Naira exchange unification

[Iadegbola34]

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.
 

[Marykeller]

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.

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

[Agbe]

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.

[uchegod-21]

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

[Charles-Tim]

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.

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

[CryptoHeadlineNews]

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

[letteredhub]

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.