The gains recorded in the past few days by the naira has been enormous and with the CBN showing no signs of slowing down with the intervention, I think its high time the official exchange rate of N305 is reduced. The naira making gains from N520/$ to N380 in a short few days is an indication that should the official rates be reduced, speculators and hoarders would come out with their dollars in droves to try and minimize their losses and hence drive the prices down tremendously!

An exchange rate of N250/$ I suppose would be fair trading at this time

This should totally be the next move by CBN if they are any smart or interested in reducing dollar rates! I'd do this next week if I were Emefiele

jameseva:
This should totally be the next move by CBN if they are any smart or interested in reducing dollar rates! I'd do this next week if I were Emefiele

I was actually thinking more of do the reduction TOMORROW and send crazy shivers down the hoarder's spines!! They will practically beg people on the streets to come buy dollars at impossible rates

Nice idea, but I don't think they will buy that idea since they are trying to encourage local production. Reducing the official exchange rate will kill local production.

tspun:
Nice idea, but I don't think they will buy that idea since they are trying to encourage local production. Reducing the official exchange rate will kill local production.

imposition of bans on the importation of locally produced goods is better.

There are some raw materals we still needs dollars to buy to feed our local industries.

austinvsb1:
The gains recorded in the past few days by the naira has been enormous and with the CBN showing no signs of slowing down with the intervention, I think its high time the official exchange rate of N305 is reduced. The naira making gains from N520/$ to N380 in a short few days is an indication that should the official rates be reduced, speculators and hoarders would come out with their dollars in droves to try and minimize their losses and hence drive the prices down tremendously!

An exchange rate of N250/$ I suppose would be fair trading at this time

There should be a merger of the rates first. Government needs to float the currency. Nobody will supply the official market if the difference is that much. The private will only play its part if there is a float

Intelligent minds are talking here, I'm privileged to be an observer

989900:
Rates have to merge first.

Raising monthly spend limit on international POS to say 'common' $300 or $500 from the present $100 a month will capsize ab0ki market. And rates will converge, from whence we can now start finding the true value of the Naira.

This is expedient!

989900:
Rates have to merge first.

Raising monthly spend limit on international POS to say 'common' $300 or $500 from the present $100 a month will capsize ab0ki market. And rates will converge, from whence we can now start finding the true value of the Naira.

The CBN gives Dollars to the banks at 315 while they're mandated to sell to Nigerians at 375; to BDCs at 381 who are mandated to sell at 399. Now that the black market has gone below BDC rate and is almost at Bank rates, shouldn't the CBN mandate Banks and BDCs to sell at much lower rates now...say 320 to further collapse the black market rate?
Because at same rates, black market will be the preferred destination again and demand from them will make them jack their rates up again.
Or do you think the CBN plans to further devalue the Naira to 375? If yes why devalue unnecessarily when there's no shock on our fx inflows at the moment.