Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,200,681 members, 7,975,580 topics. Date: Tuesday, 15 October 2024 at 08:55 AM |
Nairaland Forum / Nairaland / General / Politics / CBN To Pump Fresh $350m Into Forex Market Again (16034 Views)
El-Rufai Curses Senators Shehu Sani, Hunkuyi, La’ah For Opposing $350M Loan / Nigerians Criticise Senate For Asking CBN To Give Dollars At N200 For Pilgrimage / Ambode To Pump $60m Into Lekki Free Zone Project (2) (3) (4)
(1) (2) (3) (4) (Reply) (Go Down)
CBN To Pump Fresh $350m Into Forex Market Again by Ibusho: 7:16am On Mar 04, 2017 |
The Central Bank of Nigeria (CBN) will this weekend, again, pump more dollars into the foreign exchange market in continuation of its strategy to further strengthen the value of the Naira. A source in the apex bank, said that the CBN has planned the release of an additional $350 million bringing the total to $570 million in this week alone to further crash the value of the Dollar. Already this has generated panic among currency traders who are yet to recover from the losses some of them have suffered in the last two weeks owing to sharp and sudden appreciation of the Naira. Confirming the development, the Acting Director, Corporate communications, Isaac Okorafor, told our correspondent that, with improving reserve levels, the Bank was determined to continuously make forex available to all genuine customers through their banks The nation’s foreign reserve hit about $29 billion as at Tuesday, last week, a position that has given comfort to the CBN Governor, Mr. Godwin Emefiele, and his team to massively intervene in the forex market. With the current position, those hoarding the hard currencies would have to quickly off-load to reduce their losses. Informed sources speak of the likelihood of a liquidity glut as banks are beginning to send out salespeople to scout for customers to buy the dollar in an effort to avoid losses arising from the expected further appreciation of the naira. It will be recalled that since last Tuesday the CBN has so far supplied a total of $570 million to the market made up of $80 million for Personal Travel Allowance (PTA), Medicals and school fees, $100 million in wholesale forwards, an additional $350 million planned for injection on Friday or Saturday. Read more at: http://www.vanguardngr.com/2017/03/cbn-pump-350m-forex-market/ 5 Likes |
Re: CBN To Pump Fresh $350m Into Forex Market Again by tdayof(m): 7:18am On Mar 04, 2017 |
Already this has generated panic among currency traders who are yet to recover from the losses some of them have suffered in the last two weeks owing to sharp and sudden appreciation of the Naira. Bullshit. They have had enough time already to enjoy the depreciation of naira. 28 Likes 1 Share |
Re: CBN To Pump Fresh $350m Into Forex Market Again by futurism: 7:19am On Mar 04, 2017 |
Ha.... e don be oooo I love this Osibande... sorry, I mean daddy Osibanjo 2 Likes |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Super1Star: 7:22am On Mar 04, 2017 |
Currency traders, speculators and hoarders are all economic saboteurs and economic terrorists. The release of such fund will further drop the exchange rate. With our reserves, CBN can afford to defend the Naira in the interim. Full liberalisation of of FX will see the economic terrorists taking advantage of the policy to form a cabal that will guide exchange rate to USD 1 to N5,000. 17 Likes |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Aufbauh(m): 7:24am On Mar 04, 2017 |
This CBN momentous vigour to address the FX shortfall 'dey sweet my belle'. 6 Likes |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Nobody: 7:42am On Mar 04, 2017 |
Mynd44 neva buy dollars yet...wait small when e go reach N400/$ |
Re: CBN To Pump Fresh $350m Into Forex Market Again by AngelicBeing: 7:42am On Mar 04, 2017 |
Re: CBN To Pump Fresh $350m Into Forex Market Again by modath(f): 7:43am On Mar 04, 2017 |
Uuhhh 1 Like |
Re: CBN To Pump Fresh $350m Into Forex Market Again by samhay: 7:44am On Mar 04, 2017 |
Samhay is typing |
Re: CBN To Pump Fresh $350m Into Forex Market Again by seunlly(m): 7:44am On Mar 04, 2017 |
reAlly 1 Like |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Hoddor(m): 7:45am On Mar 04, 2017 |
If we use all this time and energy we use in praying for buhari, to pray for our dear economy, I bet God will heed to our prayers.... Besides, he's already a vegetable... 9 Likes
|
Re: CBN To Pump Fresh $350m Into Forex Market Again by RealLordZeus(m): 7:45am On Mar 04, 2017 |
If the speculators and hoarders like, but make dem hug transformers 2 Likes |
Re: CBN To Pump Fresh $350m Into Forex Market Again by martineverest(m): 7:45am On Mar 04, 2017 |
its fire for fire. This is d way to go.....pump in more money in dollars continuously.the price will fall further,despite some resilience xperienced on friday. The first target was achieved by the first influx...by the time the second and third influx of dollars is achieved naira will stabilise at below 400 5 Likes |
Re: CBN To Pump Fresh $350m Into Forex Market Again by sleeknick: 7:45am On Mar 04, 2017 |
Una just dey push things enter here and there. The day una go mistakenly push am enter my account... Mtcheeeeew 11 Likes |
Re: CBN To Pump Fresh $350m Into Forex Market Again by nairaman66(m): 7:45am On Mar 04, 2017 |
CBN flexing oil money from the Niger Delta!! They want us to believe that they are working for the Naira.. So much for one Naijiria!! 2 Likes 1 Share |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Osasnidas(m): 7:45am On Mar 04, 2017 |
Re: CBN To Pump Fresh $350m Into Forex Market Again by haywire07(m): 7:45am On Mar 04, 2017 |
Super1Star: Defend the naira in the interim . So what happens in few weeks time when they need to release such huge fund to defend the naira again and again . Then I'll ask how much will be left in the reserve in the next 2years . The problem is we are cutting the tree from the top 26 Likes |
Re: CBN To Pump Fresh $350m Into Forex Market Again by MrPresident1: 7:46am On Mar 04, 2017 |
Bring out all the dollars, it is now useless |
Re: CBN To Pump Fresh $350m Into Forex Market Again by seenter84: 7:46am On Mar 04, 2017 |
Where's d 350m$ 1 Like |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Realdeals(m): 7:46am On Mar 04, 2017 |
It's nice but not too good. |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Abbeyme: 7:47am On Mar 04, 2017 |
I am are waiting for it to reach at least N320/$ 1 Like |
Re: CBN To Pump Fresh $350m Into Forex Market Again by wristbangle: 7:47am On Mar 04, 2017 |
Super1Star: The bolded is the summary for naira depreciation in addition with the CBN flawed policies. 1 Like |
Re: CBN To Pump Fresh $350m Into Forex Market Again by krestup: 7:48am On Mar 04, 2017 |
Good move |
Re: CBN To Pump Fresh $350m Into Forex Market Again by apriko(m): 7:48am On Mar 04, 2017 |
They should not allow yakubu Andrew close to the market Ooooooooo to avoid long stories Plz......No whistles again in the market. Osibanjo cleaning PMB mess.... #Reaspect Sir 2 Likes 1 Share |
Re: CBN To Pump Fresh $350m Into Forex Market Again by nairaman66(m): 7:49am On Mar 04, 2017 |
sleeknick: Stop waiting for free money!! |
Re: CBN To Pump Fresh $350m Into Forex Market Again by nairaman66(m): 7:50am On Mar 04, 2017 |
Hoddor: Successful people work hard and pray!! They don't pray and fold hands!! 4 Likes |
Re: CBN To Pump Fresh $350m Into Forex Market Again by MrGreenMavro: 7:51am On Mar 04, 2017 |
keep pumping |
Re: CBN To Pump Fresh $350m Into Forex Market Again by lifestyle1(m): 7:51am On Mar 04, 2017 |
Those hoarding dollars continue. Some people will serve as scapegoat soon. Very soon. #whistleblowers #efccraid. 2 Likes |
Re: CBN To Pump Fresh $350m Into Forex Market Again by Nobody: 7:53am On Mar 04, 2017 |
sleeknick: 1 Like
|
Re: CBN To Pump Fresh $350m Into Forex Market Again by DjSwaga(m): 7:54am On Mar 04, 2017 |
God help this country with this interim measures |
Re: CBN To Pump Fresh $350m Into Forex Market Again by beycity(m): 7:54am On Mar 04, 2017 |
For how long will they keep pumping? 5 Likes |
Re: CBN To Pump Fresh $350m Into Forex Market Again by dowjones(m): 7:55am On Mar 04, 2017 |
Let the games begin. Its CBN versus these greedy capitalists making the the masses suffer. Nigeria's producing more barrels of crude than it ever did in a while and the price of crude is also rising. I am very optimistic that the CBN can keeop this up on the mid to long run before the dollar hoarders give up. 2 Likes 1 Share |
Orji Kalu And Governor Sani Bello Of Niger State Meet Behind Closed Door (Photo) / Gbenga Obasanjo's Wife Spills The Beans! / Deputy Governor Of Enugu Impeached
(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. 23 |