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/

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

Better late than never.

I hope the banks would be closely monitored and not be allowed to monopolize and or inflate the direct inflow.

My concern is on virtual dollar card retailers...eg. Payday. They've been so irrational.

Confused people.
Other than naira, kindly go to aboki to buy your foreign currencies.

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.

.

There would still be forex scarcity because the banks are another crooked institutions entirely.

h

Nigerian Government with their usual Trial & Error Experiments Policies

Nigeria problem can't finish just as human being but we can only help family and ourselves to become rich.

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!!!.

chatinent:
My concern is on virtual dollar card retailers...eg. Payday. They've been so irrational.

they go back to the drawing board lol

Good step for now

Good, let hope the dollar will depreciate sooner or later. Emefele and Buhari nearly collapse the economy,

Hmmm.. do you guys think with unified exchange rate and naira devaluation policy the Dollar will come down before the end of the year?

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.

Cool

We want to see the positive impact of these policies soon.

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

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.

Trial and error

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

Tired

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!

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

Way to go

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

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.

As at yesterday, the British pounds traded for 997, hitting 1k soon.

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....