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Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by LegendHero(m): 12:34am On Jul 07, 2023
The Central Bank of Nigeria (CBN) has permitted International Oil Companies (IOCs) to resume the sale of US dollars to banks in a move aimed at injecting liquidity into the Investors & Exporters (I&E) foreign exchange market.

Developments in the foreign exchange market yesterday suggest that the restriction placed on the IOCs from selling dollars to dealing member banks had been lifted, according to a source familiar with the matter.

“We expect this to inject additional liquidity into the Investors & Exporters window and help address the existing backlog of US dollar demand in the market,” the source said.

The CBN’s acting governor, Folashodun Shonubi, has been reversing the policies of suspended Governor Godwin Emefiele since he was handed the job by President Bola Tinubu who only took the helm of affairs in Nigeria in May but has moved quickly in delivering the thorough house cleaning of monetary policy he promised.

Since floating the naira and ending years of a hard currency peg that drained dollars from the economy and spooked investors, the CBN is now focusing on boosting dollar supply to help ease the pressure on the naira which lost over 60 percent of its value in one fell swoop following the long overdue reform.

The naira gained 1.2 percent yesterday at the I&E window. The total fx turnover was up 20 percent to $89.37 million from $73.86 million worth of trades on Tuesday.
Source: https://businessday.ng/news/article/oil-companies-resume-dollar-sales-to-banks-as-cbn-eyes-supply/

22 Likes 3 Shares

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by Nbote(m): 12:45am On Jul 07, 2023
Seriously ehn, anyone who supported Buhari should be shot on sight. That useless Mai Suya with his useless "Darling Daddy" rantings should be sent to mop Bar beach. That relic set this nation 50years back

105 Likes 8 Shares

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by CodeTemplar: 12:50am On Jul 07, 2023
Better late than never.

24 Likes 3 Shares

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by totit: 12:51am On Jul 07, 2023
I hope the banks would be closely monitored and not be allowed to monopolize and or inflate the direct inflow.

46 Likes 2 Shares

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by chatinent: 2:07am On Jul 07, 2023
My concern is on virtual dollar card retailers...eg. Payday. They've been so irrational.

7 Likes 3 Shares

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by Blackdeewhy(m): 2:07am On Jul 07, 2023
Confused people.
Other than naira, kindly go to aboki to buy your foreign currencies.

4 Likes

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by mokset123: 2:58am On Jul 07, 2023
Nbote:
Seriously ehn, anyone who supported Buhari should be shot on sight. That useless Mai Suya with his useless "Darling Daddy" rantings should be sent to mop Bar beach. That relic set this nation 50years back
FYI his number 1 supporter was tinubu who ensured he contested again in 2019 for his own selfish gain even when he may have realized the man was a disaster.

58 Likes 5 Shares

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by tunjijones(m): 8:41am On Jul 07, 2023
.
Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by Racoon(m): 8:41am On Jul 07, 2023
There would still be forex scarcity because the banks are another crooked institutions entirely.

49 Likes 8 Shares

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by bassdow: 8:41am On Jul 07, 2023
h
Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by bassdow: 8:41am On Jul 07, 2023
Nigerian Government with their usual Trial & Error Experiments Policies

2 Likes

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by Triangles1(m): 8:41am On Jul 07, 2023
Nigeria problem can't finish just as human being but we can only help family and ourselves to become rich.

1 Like

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by smokinloud(m): 8:42am On Jul 07, 2023
This is the best policy a president will ever make!.
God bless Tinubu!.
God bless Nigeria!!.
God bless me and whoever wish the country good!!!.

38 Likes 2 Shares

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by Nickisindigo(m): 8:42am On Jul 07, 2023
chatinent:
My concern is on virtual dollar card retailers...eg. Payday. They've been so irrational.
they go back to the drawing board lol
Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by morikee: 8:43am On Jul 07, 2023
Good step for now

5 Likes

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by citygarden(m): 8:43am On Jul 07, 2023
Good, let hope the dollar will depreciate sooner or later. Emefele and Buhari nearly collapse the economy,

17 Likes

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by BigDawsNet: 8:44am On Jul 07, 2023
Hmmm.. do you guys think with unified exchange rate and naira devaluation policy the Dollar will come down before the end of the year?

3 Likes 3 Shares

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by ZaddyJ: 8:44am On Jul 07, 2023
shocked

1 Like

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by lonecatt(m): 8:44am On Jul 07, 2023
Nbote:
Seriously ehn, anyone who supported Buhari should be shot on sight. That useless Mai Suya with his useless "Darling Daddy" rantings should be sent to mop Bar beach. That relic set this nation 50years back
the guy dey shameless , he can even support shit and call it his darling daddy.

8 Likes

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by Opolopoopolonio: 8:45am On Jul 07, 2023
Cool

1 Like

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by LibertyRep: 8:46am On Jul 07, 2023
We want to see the positive impact of these policies soon.

That's the real deal. Enough of the theories.

1 Like

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by Zupay: 8:46am On Jul 07, 2023
mokset123:
FYI his number 1 supporter was tinubu who ensured he contested again in 2019 for his own selfish gain even when he may have realized the man was a disaster.

Tinubu was the chief marketer of Buhari's presidential ambition for his own selfish political ambition which is to become President, himself......so, how many millions of Nigerians that got thrown the pit of excruciating poverty was none of his concern.

13 Likes 2 Shares

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by greatiyk4u(m): 8:46am On Jul 07, 2023
Trial and error

2 Likes 1 Share

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by naijaboy756: 8:47am On Jul 07, 2023
WHICH MUMU STOPPED IT IN THE FIRST PLACE?


Well-done Tinubu

This frees up some $, and reduces the pressure on the Naira

Our innocent Naira murdered by Buhari, Amina and Emefiele

15 Likes 1 Share

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by Savechild23: 8:47am On Jul 07, 2023
Tired
Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by FreeStuffsNG: 8:47am On Jul 07, 2023
Racoon:
There would still be forex scarcity because the banks are another crooked institution entirely.
Where will they hide the USD? They will end up in jail las las if they try any nonsense economic sabotage of the nation. Mr Emefiele was not completely altruistic in his plans and that's why he failed.
Check my signature for free stuffs!

11 Likes 1 Share

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by Kenneth4u205(m): 8:49am On Jul 07, 2023
All this hundreds of policies is yet to benefit the common man on the street. Non of this policies has benefited me directly so far

1 Like

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by oluwaseyi0: 8:49am On Jul 07, 2023
Way to go

Permanently subsidizing dollar is not sustainable, let naira find its true market value

8 Likes 1 Share

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by tete7000(m): 8:49am On Jul 07, 2023
mokset123:
FYI his number 1 supporter was tinubu who ensured he contested again in 2019 for his own selfish gain even when he may have realized the man was a disaster.

I always tell people that one of the most unpatriotic people on earth is Tinubu and his APC cohorts. Those guys oppose every reasonable policies of Jonathan's administration to paint the government black and walk their way into power. As far as they are concerned, the end no matter how irrepressible justifies the means.

6 Likes 2 Shares

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by Cutezt(m): 8:50am On Jul 07, 2023
As at yesterday, the British pounds traded for 997, hitting 1k soon.

4 Likes

Re: Oil Companies Resume Dollar Sales To Banks As CBN Eyes Supply by seanfer(m): 8:51am On Jul 07, 2023
BigDawsNet:
Hmmm.. do you guys think with unified exchange rate and naira devaluation policy the Dollar will come down before the end of the year?

As it is now with the CBN removing the embargo on oil companies selling Dollars to banks, the Naira should appreciate between 10%-15% by the end of the year.. The CBN just need to monitor the banks and sanction/punish any bank that try to sabotage this policy for their own selfish reason....

25 Likes 5 Shares

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