Topic: Naira exchange unification - page 2. (Read 294 times)

We shouldn't be decieved by the government, they are all aware of what the market price is saying, why should ban exchange rate have this huge market value from what the government is selling compare to the aboki exchanges, why does it have to take more than three months before you can make an exchange directly from the bank and that's if you're lucky to have achieved that at the long run after being waiting, why is it that the government now also requires a three years task clearance certificate for international exchange, the government may be salient on some aspects but they are the perpetrator to their influence and remain salient as if they were unaware of what's going on.

 I also saw the news two days back and it got me wondering what action they'd take next. From what I gathered, it seems this anomaly occured after President Tinubu's inaugural speech.
What I'm concerned about is if he can achieve such a feat because by calling for unification of exchange rate, there'd have to be proper planning, coordination and engagement with relevant bodies like the CBN. Lets hope that he achieves the task of unifying the naira so economic growth can be fostered and doesn't sidetracked.

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 country.

Smile!!! This are threads under local Economics Board. The president just enter so he is trying to work well for Nigerians but the system will humble him very soon. There was a borrow course from social studies and there is a statement there that "the real ruler of a country is unknown". Fuel subsidy has been removed, na the di masses go suffer, then the masses go disembark to the president to reverse the price. Time is coming for that. Yesterday or today I also say di news that CBN has devalued Nigerian Naira from #465 to #630 per dollar, and in Nigeria these are the two major factors that control goods and services in the country so any thing that affect thses two elements affect all parts of the citizens. 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, the parallel market is still using their normal price of $700+
The problem in Nigeria is also cause by these parallel marketers. The naira unification will help the economy because when the economy is unified commodities will be sold equal rate with dollar because 1 dollar to 1 Naira so things might workout the way it has been planned.

There's nothing like rumors about news once it has been aired, there's a likely possibilities that every rumour is the genuine and official leaked information we are getting clue on, i wouldn't be surprised seing this since the inauguration of the new administration in office, many things have begin to change starting from the removal of fuel subsidy in it entirety, yet the administration is claiming that it's not coming from their end, also the NNPC made this same declaration for a fix price on the market fuel pump price and every other institutions involved made the implementation and readjusted their selling price, of naira today enters a new official rate of #630 from the bank then the black market should be something close to #1,000 or more for one USD.

This would hold no water. How long have we been hearing this from them for a long time now. The previous government made such attempt but it was hell. I just see this as a strategy used by the politicians to siphon more money after devaluation they stockpile from looting and they find all possible mean to make the currency value to be little stable at their own benefit. 
Secondly, Nigeria is a consuming nation,  we barely produce nor export anything rather than crude oil and gas. We depend on other countries for survival since we can not export but consume what others produce. so therefore, currency unification is no big deal anymore. Let us start producing and exporting.

I read a news recently about CBN dollar to naira exchange rate, that CBN has devalued naira from ₦465 to ₦630. Later it was said to be a rumour, but which many of us would have known as no changes in the parallel marker either.

https://twitter.com/cenbank/status/1664195669484097536?s=20

According to what I read later, it was reported that the rumour was as a result of what the recently elected president said about naira exchange unification and its importance.

In Nigeria, we know that different institutions like banks have their own exchange rate which is close/similar in price with CBN rate but different from bank to bank. Banks foreign exchange may not be possible anymore because CBN itself discouraged it.

CBN Ends Forex Sales To Banks

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.

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.