but got to stop after the news went viral. Because I can remember those days when I was still at my teens seeing my dad coming home everyday with "Daily Trust" newspapers. And here are some other reputable Nigerian newspapers in the countryIf CBN says its fake then its fake, stop justifying nonsense to suit your agenda, even CNN and BBC carries fake news most of the time for clicks and and to spread rumours
The best possible way to avoid fake news blogs is to subject all information and news to verifications to see and know what is authenticity.
I heard this news too. It might not have made much impact because the value is no much different than the almost 740naira to 1$ that was initially on board.
This is just the new government showing the citizens that it is making proactive effort to better the economy of the country.
I for one, as well as others, are interested in what serves the most to the common man, because with this subsidy removal, the best resolution is yet to be made, either regarding a review of the minimum wage or the acceptance of cryptocurrency or this unification of exchange for the Naira.
About if the news is fake or not, there are some news sites that are most likely not to have fake news, and I got it from one of them. And according to what I have noticed, I have seen some people reacting to it. Which definitely means it is not a fake news. You should not get me wrong, the rumor is that CBN did not devalue naira, but the news about naira exchange unification is true. So naira exchange unification news is not fake.
About some people that thinks this can help the economy, some analysts says it would have negative effect on Nigerian economy, saying only enough foreign exchange supply will make this likely. Also that exports, foreign reserves, importing and oil products needs to be addressed.
https://independent.ng/exchange-rates-unification-will-crash-nigerias-economy/
When I read this news, I think the analysts are very correct if true they make such conclusion.
About some people that thinks this can help the economy, some analysts says it would have negative effect on Nigerian economy, saying only enough foreign exchange supply will make this likely. Also that exports, foreign reserves, importing and oil products needs to be addressed.
https://independent.ng/exchange-rates-unification-will-crash-nigerias-economy/
When I read this news, I think the analysts are very correct if true they make such conclusion.
Not a bad move but the question is ''will the N630 be available and accessible to everyone at the bank'' ? i doubt and trust me if the banks cannot keep up to the demand, the price on the street will raise to 1k/1$ or even more
The problem has never been the price or unification, the problem as always been the availability to the common citizen. The limitations set on the amount to be available for one person a day is one big factor coupled with the numerous hassle to get them from the bank. I feel if there is a monetary policy that guides how the dollar flows from the bank to the common citizen then the issue of black marketers will be minimized. Also the hoarding of this currency should be addressed because most of these traders hoard this currency till the bank runs out of it at a time and they hike there prices
Nothing will change until the CBN directs banks to start selling to the public; banks will continue to act in their own self-interest. Another issue is that there is more dollar on the street than inside the bank; banks only sell to black market Marchants because that's where they make their money and will never accept to sell or convert Naira to dollar for you.
Nigerians' small dollar privilege on their naira card went from $5000 per month to $20 per month, and is now $0 per month. The CBN must be completely reformed.
They are distroying micro-busineses that rely on dollar
What do you people think would happen if the president make sure there is naira unification? Is it going to help Nigeria economy? We all know that if that is what would happen, CBN rate is going to become the parallel rate or there will be more decreasing of foreign reserves in Nigeria because we depend more on imports.
If e go work, then e no go bad; but for it to work other factors go gats come into play, a unified exchange rate go mean say parallel market traders no go fit make profit like that again through arbitraging, thus if scarcity dey for the bank, those wey they sell for parallel market go gats increase their own rate, and this go defeat the idea of a unified exchange rate.Having said that, production and alluring investors na the factors wey go make this kind policy to work, because if e go work then the banks go gats get enough foreign reserves, and e go only happen if we dey attract investors or if we get adequate exporting commodities (via local production). I believe say the government get all these ideas, and before them make move dey suppose don plan ahead, make we dey watch with fingers crossed and see if dem go get this right.
The naira devaluation news has not been verified because it is only on blogs and social media the news is escalating and has not shown in national TV news in Economy news . So that might be rumor but even though it is a rumour,
Point of correction, "Daily Trust" which CBN claimed the news got published, as mentioned on the tweet which O.P provided a link to it above is not an ordinary blog or neither will you call it a social media, but know that "Daily Trust" is one of the most trusted and reliable licensed Nigerian newspaper that have been in existence for over 25yrs (i.e since 1998) publishing well verified & investigative news all around the federation. So to me, if "Daily Trust" did actually published about CBN planning to devalue our currency, than I think maybe that might have been their initial plan, but got to stop after the news went viral. Because I can remember those days when I was still at my teens seeing my dad coming home everyday with "Daily Trust" newspapers. And here are some other reputable Nigerian newspapers in the countryIf CBN says its fake then its fake, stop justifying nonsense to suit your agenda, even CNN and BBC carries fake news most of the time for clicks and and to spread rumours
The best possible way to avoid fake news blogs is to subject all information and news to verifications to see and know what is authenticity.
So to me, if "Daily Trust" did actually published about CBN planning to devalue our currency, than I think maybe that might have been their initial plan, but got to stop after the news went viral. Because I can remember those days when I was still at my teens seeing my dad coming home everyday with "Daily Trust" newspapers. And here are some other reputable Nigerian newspapers in the country.
Yes Daily Trust is reputable but there have been numerous times they have published unverified reports sometimes. Although Tinubu has actually stated some of his campaign manifestos that he plans on the dollar unification which I strongly agree with, but there is yet to be a consensus or any order of such. This calculations of it been at 630 have been done by just economic analysts on social media. So no matter how reputable the news outlet is, the Nigerian apex should be the first to release a statement about it or grant interview on the subject matter before we believe it.
Not a bad move but the question is ''will the N630 be available and accessible to everyone at the bank'' ? i doubt and trust me if the banks cannot keep up to the demand, the price on the street will raise to 1k/1$ or even more
The problem has never been the price or unification, the problem as always been the availability to the common citizen. The limitations set on the amount to be available for one person a day is one big factor coupled with the numerous hassle to get them from the bank. I feel if there is a monetary policy that guides how the dollar flows from the bank to the common citizen then the issue of black marketers will be minimized. Also the hoarding of this currency should be addressed because most of these traders hoard this currency till the bank runs out of it at a time and they hike there prices
Nigeria is a country that the president can wake up one morning and whatever he likes and nobody will be able to talk back because all the system is corrupt. In regard to this new,I think it is a rumor,since that was the final conclusion,so let's no worry about it. Whatever happens in this new administration we would always find a means to contain it abs continue with our daily lives. Tinubu has his own plan for Nigeria which we haven't sense yet but with time it will play out for us to see. As for fuel subsidy,the Mata just tire me because everything happen like film trick,not up to 48hrs of swearing in.
The naira devaluation news has not been verified because it is only on blogs and social media the news is escalating and has not shown in national TV news in Economy news . So that might be rumor but even though it is a rumour,
Point of correction, "Daily Trust" which CBN claimed the news got published, as mentioned on the tweet which O.P provided a link to it above is not an ordinary blog or neither will you call it a social media, but know that "Daily Trust" is one of the most trusted and reliable licensed Nigerian newspaper that have been in existence for over 25yrs (i.e since 1998) publishing well verified & investigative news all around the federation. So to me, if "Daily Trust" did actually published about CBN planning to devalue our currency, than I think maybe that might have been their initial plan, but got to stop after the news went viral. Because I can remember those days when I was still at my teens seeing my dad coming home everyday with "Daily Trust" newspapers. And here are some other reputable Nigerian newspapers in the countryIf CBN says its fake then its fake, stop justifying nonsense to suit your agenda, even CNN and BBC carries fake news most of the time for clicks and and to spread runours
I do not know how true that is but I have watch a video before about how Nigerians can not more exchange naira to foreign currencies again in bank. You can obtain a dollar card in bank but which you will be the one to fund it yourself, not with the help of the banks.
Parallel market has its own price which is also different but what Nigerians are using because naira is more devalued in parallel market and of course it is what CBN will like.
Parallel market has its own price which is also different but what Nigerians are using because naira is more devalued in parallel market and of course it is what CBN will like.
That's because CBN and Banks makes more money through Naira arbitraging, buy cheap, sell at huge price at black market prices.
The recently elected president talked about naira exchange to foreign currencies unification, and the rumour of CBN rate of dollar to naira, to ₦630 per $1 was what that happened next.
What do you people think would happen if the president make sure there is naira unification? Is it going to help Nigeria economy? We all know that if that is what would happen, CBN rate is going to become the parallel rate or there will be more decreasing of foreign reserves in Nigeria because we depend more on imports.
What do you people think would happen if the president make sure there is naira unification? Is it going to help Nigeria economy? We all know that if that is what would happen, CBN rate is going to become the parallel rate or there will be more decreasing of foreign reserves in Nigeria because we depend more on imports.
Not a bad move but the question is ''will the N630 be available and accessible to everyone at the bank'' ? i doubt and trust me if the banks cannot keep up to the demand, the price on the street will raise to 1k/1$ or even more
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