Stats: 3,177,297 members, 7,900,641 topics. Date: Thursday, 25 July 2024 at 02:43 PM |
Nairaland Forum / Nairaland / General / Business / Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg (28414 Views)
Naira Exchanges At Record-low, N510 A Dollar / Naira Sinks To Record Low At N420 Against Dollar / Speculators Get Burnt As Naira Gains Value (2) (3) (4)
(1) (2) (3) (4) (Reply) (Go Down)
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by Ijaya123: 7:37am On Jun 22, 2016 |
Dbboy: What does the country stand to gain from devaluation? Moreso, this isn't devaluation. It is called floating. I recommend some basic economic classes for you. Playing opposition laced with needless hatred shouldn't amount to foolishness. 1 Like |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by domopps(m): 7:42am On Jun 22, 2016 |
erayo2GCA: What do you study in school please? Cheeers |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by aloziedaya(m): 7:43am On Jun 22, 2016 |
FG is bailing/ intervening for the states to pay salaries, CBN is bailing/ intervening for the stock market and banks to save the naira, And I ask, which way Nigeria? How long shall we be in this mess? If the fight against kworoption is causing this, Abeg PMB, release kworoption for things to change. People are dying. 1 Like |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by franzis(m): 7:48am On Jun 22, 2016 |
I am tired of all these grammar, my own is when will banks reduce their ATM cards rate for international transaction... 340 naira to 1 USD is outrageous 1 Like |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by sexxydiva(f): 7:48am On Jun 22, 2016 |
jtjohn:why? |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by utytill(m): 7:50am On Jun 22, 2016 |
SirAweezy:Good,why can they not be selling it at cheaper rate so that the blacket market value be affordable at least at 210 naira,also can our foreign students access dollar to pay fees and at what rate? |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by Cavenchy(m): 7:50am On Jun 22, 2016 |
TheGoodJoe: [Based on your post - In blue Italics] Laws of Demand and Supply. Where does high demand of a scarce commodity result in lower price? (or price of the rare commodity coming down?). I think what you mean to say is that the scarcity of dollars in Nigerian reserves and in-circulation drove the price/cost/value of the dollar UP when compared/exchanged/sought-after with naira, and the CBN selling dollars increased supply(reducing demand) of the initially rare currency($), thereby driving the price/cost of obtaining-dollars(dollar value in relation to naira) down. 3 Likes |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by eph12(m): 7:51am On Jun 22, 2016 |
TheGoodJoe:Good. The investors will need electricity to maximize profit. That should be a priority. 2 Likes |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by Nobody: 7:54am On Jun 22, 2016 |
TheGoodJoe: Oh wow that's great. This is really a good one and it should make the naira appreciate well against the dollar over time. The dollars should have circulated in couple of moths to come. Really nice development. Thanks sir. 1 Like |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by grandstar(m): 7:56am On Jun 22, 2016 |
Oklander: The OP gave the reason for the present economic mess in the last few paragraphs and you are here blaming GEJ? buhari pegged the naira at a rate he could not defend plunging the economy into recession. Pls read the article again. Do you remember the fellow who said he won't devalue the naira that he does not see the benefit. He even went on further to day he refused to devalue the naira in 1984/85 when he was first in power. The president has no power to dictate exchange rate. It is the sole preserve of the autonomous Central Bank. It is to stop such political meddling that Central Banks are made independent in the first place to prevent such monetary mismanagement 1 Like |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by SirAweezy(m): 7:58am On Jun 22, 2016 |
utytill: They can't sell... cartel will hijack it.. they can only intervene from time to time through its nominated primary dealers. Also foreign student will definitely have access to dollar at the bank market rate, which will be determined by the day to day forex trading activities. However this policy doesn't stop dollar from going up against naira... because there are many things to be fixed in the Nigeria Economy. For now everyone is just speculating. For someone like me, my Speculation remains naira will fall in weeks to come. However this is still one of the CBN best decision, if there have been lot of support to boost the Export sector. |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by Remii(m): 7:59am On Jun 22, 2016 |
NePro:no go to Malam, if your transaction is not on 41 no go list, go to bank and buy at ~N281/$ |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by Nellybii: 8:01am On Jun 22, 2016 |
utytill: Something tells me you bought dollar at 305 hoping to sell at 600. Now it is 281 ehya lmao how matket? Sorry you are on a long thing because naira has just started to climb and it will move up.. Continue to hoard your dollars until CBN finishes its own dollars. So you can then sell to CBN ;Dkikiki 3 Likes |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by grandstar(m): 8:07am On Jun 22, 2016 |
TheGoodJoe: My worry is how free is the market? For instance, what is the rate for collecting Western Union or Moneygramm.? Also, are exporters such as oil companies allowed to sell to the BDC's? The sale of forex to the BDC's should also resume as that will break the monopoly the banks presently have over forex. This worked before making the disparity between the official and black market rate insignificant. That will be the true measure of this "float" is working. 1 Like |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by trillville(m): 8:12am On Jun 22, 2016 |
InvertedHammer: You are not entirely correct. Emefiele waited for the US economy to show real weakness (last month's jobs report) before he started implementing this policy. The CBN timed it's action perfectly. 1 Like 1 Share |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by jtjohn(m): 8:25am On Jun 22, 2016 |
sexxydiva:Becauses Y has 2 branches and 1 Tail. |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by Nobody: 8:35am On Jun 22, 2016 |
TheGoodJoe: So where will they be getting this $$$$$$ from? I mean if we are no longer touching our reserves? |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by chidi2pus(m): 8:35am On Jun 22, 2016 |
CBN: I will intervene depending on market dynamics Market dynamics: import based country, low foreign reserve ($26 billion) Demand for dollar will always continue to be high as long as we always import majority of our needs. ![]() You whiling if you think dollar will someday be 280 USD |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by InvertedHammer: 8:48am On Jun 22, 2016 |
trillville:/ You are wrong. Effective intervention involves tens of billions of dollars and are usually shortlived. Nigeria's total external reserves is not enough to prop up naira. Russia threw in $90 billion dollars to support the rubble and the market swallowed it. Rubble went ahead and melted against the dollar. Nigeria does not have that kind of money to fight for naira. The best bet is to let naira float freely with other currencies against US dollars and hope for the best. That is exactly what Emefiele and co. are implementing at this time. Any further explanation beyond this is just propaganda. \ 2 Likes |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by officerfudo: 8:56am On Jun 22, 2016 |
don't let your hatred for buhari destroy ur lives,can't you people comment objectively?. Whether you like it or not,Baba Na till 2019 2 Likes |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by OgaTheTop2: 9:00am On Jun 22, 2016 |
Oklander:I wonder oh! Wailers are shallow in everything.. 2 Likes |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by happney65: 9:29am On Jun 22, 2016 |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by Eddisboi(m): 9:46am On Jun 22, 2016 |
This is what happens to a country who import far more than its export......so u expert d Naira to be devalued just like dat u na go tie for dere... |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by Nobody: 9:50am On Jun 22, 2016 |
Harwoyeez:I love your explanation 1 Like |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by Harwoyeez(m): 10:37am On Jun 22, 2016 |
makapoda:thanks broda |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by TheGoodJoe(m): 10:46am On Jun 22, 2016 |
Penisinpenisout: CBN pumped in over four Billion dollars into the Interbank Market. This will attract foreign investors, boost Commerce and which in turn creates buying and selling of dollars. |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by TheGoodJoe(m): 10:52am On Jun 22, 2016 |
grandstar: Fueling the BDC with Dollars worked in the past because we still had the CBN price and the Black Market price. We needed the Black Market price down, so we flooded the BDC with dollars. That was not a flow system and we had two markets to deal with. The Banking Markets and the Black Markets. In this case, we are bringing the price to a close rate, determined by the quoted interbank price. So most charges will revolve around that. The Black Market power is reduced and they will source their funds from the bank. However, Consumers will be able to source from both Markets, due to the liquidity. It is just process that will sway people to the Black Market. |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by KingsleyTMTTM(m): 10:53am On Jun 22, 2016 |
TheGoodJoe:#TRUTH 1 Like |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by TheGoodJoe(m): 10:57am On Jun 22, 2016 |
eph12: Spot on. The CBN and Finance Ministry have passed the ball into the Court of the other Ministers. This is where our capital budgets need to swing into actions. We need agriculture growing. We need power getting their acts to get, transport has a big role to play and petroleum. Mining also needs to kick off in full gear. We need all hands on deck to salvage the economy and as you said, Power is a driving force of the economy. Our investors need good working conditions to invest. |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by TheGoodJoe(m): 11:03am On Jun 22, 2016 |
Cavenchy: Thanks for the correction. The Scarcity I am referring to is Dollars released by the CBN from our reserves into the Interbank Market. As sales went on, Dollars available for sale reduced. This in turn increased the price of Dollars, pushing towards N290. CBN intervened by bring more dollars from the reserves, making dollars available and pushing the price of dollars down, towards N285. I will correct my post. Thanks. 1 Like |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by Consiglier: 11:06am On Jun 22, 2016 |
TheGoodJoe: I really love your optimism but time, like always, will tell. |
Re: Nigerian Cenbank Sells $100m As Naira Pulls Back From Record Low - Bloomberg by Horus(m): 11:06am On Jun 22, 2016 |
https://www.youtube.com/watch?v=09BltNiwTaU [size=14pt]Naira pulls back from record low as stocks advance[/size] Nigeria's naira gained slightly on the second day of trading without a peg. The unit fell to a record low of 286.50 in early trade but recovered slightly to close the day at 283.50. The central bank spent more than 4 billion dollars on Monday to clear pent-up demand for foreign currency. The naira started trading at 255 to the dollar on Monday but ended with 530 million US dollars being traded at 280 to the dollar among 21 banks. |
Lady Wins A Car At Shoprite In Imo State (Photos) / MTN Operations To Crumble Because Of Fuel Scarcity / Standard Chartered To Shut Half Of Nigeria Branches
(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. 64 |