Banks send emails to customers ‘no more forex at CBN rates (NEW UPDATE)

[CryptoHeadlineNews]

Just as the title of this thread talk, I just came across this news this early morning saying how our Nigerian banks done send email to all their customers yesterday being Wednesday 21th June 2023, saying no more forex at CBN rate, and I talk say make I share am here make una shoke mouth for the matter, whether abi you don receive any message from your bank and abeg wetin dem talk? because me I'm yet to receive any from my 2 banks (Fcmb & Access).
However, here na the complete gist given below...

Commercial banks in Nigeria have sent out messages to their customers updating them on changes to foreign exchange policy as recently announced by the central bank, regarding the determination of exchange rates, emphasizing that the central bank no longer sets the rate. As customers now need to understand that the exchange rates will no longer be fixed and will instead be determined by the prevailing market rate at the Investors and Exporters (I&E) window. This knowledge empowers customers to make informed decisions and manage their foreign exchange requirements more effectively.
Informing customers about the removal of fixed exchange rates is crucial for managing expectations. Previously, customers may have relied on stable exchange rates set by the central bank for their forex transactions.
By notifying customers that these fixed rates are no longer applicable, banks prevent any false expectations and ensure that customers are aware of the potential fluctuations in exchange rates, which could impact their transactions.
The change in exchange rate determination directly affects customers’ financial transactions. With the shift to market-driven rates, customers can no longer rely on purchasing forex at fixed rates.
This notification enables customers to plan their forex purchases accordingly and consider market fluctuations that might affect the cost of their transactions. This is why they insist that the customers fully fund their accounts “at all times.”
Source:. https://nairametrics.com/2023/06/21/banks-send-emails-to-customers-no-more-forex-at-cbn-rates/



Secondly, same yesterday (21st June 2023), I observed say the value of Naira don depreciates again, as it was sold at value N763.17/$1 at official market rate, while black market both on Binance & Remitano sold almost at the same rate of N765-769/$1 (Abi is that what the unification is all about?)

Source: https://nairametrics.com/2023/06/21/currency-update-official-exchange-rate-strengthens-to-n462-13-1-on-april-26th/


So what's your opinion on any of these two updates??

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[Charles-Tim]

Secondly, same yesterday (21st June 2023), I observed say the value of Naira don depreciates again, as it was sold at value N763.17/$1 at official market rate, while black market both on Binance & Remitano sold almost at the same rate of N765-769/$1 (Abi is that what the unification is all about?)

It is part of what to be done to make the naira exchange unification possible. CBN controls the I&E rate before, but it is now determined by market. But the issue about it is that the volatility in the I&E window is high which makes the CBN rate differ as CBN uses weighted average of transactions on the I&E window to determine CBN foreign exchange prices.

[Mate2237]

As for yesterday naira was appreciating but as of today naira is depreciating. CBN don tok sae make all Banks sell dollar to rate dem want. Di matter sef e concerned piple wey no dey use foreign exchange?

Weti I dey see today now na different thing. Me I no come understand the whole mata again sef.
https://nairametrics.com/2023/06/22/daily-exchange-rate-between-naira-and-dollar/

Na di price I dey see today be dat although na dis price been dey ground since wey I know. But I come understand the matter seeing the op price. Although Black and Market and Binance been dey use OP rate.
Yes this is part of di unification.

[Perfectbaby]

Leave this people dem don start again, I just wondered why everything is just changing instantly not even upto 90 days on seat but wanting turned everything within just of 26 to 28 days on seat, sacking people and put those he feels he could influence and control.
What i sense from this message is that during funding any amount could be changed as percentage from the investor, I mean those who regularly fund their account through banks might incurred significant charges.
Another cool way to extort money from traders, we never see anything sha we say na Jagaban go rule us well abi?
Get ready 1 dollars might to get #1500 before the year ends.

[Merit.s]

This na part of the Naira unification process,na e make Naira come dey depreciate so. I just hope say this one wey CBN no dey in charge of dollar rate anymore, say na I&E hope say dollar exchange rate no go come reach 1K this year o. If all these things wey Tinubu dey do go help strengthen our Naira later then I no get problem. This go affect everybody for the country,no be only people we dey into for ex because price of goods wey them go export and import,e go affect am too. I never receive such message,maybe because I no dey do forex. Make Tinubu no go rush everything come finally hang for road.

[Odohu]

Just as expected, there is serious volatility in the doreign exchange market and I few of the BDC dealers will want to take advantage of this to make quick profits. Well, the decision by FG is the righ t decision and overtime, we will see some stability in this.

To assure the people that there is full implementation of this policy by the commercial banks, they should lift all the limitations on our Naira debit cards as regard the FX market... this way, Nigerians can fully access the forex market, pay for goods and services oversea and not resort to other rigorous means for their businesses.

[Merit.s]

I just checked my email and saw that my bank has sent me the message. I decided to post it here for us to read through.

[CryptoHeadlineNews]

I just checked my email and saw that my bank has sent me the message. I decided to post it here for us to read through.

Omo. That makes sense bro, because I just checked my email now thinking I will find any notification from my bank but couldn't find any from my both banks "Access & FCMB",  abi eh get other people here wey don receive from these banks? Moreover, I go talk say that was one better decision wey this administration don do since they enter office, including the border reopening.

[Mate2237]

Omo. That makes sense bro, because I just checked my email now thinking I will find any notification from my bank but couldn't find any from my both banks "Access & FCMB",  abi eh get other people here wey don receive from these banks? Moreover, I go talk say that was one better decision wey this administration don do since they enter office, including the border reopening.

I believed say no be all di banks sent that email, me too I no see am from my two banks which are Access Bank and GTB. And I no even see am from Newspaper sef. The stock exchange market is di one wey dey trade with dollar dey give update with NGN/USD every day. If the naira e don appreciate na dem and if the naira disappreciate.

And for the boarder reopening na just a scam tok be that, if boarders were open at least or to some extent things like rice prices would have come down small but they are very high. And one thing I don't want to tok be say, the boarder issue is cause by Yoruba people in Nigeria and dem know what I am saying. Mostly the opening of the sea ports in Nigeria. Yorubas asked the then president to closed down some sea ports in Nigeria permanently because those ones are major thread to Lagos sea port, they even carry the matter go court and bribed the lawyers and won the case. Dey know themselves.

[Timmzzy]

Me i don check my email i never see anything like this, if na debit alert trust me you go see am asap no waste of time, but anyways where i been see am na for my Google headline news. so as them don do am like this so e mean say fuel go come down small or e go hang for where e dey so,because for this our country anything wey go up no dey wan come down.