Stats: 3,191,131 members, 7,943,066 topics. Date: Sunday, 08 September 2024 at 02:33 AM |
Nairaland Forum / Nairaland / General / Business / Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr (6750 Views)
Naira Gains As CBN Injects $210m Into FX Market / CBN Injects $280M Into FX Market, Increases Sale To Bdcs / CBN Pumps Fresh $80m To FX Market For School Fees, PTA (2) (3) (4)
Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by Drinokrane: 9:56pm On Jun 23, 2017 |
The Central Bank of Nigeria (CBN) on Friday, allocated the total sum of $240 million to the Retail Secondary Market Intervention Sales (SMIS) for spot and forward deals. The dollars were offered for the last trading day of the week and ahead of June 26 and 27, 2017 holiday declared by the federal government to commemorate the Eid-ul-Fitr. The Bank, also on Friday, confirmed the sale of forex to dealers in the bureau de change (BDC) segment of the market to meet the needs of low-end forex users. According to Isaac Okorafor, the acting director, corporate communications at the CBN, the $240m figure released to the Retail SMIS included deals initiated in the course of the out-going week. While expressing delight at the stability in the forex market, Okorafor said the bank remained very optimistic that its goal of exchange rate convergence is fast becoming a reality, adding that the CBN was committed to ensuring liquidity in the forex market. It will be recalled that the CBN, in its interventions last week, injected about $831.5 million in the inter-bank Forex market and released figures indicating that the Bank had boosted transactions at the Investors’ & Exporters’ (I&E) segment of the market to the tune of $2.2bn. Meanwhile, the naira continued to maintain its stability in the forex market, closing at an average of N365/$1 in the BDC segment of the market on Friday, June 23, 2017. Source; http://drinosblog..nl/2017/06/central-bank-pumps-240m-into-fx-market.html Myndd44 Lalasticlala Dominique Fynestboi
|
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by eezeribe(m): 9:57pm On Jun 23, 2017 |
OK |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by auntysimbiat(f): 10:03pm On Jun 23, 2017 |
Na wa oo !! This pumping dey sweet CBN... abi some of the thing dey pump inside pocket? 7 Likes 1 Share |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by Evablizin(f): 10:08pm On Jun 23, 2017 |
What is Eid ul fitr? 7 Likes |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by incredibleace(m): 7:00am On Jun 24, 2017 |
Really 3 Likes
|
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by MrMoney007: 7:02am On Jun 24, 2017 |
Government of Mecca, by the Meccans and for Mecca. 11 Likes 1 Share |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by Jodforex(m): 7:04am On Jun 24, 2017 |
![]() |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by Wapbullet: 7:04am On Jun 24, 2017 |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by seanswitch(m): 7:04am On Jun 24, 2017 |
Some people are already planning how to benefit from the new injection. They wait for government policies and just exploit the system and afterwards retreat to enjoy their loot and plan for the next ill-planned "pumping " 1 Like |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by Flashmove: 7:04am On Jun 24, 2017 |
Where did they get the money from. Is it not from Central Bank and and injected it back to Central Bank? So its not a news. Its a rubbish thing for me. Does it change the prices of goods? 3 Likes 1 Share |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by Akeelahtunez(m): 7:06am On Jun 24, 2017 |
Where did CBN get the pumping machine from 8 Likes
|
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by cr7rooney10(m): 7:07am On Jun 24, 2017 |
Dis central bank is not hearing ooo |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by ThatCEO: 7:10am On Jun 24, 2017 |
Ok. By the time they pump our entire $30B reserve, I firmly believe the Naira will finally settle at 250 to dollar ![]() ![]() Artificial packaging 6 Likes |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by LionDeLeo: 7:10am On Jun 24, 2017 |
Good one there. I repeat, when are they increasing the withdrawal limit from Naira-denominated account abroad from $100/month? 4 Likes |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by Adaowerri111: 7:10am On Jun 24, 2017 |
Islamic government 7 Likes 1 Share |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by Lexusgs430: 7:11am On Jun 24, 2017 |
I hope they do the same during Xmas..... 2 Likes |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by LastSurvivor11: 7:13am On Jun 24, 2017 |
@CBN pls we sell pumping machine n long hosts here I dei dei incase u still need more of it.. Nonsense |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by marooh: 7:15am On Jun 24, 2017 |
Chai is this muslim kwontr3? Why pumping money (post title) But if na xmass celebration CBN will order the banks to allocate the specific withdraw amount per day for each customer... On my way to buy shesheba ![]() |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by ugosonics: 7:16am On Jun 24, 2017 |
Ok |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by ItsawrapOutfit: 7:32am On Jun 24, 2017 |
Good move |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by solexybadoo: 7:36am On Jun 24, 2017 |
End time government 1 Like |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by AlexCk: 7:38am On Jun 24, 2017 |
Nice one, Dem for pump dollar since naa, cbn sef, But the funny part is, as dollar dey drop slowly, price for market especially foodstuffs no dey go down regardless, infact even when they hv sold d old products, dey still dey increase d price of the new ones sef 1 Like |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by Royce20: 7:38am On Jun 24, 2017 |
What is the impact of all this dollars pumped into the economy sef? because the last time I checked, one super pack indomie is still N160. 2 Likes |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by brunofarad(m): 7:42am On Jun 24, 2017 |
![]() ![]() ![]() ![]() ![]() ![]()
|
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by seniwellsFX: 7:42am On Jun 24, 2017 |
I am a retail online forex trader,trading the international spot FX market. But this central bank FX injection policy is confusing I must say. Now,there is a form of monetary policy called quantitative easing which is a form of money supply so as to provide FX liquidity to the market. This policy was used by the Fed(American Central Bank) during the 2008 financial crisis and currently employed by the ECB(European Central Bank). This monetary policy is implemented not just to boost fx liquidity but to spur real economic growth by making fx available for businesses of all size as well as domestic fx users with strict supervision from the Central on how the commercial banks issue these funds. Mind you, the policy action has a forecasted time limit. My problem with the CBN is that they seem not to have the capacity to monitor how the retail Banks disburse these funds. They keep propping up fx liquidity,yet it hasn't been really felt by the real economic sector. Fx market is majorly operated by interbank transactions,were banks buy and sell fx with each other and only profit from spreads and later make the same fx available for retail clients. But with my observation,it seems commercial Banks are no longer interested in interbank dealings anymore.rather they wait patiently for when the CBN will inject fx liquidity into the market,buy these fx,hoard them and sell few on higher rates to retail users there by creating artificial scarcity and wait for CBN again. So they end up making excessive profit both from spreads with CBN and retail users. If this system continues,the CBN may never stop providing liquidity. Mind you,the oil market is heavily saturated with supply and prices are falling already with analyst looking at oil prices below $40 in the nearest future,which will further hit our foreign earnings. And our slow poke legislatives because of greed and corruption benchmarked crude prices at $42 /barrel. Oil closed at $43.15 as at the close of trading yesterday. Govt just signed the budget.implimentation is yet to commence and oil price is already at the budget benchmarked price. I guess they have started praying for oil prices to spike,because that is what they are good at.Economic trouble is surely coming. 1 Like |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by Ijaya123: 7:43am On Jun 24, 2017 |
Smh Judging from the comments above, it is quite obvious that several people are bereft of how the economy works and the implications of dollar injection into the economy. They are only here to attack and abuse based on ethnic and religion divide. And I'm of the opinion they are youths. So who hands over leadership to such? 1 Like |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by jericco1(m): 7:45am On Jun 24, 2017 |
Evablizin:sallah? |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by Evablizin(f): 7:51am On Jun 24, 2017 |
jericco1:ok thanks i wouldn't forget again |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by dayleke: 7:51am On Jun 24, 2017 |
For how long na ? |
Re: Central Bank Pumps $240m Into FX Market Ahead Of Eid-ul-fitr by rozayx5(m): 7:52am On Jun 24, 2017 |
![]() ![]() lol no wonder some of their staff look down on oil and gas workers ![]() ![]() ![]() |
Top Outdoor Advertising Agency In Nigeria / Your 20 Pence for 50 Pounds - your 20p could get you £50 / How To Get Financial Freedom This 2018: Free Hot Money Making Strategies
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 25 |