The Central Bank of Nigeria (CBN) has stopped the sale of dollars to some categories of importers at its twice-weekly regulated foreign exchange market in order to save the naira from falling.

The move is meant to also reduce the pressure on the naira amid falling oil prices and perceived dollarisation of the economy, according to industry analysts.

In a circular released on Thursday, the central bank specifically said it would no longer sell dollars to importers of electronics, finished products, information technology equipment, generators, telecommunication equipment and invisible transactions at its Retail Dutch Auction System forex market.

According to the directive, the importation of the listed items will now be funded at the interbank forex market only.

The circular was signed by the Director, Trade and Exchange Department, Mr. O.I Gbadamosi.

It read in part, “In order to maintain the existing stability in the foreign exchange market and to further strengthen the various policies already initiated by the CBN, the importation of the items shall henceforth be funded from the interbank foreign exchange market only.”

Meanwhile, the CBN said it had also reviewed the guidelines for the operation of its Standing Deposit Facility in order to encourage banks and discount houses to lend to the productive sectors of the economy.

The central bank noted that banks and discount houses preferred keeping their idle balances at the CBN’s SDF, thereby constraining the process of financial intermediation.

Consequently, it has reduced the remunerable daily placements by banks and discount houses at the SDF to maximum of N7.5bn.

In a circular signed by its Director, Financial Markets, Mr. E. U Ukeje, the central bank said, “All deposits by a bank or discount house in excess of N7.5bn shall not be remunerated.” – Punch.



http://thecitizenng.com/business/cbn-halts-dollar-sales-to-save-naira/

Respite seems far from the Nigerian Economy with the Naira going southwards since last week and the Nigeria stockmarket Losing N484billion in its biggest loss in a single day since the Global Economic Meltdown.

The picture is clear to every sane and reasonable Nigerian with the love of the Motherland that the Government has no Account for the Excess Crude proceeds nor was a contingency measure put in place to augment for emergency situations like this.

the time to ask questions about what the Government and Prof. Okonjo Iweala have done with the money accruing to the Federation in the last 4years that oil sold for an average of $110/barrel for 4years and yet we are in serious crisis in just 3 weeks of oil price decrease.

Every Nigerian should demand where our monies are.

They are already asking for Foreign Loans, our Foreign Reserve is in its lowest state in 5years. What is really going on?


I know the MODs will try to hide this thread as they have been doing to any thread that tend to reveal the decay within the PDP lead Administration

cc
Obiageli
berem
barcanista
ibnsultan
patrickmuf
desola
gbawe
sincere9jarian
ngwakwe
laykorn
ngeneukwenu

we have had enough of ANTI APC SUBJECTS ON THE HOME PAGE, LATEST ONE IS WHY BUHARI JAILED FELA. AS IF THATS IS THE BIGGEST CHALLENGE TO OUR NATION TODAY

and all patriotic Nigerian lets pray for our country

Everything is just on a downward spiral.

Nigerians we need to save our country from Decay and Economic mismanagement.

Respite seems far from the Nigerian Economy with the Naira going southwards since last week and the Nigeria stockmarket Losing N484billion in its biggest loss in a single day [size=15pt]since the Global Economic Meltdown.[/size]

Who inserted the bolded, it would have been better to tell the electorates its not global.

the time to ask questions about what the Government and Prof. Okonjo Iweala have done with the money accruing to the Federation in the last 4years that oil sold for an average of $110/barrel for 4years and yet we are in serious crisis in just 3 weeks of oil price decrease.

Hey don't bother asking your state govts, lets blame the fed govt as usual.....genius!

Op you started well, that is if the source of this information is true.however I did not like the part you begin to talk about APC and PDP or any other party at that. This is a national calamity lumming. We should all see it from that light. This is not the kind of news that we should use politics to distract,

BTW, thought they said Nigeria is the strongest economy in Africa? How come we are getting this kind of news?why is the same goverment talking with both sides of their mouth?. Am sure we are yet to know the truth about this our economy.

Mogidi:


Who inserted the bolded, it would have been better to tell the electorates its not global.




Hey don't bother asking your state govts, lets blame the fed govt as usual.....genius!

Do you read the Post at all?

You mean the State Govts manages and administer the Economy and yet many of them can't pay salaries and were complaining of shortfall in their Allocation since the beginning of the year. Hmmmm tell me something new

smileandlove:
Op you started well, that is if the source of this information is true.however I did not like the part you begin to talk about APC and PDP or any other party at that. This is a national calamity lumming. We should all see it from that light. This is not the kind of news that we should use politics to distract,

BTW, thought they said Nigeria is the strongest economy in Africa? How come we are getting this kind of news?why is the same goverment talking with both sides of their mouth?. Am sure we are yet to know the truth about this our economy.

Why won't we blame the people culpable for the mismanagement. The PDP has been in power for 15years and they can't be insulated.

.

Current rate by banks. GTB #177, Access #173.3

Hmm.. this people want to kill us oo

pendy79:

I know the MODs will try to hide this thread as they have been doing to any thread that tend to reveal the decay within the PDP lead Administration

cc
Obiageli
berem
barcanista
ibnsultan
patrickmuf
desola
gbawe
sincere9jarian
ngwa.kwe
laykorn
ngeneukwenu

we have had enough of ANTI APC SUBJECTS ON THE HOME PAGE, LATEST ONE IS WHY BUHARI JAILED FELA. AS IF THATS IS THE BIGGEST CHALLENGE TO OUR NATION TODAY

and all patriotic Nigerian lets pray for our country

Unfortunately topics like this don't get to Front Page but the jokers we have as mods won't bother moving useless threads to FP like "Why did Buhari Poo Today"..."Is Buhari Gay"..."Does Buhari Have a Church?" and any other useless topic that seeks to paint Buhari black.

Thank you OP:
This is a clear manifestation of the sham called Fiscal Policy of Jonathan and the Monetry Policy of Puppet Emefielle(or whatever). Sanusi have been crying of the decays and magomago in the system, yet a section of the population supported the government in victimising him. Jonathan led government Must be voted out come 2015

Why must dollar decide the faith of Nigerian economy? Why can Nigeria deal with yen or raw materials in exchange for needed goods?

The man that sows sparingly,reaps sparingly. We are our own greatest enemies,we failed to realize the need for us to do it ourselves. We failed to see the need to take control of our destinies.

In the voice of SLS,oho dai.Security wise,Nigeria is down.Power sector,down.Roads,down.Economy,down.Education,down.Healthcare,down...................Lies,up.corruption,up.Deceit,up.Stealing,up.Clueless,up.ogogoro,up................Since Badluck Ebola Jonathan has shoes now couple with the hot air we have in the country,Otuoke beckons............go go go go go tnx Jare.

All is well

The OP is a bloddi impi. A silli dolt who feeds off any news of negatives bout his own countri..... For yr info, d naira has stabilized by friday by over 40% afta d low of Thursday- which was due to d effect of d sharp drop in Oil prizes, same tin countries like Russia, Norway, Venezuala, etc are currently deali with. Plus, just about evri oda economic parameter for nigeria is sound. Phoolish OP...

This clueless government must be sent parking from Aso rock

Nigeria is about to face her biggest challenge since its inception as a nation. The onslaught is coming from every front, economy, security, infrastructure decay etc. The stark truth is that there was never Genuine and consensus nation building rather it was pandering to selfish sectional interest of the group holding power at the centre during their tenure. Because of lack of Genuine/Patriotic/ Unselfish nation building, Nigeria has less chance of surviving this onslaught as a united entity.
Infact this is not about calling the President bad names, because the present situation is beyond him or anybody. Even if Buhari or anyother win and takes over, he will be shocked at what he will face. Simply because Nigeria was not built up as a nation with Genuine Love and Unity, and only a Leadership that can address this will save Nigeria, if not, then the die has already been cast.

ol boy come see inflation nah! Shey una dey laugh Ghana? ah ah Una go hear am. GEJ WA DOOHHH! GEJ TILL 5057! AH AH

patrickmuf:
This clueless government must be sent parking from Aso rock

who is this one again

taharqa:
The OP is a bloddi impi. A silli dolt who feeds off any news of negatives bout his own countri..... For yr info, d naira has stabilized by friday by over 40% afta d low of Thursday- which was due to d effect of d sharp drop in Oil prizes, same tin countries like Russia, Norway, Venezuala, etc are currently deali with. Plus, just about evri oda economic parameter for nigeria is sound. Phoolish OP...

An Impi is a WARRIOR, I Think I'm one. I have decided to wage a war against CORRUPTION, INEPT, USELESSNESS AND CLUELESSNESS that this Administration and the PDP for all the years it has govern NIGERIA represents.

YOU'RE an unrepentant and acclaimed azzlicker who took azzlicking to a whole new dimension. Your type don't wait for the poo to drop from the anus of JonaTAN you rather suck it and draw it into your mouth yourself. You're an idio.t and a sycophantic non-entity.

The Naira appreciated 40% on Friday and today Monday the CBN still decided to stop the sales of dollars to importers? Is your brain matter replaced with the poo you sucked last ni? If the naira was stabilized by Friday, why the draconian measure to bar people from purchasing the Dollar?

You're a celebrated fool on this forum, every old Nlander know you and your wipe the floor that JONATAN STEPS with your tongue attitude. Idiotic and generational slowpoke

I wonder where you get your data from, but you should understand that under the production /sharing formula between the federal government and the international oil companies (IOCs), Nigeria gets to keep 48% of the revenue derived from oil. So if $100b comes in as oil receipts, we get to keep $48b. This is the fact of the matter. You don't get to keep everything, because you don't produce anything. FG is a dan commission entity.

diluminati:
ol boy come see inflation nah! Shey una dey laugh Ghana? ah ah Una go hear am. GEJ WA DOOHHH! GEJ TILL 5057! AH AH

I shock sef!!

Way to go

AzontoGhost:

I shock sef!!

Our case still better pass the Ghana sad tale o. No compare dem two o.

mayorall:
Current rate by banks. GTB #177, Access #173.3

mayorall, please what is the best bank for online transactions in terms of cheap exchange rate and all time commisions. I dont want illegal deduction and extreme monthly charges. Any help?

4bobo:

mayorall, please what is the best bank for online transactions in terms of cheap exchange rate and all time commisions. I dont want illegal deduction and extreme monthly charges. Any help?

TRY ecobank visa card sir.

JonaTAN must go

patrickmuf:
This clueless government must be sent parking from Aso rock

Packing please...i agree

4bobo:

mayorall, please what is the best bank for online transactions in terms of cheap exchange rate and all time commisions. I dont want illegal deduction and extreme monthly charges. Any help?

The rates are determined by the CBN not the banks, the only difference could be just commissions by the banks.

Most Banks will not trade their Dollars at the moment because of the new CBN directive, the bureau de change merchant are in for good times now, trust the banks to sell to only merchants and bureau de change operators so as to get extra above the official rate Those are the challenges of this directive by CBN, they leave an importer at the mercy of the black market operators.

pendy79:


Our case still better pass the Ghana sad tale o. No compare dem two o.

Lolx.if you say so.

AzontoGhost:

Lolx.if you say so.

True na we have not started talking to the IMF for a bailout.